Freakonomics Radio

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

171 snips
Oct 26, 2023
Travis Thul, Director of Operations at the University of Minnesota, and Jill Hoffman, Founder and CEO of Path 2 Flight, discuss the thin line between grit and quitting. They share personal stories about glitches in entrepreneurial ventures, including a Kickstarter campaign for a unique ramen-making machine. The conversation emphasizes the emotional hurdles of failure, the stigma around it, and how acknowledging these challenges can actually foster success. Together, they advocate for a redefined perspective on persistence and the importance of knowing when to let go.
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ADVICE

Grit vs. Quit

  • Consider opportunity cost: Every resource spent on one thing is a resource unavailable for another.
  • Avoid the sunk cost fallacy: Don't let past investments dictate future decisions; quit if necessary.
ANECDOTE

Ramen Now Invention

  • Travis Thul, a Coast Guard officer, needed to cook ramen but lacked a proper setup.
  • This led him to invent 'Ramen Now', a Keurig-like device for instant noodles.
ANECDOTE

Ramen Now Development

  • Thul and his friend built prototypes and secured patents for Ramen Now.
  • Appliance brands loved the idea but required substantial upfront investment, which Thul lacked.
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