WANTED: Young, smart, ambitious talent willing to put in 16-hour days, utilize untapped skills in programming, marketing, and/or grunt work, and get excited about risking everything. Compensation - no cash, just equity in my company.
Sound familiar?
That's probably because it's one of the most requested resources entrepreneurs have. Not a day goes by where I don't hear from an entrepreneur that is looking for a "young, smart .NET developer willing to build my site out in exchange for equity."
Yes, they exist, but they are extremely hard to find, and when you do find them, you need to have the right offer in hand.
Opportunity is King
Anyone can pay a cash salary. The real trick is to offer an opportunity that someone can't get elsewhere.
That doesn't mean "a ground floor opportunity in a startup company" - anyone that pays $80 to incorporate their company can offer that. You need to be able to prove that your opportunity will provide much more of a payback than any cash compensation ever could.
Think about specifically how you are going to make good on your promise of "opportunity." How quickly will you become profitable? Who would potentially buy your company? When will the employee see dividends or any cash return on their time?
These are all points that you need to think through and articulate in your offer. The more concrete your plan is, the more opportunity you can offer. If you want to find talent willing to work for equity, you need to create a currency that people can understand and value.