I agree with most of what Sue wrote. To elaborate further:
1. A good startup culture is highly collaborative, not competitive. Everyone has the same goal which is to make the company successful. In contrast some of the larger companies I have worked in had huge issues with corporate fiefdoms and inter-group backstabbing. Only a fraction of the people who have worked in large companies can make the transition to a startup, and the reverse is probably true as well.
2. This combination of highly talented and intense individuals, and a common goal, is what allows a startup to (sometimes) do what a larger company cannot do with 10x the people and 100x the budget. It is very much David vs Goliath, and if you succeed, that high permeates your life. The lows are also worse--you may fail, or run out of money and be forced to find another job. That terrifies some people.
3. Most people, having never experienced #1 and #2 above, really don't get startups and why anybody would want to work there.
4. In my most successful startup, it was right around employee #1000 that I noticed a big change in the applicants. These applicants were more accustomed to 40 hour work weeks, 3-4 weeks of vacation, and fussed that we didn't spend money on the Aeron chairs they were used to.
5. Amazon seems to be trying to keep that startup culture even though they have 100K+ employees. Reinforcing what Sue ways above, I'm not sure there are 100K+ employees across all companies that fit the right mold. That is why most people look at Amazon and immediately consider it to be torture.
Where I differ with Sue's account is that my base salary at the startups were about the same as the more established companies. Health benefits were also generous. Where startups skimp is on vacation (2 weeks a year) and no bonus, because you are working for the stock options. And of course, on a per-hour basis, you get paid less at a startup because you put in more hours.
Even though only one of the four startups was very successful, I have no regrets. It was a great time in my life, but not one I would go back to now that I am in my 40s.
