Yep...if I'm going to be offered $x as employee #3 with little to no equity, and the same $x at a stable company...I don't see why I should risk joining when there's little reward.

Risks can be: Stress due to working more (wearing more hats, not enough employees) Not having a stable paycheck because company needs to pay venders otherwise they go bankrupt. Recession or downturn, loss of job immediately while big company can weather.

Etc...all the things not at a big company.