Equity as a part of CTC

I am being offered a role at an early stage startup. They are offering “significant” equity in the company along with a fixed salary which is not much. I have not been working for a year and now thinking of going back into the workforce. As I have never worked at a startup, I have no clue how equity works as compensation. I am okay with the risk of getting no salary or the company shutting down which typically comes with a startup. Exp. Of 14 years. Looking for advice on this. Please help.