I was recently offered a part time position with a start up company. Basically I'll do about 10 hours of work per week for them. When I applied for the position, I didn't realize it was unpaid. They are still in the process of trying to get funding, which they say they expect to get in 2 to 3 months. After which, they said that they will want me to work full time.
So today, they told me that I should expect 30-40k salary and some benefits to start when I change to full time; and there is some profit sharing. My job with them is pretty much administrative, accounting, managing people once we start hiring, contacting investors, helping them coordinate with the companies in China ( I speak Chinese fluently), and whatever else they need me to do. I'm kind of okay with not getting paid now, since I realize it's a start up and I can use the experience, but the salary sort of makes me hesitate, I feel like it's a bit low considering all of the responsibilities. The owner reassures me that I will be "well off" once the company gets going, but I'm beginning to doubt his definition of being "well off".
So I'm kind of wondering if they are just trying to take advantage of the situation or if this is normal? Any feedback would be awesome.
Some more details, I currently have a full time position on top of this. I live in Seattle, and I just graduated last year and doesn't have much work experience, so if I come across as being incredibly naive and desperate, it's because I am.