In this episode, Israel and Shad discuss the concept of failure and how long failures should last. They explore the idea of measuring the effort put into a project and determining if it's worth it. They also discuss the importance of the process and the value of trying new things. The conversation touches on the topic of incentivizing failure in business and the cultural attitudes towards failure. They also talk about the cost of failure, both in terms of time and money, and how to determine when to stop trying. The episode concludes with a discussion on the formula for evaluating the outcome of a project and the importance of the next step. The conversation explores the concept of success and failure and how to make decisions based on the potential outcomes and risks involved. The hosts discuss a formula for success that includes gifts, the next thing, and the outcome, balanced against the cost, listening, and pain. They also highlight the importance of mentors and coaches as boosters in the process. The formula for failure is similar, but with the failure itself as an outcome. The hosts emphasize the subjective nature of determining when to stop and reassess, considering factors such as financial loss, emotional and physical pain, and opportunity costs.
