For all the risks I write about every week, startups have a lot of appeal.  It’s the time when early company achievements are celebrated and tight bonds are established among founding team members.  In addition to the opportunity to make some serious money, first employees say it is liberating to work “outside the box,” or in your case, outside the corporate cubicle.

The good news for job seekers is there will always be ambitious entrepreneurs who want to build the business of their dreams.  And, these same entrepreneurs need experienced staff members who can work aggressively toward desired goals.

But all startups are not the same.  Some carry more risk to first employees than others.  It’s important to understand what factors affect your job security and continued career growth.

As a starting point, ask the founding CEO about the company’s current cash position and need for additional rounds of capital.  I have a disgruntled friend who didn’t understand that most high potential companies raise money in stages.  He joined a company after it raised its first million, yet the real number needed to get his employer to cash flow breakeven was considerably higher.  Because he didn’t ask the right questions, he was surprised when he lost his job in 14 months.

If you require a steady salary, look for companies that are “post-funded.”  These companies recently completed a sizable round with angels, a venture fund or corporate partner and are often in a hiring mode to expand operations.  While it is never a certainty, many venture funds will put additional capital into a portfolio company to ensure long term success.

 “Pre-funded” companies also offer considerable career and financial rewards to job seekers.  While raw startups don’t usually have money to pay for managerial talent, they can offer large equity stakes and career challenge.  Here you can take a key role in proving concept viability and then raising money for commercialization.  No matter the outcome, you will learn many valuable skills.

It sounds as though you are making all the right networking moves within the venture fund community.  However, while it is important to have venture fund support, VC managers wisely let the company executives pick their team.  They won’t risk management discord by forcing an unwanted candidate on a company.

Here’s another idea for you.  Reach out to lawyers.  They know about startup, venture funding and corporate joint venture activity because they prepare incorporation, partnership and fundraising closing documents.