Freakonomics – 563. How to Succeed at Failing, Part 3: Grit vs. Quit

Intro

In this episode of the Freakonomics podcast, titled “How to Succeed at Failing, Part 3: Grit vs. Quit,” the hosts explore the concepts of persistence and quitting. They discuss Angela Duckworth’s book “Grit,” which emphasizes the power of passion and perseverance. The episode delves into the reasons why people give up and the economic principles behind quitting. It also highlights the importance of learning from failures and the challenges faced by inventors. Through various stories and interviews, the podcast examines the dilemma of whether to persist or quit in the face of failure.

Main Takeaways

The Power of Grit

• Angela Duckworth’s book “Grit” emphasizes the importance of passion and perseverance.
• Humans often give up due to laziness, impatience, intimidation, or fear of failure.
• Emulating successful people may not lead to the same success, as their circumstances are unique.
• Learning from failures can be more inspiring and instructive than replicating success stories.

The Grit vs. Quit Dilemma in Invention

• Travis Thull, an inventor, faced failures in his career but continued pursuing his passion.
• Many firms are reluctant to invest in new inventions, making it challenging for inventors to secure funding.
• Half of the basic innovations in various fields are done by users, not big companies.
• Failure is a reality for many inventors, but perseverance is key to eventual success.

The Importance of Failure Stories

• Failure stories are often overlooked, but they can provide valuable lessons and inspiration.
• Melanie Stefan created the concept of a CV of failures to help scientists feel less alone with their failures.
• Publicizing failures in academia is not widely accepted due to the precarious nature of academic careers.
• Adjunct professors in academia face job insecurity and lower income compared to tenured professors.

Challenges and Perseverance in Entrepreneurship

• Entrepreneurs face unexpected problems and setbacks in their projects.
• Building resilience and having the grit to overcome challenges is crucial for entrepreneurial success.
• Timing can play a significant role in determining success or failure.
• The podcast features stories of inventors, artists, and entrepreneurs who faced failures but persisted.

Summary

Grit vs. Quit: The Power of Perseverance

This episode of Freakonomics explores the themes of persistence and quitting. Angela Duckworth’s book “Grit” highlights the importance of passion and perseverance in achieving success. However, humans often give up due to laziness, impatience, intimidation, or fear of failure. While emulating successful individuals may seem appealing, their success is often unique and unreplicable. Instead, learning from failures can be more inspiring and instructive. The podcast delves into the dilemma of whether to persist or quit in the face of failure.

The Grit vs. Quit Dilemma in Invention

The episode features the story of Travis Thull, an inventor who faced failures but continued pursuing his passion. Many firms are hesitant to invest in new inventions, making it challenging for inventors to secure funding. Interestingly, half of the basic innovations in various fields are done by users, rather than big companies. Failure is a common experience for many inventors, but perseverance is key to eventual success.

The Importance of Failure Stories

Failure stories often go unnoticed, but they can provide valuable lessons and inspiration. Melanie Stefan’s concept of a CV of failures helps scientists feel less alone with their failures. However, publicizing failures in academia is not widely accepted due to the precarious nature of academic careers. Adjunct professors face job insecurity and lower income compared to tenured professors. The podcast highlights the need to celebrate failures and create a more supportive environment for learning from them.

Challenges and Perseverance in Entrepreneurship

Entrepreneurs face unexpected problems and setbacks in their projects. Building resilience and having the grit to overcome challenges is crucial for entrepreneurial success. Timing can also play a significant role in determining success or failure. The podcast features stories of inventors, artists, and entrepreneurs who faced failures but persisted. It emphasizes the importance of perseverance and learning from failures in the pursuit of success.

Conclusion

Whether to persist or quit in the face of failure is a complex decision. The podcast highlights the power of grit and the importance of learning from failures. It encourages a shift in perspective to celebrate failures and provide support for individuals who face setbacks. By embracing failure as a natural part of the journey, individuals can develop the resilience needed to navigate challenges and ultimately achieve success.