In other words, assume the stock will always be worth zero, and then make your decision to work there based on that assumption. Will you be happy doing what they want you to do for the salary they are offering if you know the stock will be worth nothing?
The answer isn't always no. Sometimes you'll get to work with amazing people, or on a really hard problem, or get a lot of responsibility you couldn't get at a big company. All of these intangibles might be worth the pay cut.
In other words, assume the stock will always be worth zero, and then make your decision to work there based on that assumption. Will you be happy doing what they want you to do for the salary they are offering if you know the stock will be worth nothing?
The answer isn't always no. Sometimes you'll get to work with amazing people, or on a really hard problem, or get a lot of responsibility you couldn't get at a big company. All of these intangibles might be worth the pay cut.