Pros
You get to learn the hard way ... some people like that
Cons
Paychecks were frequently late, sometimes they were a few days late, sometimes they were a few weeks late. In either case I received no advanced warning and was expected to maintain high productivity levels with little or no explanation for the cause of the delay. I felt I was lied to on several occasions by the CEO and many of his assistants. Salary is typically well below market. Vacation is discouraged. There is little room for work life balance, 10 hour work day is the minimum expectation, with regular on call duties and frequent need to stay late. Benefits are weak, you get health and a few days vacation. No stock options, no savings, no vision, no dental. The general attitude when I asked for more was that I wasn't being a team player. There's no process for professional review, opportunities for advancement are random and seldom occur.