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I was told a long time ago that it would be great to start a startup. However, not so great working for one... One has the excitement, one merely the uncertainty. When you make a move, or when you consider making a move, make bloody well sure you're more a founder than worker. Particularly if you're risk averse.
It's much easier in this climate to go work for a different startup than to throw one in the trash and go begin to work for someone else.

Struggling with grasping your advice.

The difference between being an owner with a chance of the big payday or a worker of a small, possibly distressed company. Yeah, the workers can also profit from growth or acquisition but that’s rarer than the investors.
Take cash, don't gamble your needs away on options.
"Highest rate since 2020" is a period of only two years.
2020’s numbers are going to be hard to beat I expect that to be a “recent” baseline for a while. The article later claims that it is believed that Tech Companies are between 200%-400% overstaffed and companies have suddenly shifted from hiring sprees to layoffs or hiring halts. While it’s not presenting mass layoffs, it is displaying the sudden change in sentiment.