The Power of Positive Thinking Summary

The Power of Positive Thinking Summary

Although we live in a time exposed to fast changes, the majority of the population is still aversive to inner transformation and mindset development.

So if you are a passionate person that is intrigued by mysterious theories and if you believe that this existence is more than just fight for survival then our summary of “The Power of Positive Thinking” will undoubtedly create some spark within you.

Who Should Read “The Power of Positive Thinking”? and Why?

There is some magic about Self-help books, sometimes people don’t believe in them, or they feel like the authors are exaggerating things, however in most cases, people find them life changing, wonderful and mystical masterpieces that are worth exploring.

It is laughable really that these books can sometimes cause mass protests or intolerance among friends because we are all aware of the theory that the world is one big tradition because every individual is holding to its comfort zone.

It is evident that “The Power of Positive Thinking” is targeted for the entire world, the goal is to embark change in perceiving things and help an individual to become more productive and happy.

About Norman Vincent Peale

Norman Vincent Peale

Norman Vincent Peale was an American-born minister, philosopher, and an author that lived in the 20th century.

He was born on  May 31, 1989, in Bowersville Ohio where he spent his childhood, after a long and fruitful career Peale passed away on December 24, 1993, in Pawling, New York.

Without any doubt, he will be remembered as one of the world’s most influential personalities of the twentieth century.

Norman Vincent Peale published almost 50 inspirational books, and among them is his bestseller “The Power of Positive Thinking” that inspired millions and continues to do so.

“The Power of Positive Thinking Summary”

You have probably heard of (and even read) about some books on the power of your mindset, the positive thinking and a brighter outlook on life.

But there is no place better to go than to one of the first preachers of such a philosophy – Norman Vincent Peale, and his book with a pretty self-explanatory title “The Power of positive thinking.

Here’s the best part:

In fact, in the new era “The Power of Positive Thinking” is among the very first modern self-help books that the population was introduced to.

The renowned priest known by the name of Norman Vincent Peale clarifies how an individual can overcome any struggle that occurs either inwardly or externally, through the influential merger that consolidates the “science of faith” with psychological tips and modernized medicine.

This book teaches you how to ignore negative sensations, not just thoughts. These phenomena can cause fear, anxiety and even depression.

The bottom line is this: you should replace that mindset with a new one- “The Power of Positive Thinking.”

“The Power of Positive Thinking” was published back in 1952 and quickly it changed thousands of lives.

The new mindset that Peale’s book symbolized brought them hope and inner bliss.

These individuals gradually started to accept and love their external and internal reality just the way it is without putting any unnecessary effort resisting it.

Peale also in his self-help masterpiece quotes and supports the New Testament philosophy and guidance to peace, bliss, love, inner joy and success.

Therefore, it is not mandatory that only a Christian can read it, but according to Peale’s words a Christian would find it catchier.

It represents a cultural symbol; enriched with ancient religion principles and practices, as such it is highly recommended by modern gurus, scientists, psychologists and other experts.

You have to understand that this journey can be a bumpy ride it all depends on your surroundings.

Back to what we already stated, if you are familiar with the self-help genre you’ve probably realized till now that many of today’s self-inquiry best-selling books have their foundation based on Peale’s perspective.

Endless inferiority complex and self-doubt issues are affecting many people in modern times, perhaps even more than in medieval centuries.

These sensations and inner phenomena are developed since childhood, but Peale advises that everyone can conquer them by facing them openly with a bit of courage and religious faith.

Key Lessons from “The Power of Positive Thinking”:

1.      How to find that Inner-peace that every human being craves for
2.      The difference between negative and positive thinking
3.      Actualize your goals by praying

How to find that Inner-peace that every human being craves for

Is it even possible for a person to experience a state of total awareness and peace? If so, an individual must look deeply at the root of the problem, not only the “consequences” that came out of it.

This simple advice is enough for an individual to evolve from a state of personhood to a stateless state of total awareness and wisdom, that easily disregards and discredits all fearful, regretful and meaningless thoughts and sensations.

Peale tries to inspire people, by providing them the opportunity to once again revive that childhood innocence and state of total godliness from within.

He advises people to utilize their most precious and pleasant memories, move from noisy places and find a quiet and peaceful one.

The next step is to remain thoughtless for at least 15 minutes each day; of course, Peale doesn’t expect that thoughts would not occur, but you have to ignore them and change them with more optimistic ones, that is the whole key to a blissful inner state.

“The difference between negative and positive thinking.”

Your background shapes your thoughts and your thoughts affect your inner feelings.

This simple logic leads you to a realization that negative thoughts are responsible for anxiety and failures, while positives ones are representatives of godly nature and energy that contribute to overall success and happiness.

“Actualize your goals by praying.”

