Comment by onion2k

A cash business can have quick linear growth, whereas an equity business will have slower but exponential growth.

...or not. Businesses do fail. A cash business and an equity business are just as likely to fail as one another. Working in the cash business means you're realising the value when it happens, rather than 'banking' it to realise a compounded value later. If the business fails for any reason you'll have been much better off working in the cash business. This is the downside risk of working for equity.