Lots of factors involved.
Do you have liabilities/debts?
How much lower is the pay at the startup?
What age are you at and what are your responsibilities towards family?
How much do you know about the startup? What according to you is their probability of success?
How many ESOPs are you getting at the startup? Is it significant enough to make you let go of the other choice even though the probability of success is less?
I considered these and several other points and went with a startup with a slight PPP adjusted pay cut. My other offer was at an established company abroad.