I'm 3 years out of college. The first year my product made the CEO a million dollars while I made less than $50k in salary and 0.01% equity. Ugh. I moved to another company which paid double that, and worked like a dog (80 hours weeks) for nearly two years, and was one of the most productive engineers. One of my products helped bring in over 6 million in VC investment money. After two years I asked for a raise, and didn't receive one, being told "we can't give raises during layoffs."
When I told them I was quitting, they offered me a giant (>25%) raise, but I couldn't stomach the thought of staying after accepting another offer, so I moved to another startup. I took my first project from $50 to $700+ daily revenue in 2 months by working 100 hours weeks. Yet because I take a modest salary, and have significant but non-founder equity (1-2%) to be vested over 4 years, I feel like I'm just making other people rich. I'm starting to become depressed. My sex life with my girlfriend has become non-existent. I dream about the rewards of hard work--I want to travel, to live the good life--but then I look at my life and see my twenties beginning to slip away, with a high likelihood of nothing but memories of hard work and my morning coffee to replace them. My company would have to be acquired for $10 million, at the very least, to make a very modest improvement to my lifestyle, and over $50 million to make any significant difference.
Am I being too impatient, or am I simply having my twenties milked by charismatic CEOs who know how to exploit eager young workers, and how can I even tell the difference? What is the best thing I can do, right now, to take control of my professional life? Is it okay to ask for more salary just two months into a position? I feel exhausted and exploited.
There's this idea that's beaten into us as children: our success depends upon how hard we work. That's only true insofar as zero effort probably equals zero reward. In reality, your reward is much more proportional to the risks you take (and of course, you have to be lucky and skillful enough to see that risk pan out).
You have to understand the bargain that you are making when you accept an employment offer. You are pledging your effort in exchange for a mostly-fixed amount of cash. In return, the company bears the (not insignificant) risk that your project will be a failure in the marketplace.
My last project made more money for the company than I will ever earn in wages during my lifetime. However, there's a good chance that my current project will lose more money for the company than my last project made. And then future projects that it enables will hopefully make all that back. At my previous employer, I completed two projects that were big successes inside the company and big failures in the marketplace. The point is that my employer is bearing the risk, not I. I knew that was the tradeoff that I made when I accepted their offer.
If I were in your position (and I have been, several times), I'd ask myself: given the startup ideas I have, what are my chances of success? And what can possible employment opportunities give me that will increase those chances of success for future startup ideas? Part of playing your hand well is knowing when to fold, and part is knowing when you're right and everyone else is wrong and you ought to double-down.
In other words, you should think more like a hedge fund manager and less like a programmer.