Riding a company into the ground can be an interesting an educational experience, so I kind of recommend doing it at least once if you're going to stick with the startup world. It isnt' pleasant, but after the first time you'll find your attitude toward work and life will likely be quite different than they were previously.
Amusingly, every startup I've joined, I've joined effectively in the middle of it running headlong into the ground. In fact, these startups were either drastically misspending their remaining cash in the bank (and hiring me in the first place was part of that misspending), or they were hiring me because the original engineering lead had already seen the blood in the water and quit.
The annoying thing is that, because of this pattern (paycheques always evaporating, etc.), it's been really hard to get paid, so for the longest time I've had no savings, and was thus forced to stay at these jobs for the money... which they don't have. Kind of a vicious circle.
"We're terminating you as an employee and retaining you as a contractor; please submit an invoice at the end of each month for the hours you think you've worked. [So we can endlessly haggle over what qualify as hours you've actually worked, tying up what should be your paycheque for up to 90 days and making sure you don't end up making a living wage, while also being unable to take EI because you're still technically working full-time for us and have to be available 9-5.]"
I don't know why I put up with that one for as long as I did.