Friedberg argues that experiencing repeated failures early on builds the grit necessary for entrepreneurial success.
“the simple model of success in life is you do something, you succeed, you consider yourself successful, But then when you get knocked down, it's very hard to think about yourself still being successful or having the potential to be successful if your model, your learned model is success.”
Friedberg explains people avoid big ideas because complexity breeds fear of higher failure probability.
“And, you know, complexity breeds fear because it breeds a higher chance of failure. You know, you have to get each of these things right for something to work.”
Friedberg argues complexity breeds fear of failure, explaining why people pursue smaller ideas requiring fewer things to go right.
“Well, there's I don't know about, using the term thinker, but I think that the, the big concepts are scary because there's so many things that have to go right to get them to work.”
Friedberg cites research showing happiness plateaus at $60k income but correlates with year-over-year income change above that level.
“at the time, it improved up to $60,000 of income a year Right. Then it flatlined beyond And then the the the key measure of happiness was income change year over year.”