I think it would be helpful to try to understand the perspective of management.

Consider an extreme stereotype: the "business school guy." He went to XYZ school of management, where he learned that a business is an organization that takes in raw materials and creates something more valuable than the sum of the unfinished parts. He learned how to raise money by selling his business idea to other people who think like him. He learned about how to manage people, perform marketing, design products, and set priorities for his organization.

I don't mean to suggest this is the type you're working with here, but I offer a relatable character to which you can add traits or from which you can remove them to fit the particulars of your experience.

For him, running a business is as much an exercise in tradeoffs and compromises as building an engineering system probably is for you:

You end up running with an imperfect design because of time constraints and because you're a slave to shipping. He runs with an imperfect business plan because that's what his board thinks is best and because he's a slave to their opinions. You devote time and energy to a technology only to have it fail when you need it most. He pursues partnerships and deals that fall through because of unforeseen differences, despite his best efforts. You end up rewriting your architecture because it didn't meet your requirements as well as you expected. He pivots the business because his original business plan isn't panning out as he anticipated. Et cetera.

The point is that generally people in management can be assumed to be doing their best. Despite what hacker news and TechCrunch try to convince you, running a company is a job just the same as building an engineering system. Incentives aren't always aligned, you have to cut corners, and conflicts are unavoidable. As someone on the inside of engineering divisions of technology giants, I can tell you that you get this sort of conflict and frustration even at these "engineering-first" sorts of places.

Naturally some companies are better than others. You want to find a manager who thinks of himself as your equal rather than your slaver. Instead of asking yourself "does this management know what it's doing?" ask yourself "does this management make me better as a professional?" If you can say "yes" to the second question, the answer to the first question doesn't matter. The company can fail, but if you come out of it better than you came in, you still succeeded.

I've done this.

Everybody hated it. Most text editors don't display anything useful with these characters (either hiding them altogether or showing a useless "uknown" placeholder), and spreadhseet tools don't support the record separator (although they all let you provide a custom entry separator so the "unit" separator can work). Besides the obvious problem that there's no easy way to type the darned things when somebody hand-edits the file.

This is the real shame in the Oculus acquisition. If Oculus had been able to give away just 10% equity, every single Kickstarter backer would be $20,000 richer today. The sentiment would be completely different. The SEC needs to get in gear and start allowing equity crowdfunding pronto.

The SEC's classification of millionaires as "accredited investors" who get first crack at all the best investment opportunities is exactly the kind of "rich get richer" policy that people ought to be furious about. I think not enough people understand it.

Most startups fail. Bogus plans and an inability to close deals are probably just the signs that failure is coming for that company.

As someone going to work for a startup, you're in much the same position as an investor. It won't be fun or lucrative to work for one that fails, so you're trying to predict which ones will succeed. In fact, it's even more important for you than for investors, because your portfolio consists of a single company. So I would suggest doing what investors do, and try (a) to learn as much as you can about how to predict which startups will succeed, and (b) analyze any company you're considering working for very thoroughly.

I've written a lot about how to predict which startups will succeed. I'd look for a startup with very determined founders who are working on a problem that grew organically out of their own experiences.