You may have different goals than the investors or owners of the company. Maybe you are happy to sell if that means you get 5M, but the investors are looking to add a "Unicorn" to their resume. They are willing to risk your 5M for that, and you don't get a say.
For everyone else, the last point is CRUCIAL
> treat it like you’re making an investment
Remember, if you are giving up a market total-comp package (e.g., 200 or 300k+) for a below-market startup package -- you are literally investing the difference. Treat the difference as an investment.
Also keep in mind, unlike public stock or real estate investments this major, you also often have no visibility into financials -- discount for that.
You also cant sell when you may need to -- discount for that also.
Unlike a property or stocks, you dont get interim dividends/yield -- discount for that also.
You may also be forced to invest heavily or forgo stock if you leave the company -- discount for that.