> Why hadn’t they given up? As a money-making scheme, this was pretty lousy: a year’s work and all they had to show for it was a binder full of maxed-out credit

> Why hadn’t they given up? As a money-making scheme, this was pretty lousy: a year’s work and all they had to show for it was a binder full of maxed-out credit cards. [It was] because of the experience they’d had as the first hosts. While I agree that grit and persistence eventually lead to success for most smart founders, I think PG's explanation for why the founders didn't give up is misguided. If the explanation for their persistence was the great experience they stumbled upon, why didn't they quit in the preceding 3 years? My guess is that Brian, Nate, and Joe are naturally stubborn (read: persistent) and have a high degree of self-belief. They eventually hit the lottery with their idea for Airbnb. Had they not founded Airbnb, I bet they would've kept trekking along and stumbled upon another (less) successful idea. Persistence is a double-edged sword. It'll eventually lead you to success but at what opportunity cost? I'd be interested in seeing studies that help quantify the downside of grit by studying founder failures.