Every person is familiar with that old-school saying- “Hard work pays off, ” and almost anything is possible if a significant amount of effort and energy are pointed towards an ultimate goal.

Peale gives this saying one a little bit different connotation; he adds praying and honest behavior as an integral part of a peaceful state and outward prosperity that we’ve mentioned above.  

According to “The Power of Positive Thinking,” every person that is subjected to praying must go through three key phases:

  1. “Prayerize” – Develop a daily habit.
  2. “Picturize” – Visualize the thing you want to become or to have.
  3. “Actualize” – Realize these goals.

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“The Power of Positive Thinking” Quotes

The way to happiness: Keep your heart free from hate, your mind from worry. Live simply, expect little, give much. Scatter sunshine, forget self, think of others. Try this for a week, and you will be surprised. Click To Tweet The trouble with most of us is that we would rather be ruined by praise than saved by criticism. Click To Tweet Formulate and stamp indelibly on your mind a mental picture of yourself as succeeding. Hold this picture tenaciously. Never permit it to fade. Your mind will seek to develop the picture. Click To Tweet Stand up to an obstacle. Just stand up to it, that's all, and don't give way under it, and it will finally break. You will break it. Something has to break, and it won't be you, it will be the obstacle. Click To Tweet Let nothing trouble you let nothing worry you everything passes away expect God God alone is sufficient. Click To Tweet

Our Critical Review

This book is offering tips that you can use in your everyday life to successfully change your mindset – and therefore your experiences.

However, it is explicitly Christian, so if you don’t practice this religion, it may not be your cup of tea.

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Man’s Search For Meaning DEFINITIVE Summary

Man's Search For Meaning SummaryWho Should Read “MAN’S SEARCH FOR MEANING”? And Why?

Man’s Search for Meaning Summary gives you a hint – why this book has sold more than 10 million copies worldwide.

Author Viktor Frankl, the founder of Logotherapy, shows how his experience in pursuit of the meaning of life in a Nazi concentration camp changed his perspective of the world and people. Frankl states that we cannot avoid suffering, but we can choose how to deal with it and find meaning in it. Frankl’s theory disputes the ideas of Freud, who believed the meaning of life was to pursue pleasure.

Frankl believed that the purpose of life not only separates the human being from animals but also allows us to live through difficult times.

The purpose of life is not related to the pursuit of pleasure, but to finding what you love and living with meaning. Do you want to learn how to face difficult situations and find meaning in life? 

Viktor Frankl’s Logotherapy

Viktor FranklAfter Viktor Frankl left the concentration camp, he began to pursue sense-based therapy – his own theory of psychology based on what he had learned while imprisoned. Sense-based therapy helps people discover what’s really important to them and what motivates them to live intensely.

Logotherapy is different from regular psychotherapy because its focus is on what will happen in the future, while psychotherapy works more in terms of hindsight and insight.

While the psychotherapist will listen to the patient discuss painful experiences from his past and the impacts these experiences have had on the present, the therapist will confront the patient and reorient him regarding his sense of life. Frankl argues that by focusing on the past, psychotherapy can generate internal neuroses; while logotherapy can help clients overcome them.

Frankl’s therapy was focused on the meaning of human existence, as was the search for that meaning itself. The search for the purpose of life is considered the primary motivational force of a person. Logotherapy is an attempt to help someone make sense and use it to make necessary changes and go through difficult circumstances in their life.

“Man’s Search For Meaning Summary”

Life In Nazi Concentration Camp

The greatest atrocities in the history of humankind were the Nazi concentration camps. During Hitler’s reign of terror, men, women, and children were expelled from their homes, thrown in trains and sent to concentration camps.

Prisoners were not considered individuals with identities, families or feelings. Any identity they had, documents or possessions were thrown away. They were left with only a uniform and an ID number tattooed on their skins. The authorities were not interested in people; They were only interested in numbers.

Life in the concentration camp was very difficult. The men were taken out of their normal lives.

Concerns about what they would gain, who they would marry, and how many children they would have no longer existed, but instead focused only on surviving each day.

In addition to this immediate concern, the prisoners also lived with a constant fear of being transported to another camp, which usually meant being taken to a camp with gas chambers and crematoriums.

Viktor Frankl, his family and those who were stuck with him, were ordinary people. They did not have superpowers;

They were not celebrities or martyrs fighting for a cause, and they had done nothing wrong.

They were simply ordinary people dealing with extraordinary circumstances. It was from these people that Frankl took his comfort and the basis for his theory of logotherapy – a new type of psychotherapy that challenged Freud’s theories and showed how a human being could be resilient when he/she finds the true meaning of life.

Life Lessons Are Learned With The Circumstances

Every experience we live, such as the terror of war, for example, gives us an opportunity to learn. Data from before, during and after the war were evaluated by all kinds of experts, from medical researchers to scientists.

Even the psychoanalysts learned from the war. In fact, the two World Wars contributed greatly to the study of the psychology of prison life.

The most notable contribution of World War II to psychology was the study of the mental health of soldiers and survivors of concentration camps.

Viktor Frankl, who was a Jewish prisoner, had an interesting perspective because he was also a psychiatrist. He could study not only his own reactions and behavior in this situation but also those of his fellow prisoners. What he discovered, changed psychoanalysis forever.

Being in a Nazi concentration camp was a brutal experience.

Many people could not handle it and gave up. But many others found a reason to live, even under these circumstances. Some focused on finding loved ones again and wondered how they would feel if they saw them again.

Others clung to the determination to survive so they could return to their lives. And still, others focused on future goals they dreamed of achieving when they were freed from the fields. Because they had a purpose, their lives had a meaning, and they refused to give up unless their bodies gave up on them.

Freud developed a theory to explain man’s pursuit of purpose.

He believed that man was not very different from animals, and that both were motivated by the pursuit of pleasure and were guided by their instincts. Before Frankl’s arrest, this was the theory in force at the time.

Although Frankl had studied Freud’s theory, what he discovered in the concentration camps surprised him. He had valuable evidence, which showed that what guided men was not simply their desires. When a man has a real reason to live, he will fight for it. This experience eventually became the basis for Frankl’s psychotherapy: the Logotherapy.

Looking For a Reason To Live

The search for the meaning of life can generate tension and internal turbulence. While trying to determine its purpose, a person may feel uneasy and uncomfortable. So, where does this discomfort come from? It comes from an existential crisis; Not knowing why you live or what you should do with your life. Feeling aimless and unguided can cause a lot of internal turmoil until you discover the true meaning of your life.

Going through this discomfort can disrupt people to discover their true purpose. Some prefer not to feel anything rather than to feel uncomfortable. But this search for purpose or meaning can save them from the stresses and tragedies of life.

This kind of thinking did not begin with Frankl. In fact, Frankl gives credit to Friedrich Nietzsche, a wise German philosopher of the 1800s. Nietzsche stated that: “He who has a ‘why’ to live can support almost any ‘how’.” This means that when a person has a reason to live, no matter if he is focusing on the love he has for another person or a goal he wants to achieve, he can face almost any ordeal.

We associate the feeling of discomfort with something we do not want, but we should do – such as getting vaccinated, it may be necessary, but it certainly is not comfortable. Inner growth is somewhat similar.

Leaving our comfort zone and discovering our life purpose will not be pleasant at first. Although there is a certain degree of tension, these feelings are essentially beneficial. They show that we are on the way to discovering our true meaning, which can save our lives. Therefore, despite any discomfort you feel, work hard to find out what will give you that sense of accomplishment and true meaning.

What Humanity Is Able To Do

This discomfort a person feels when striving for an objective is an essential part of life. It is through this struggle that we discover our true meaning – our purpose. Finding our true purpose can help us stay healthy and alive.

The world we live in is constantly bombarding us and distracting us from our true sense. We are being induced into a state of numbness so that when difficulties come, it will be increasingly difficult to find a reason to survive and stay focused. And it happens in our lives every day. How would we react if we experienced an atrocity like the people who lived in Nazi concentration camps?

If World War II taught us anything, it is that many people have no limits when it comes to destroying another human being. For many, the lives of some have little or no value. Tragically, there are many in the world today who have no scruples and hurt others, as the Nazis did.

In Dr. Frankl’s eyes, decent people are the minority, and this will continue to be the case unless the human being is willing to become the best version of himself. Otherwise, history may repeat itself with other tragedies such as what we witnessed during World War II.

It is unquestionable that the rest of us must work hard to find our purposes, so that we can survive the ill-treatment of immoral people and that we strive to make the world better than it is.

Frankl did not lose hope even after all that happened. He saw the worst of humanity and saw that things would continue to worsen. But he also saw that people willing to find their true sense of life could change not only their own level of achievement but also improve the world around them.

We all want to be considered good and decent people, and we want to live a full and happy life. While the path to the true meaning of life may not always be comfortable, it is essential for our future happiness and for the greater good of humanity.

The Existential Vaccum Within Us

Whenever we consider the atrocities of the Nazi concentration camps, we wonder how normal people could have been part of it. The attitudes of the Nazis were barbaric and unjustifiable. But how many people participated in these atrocities?

The answer lies in an inner emptiness known as existential emptiness. This emptiness produces the desire to, or do what others want (a form of totalitarianism), or do what others are doing (also known as conformism). According to psychiatrists, a sense of emptiness is one of the major factors leading to suicide, aggression, depression, and addictions to drugs, alcohol, and sex – and all of these things have increased considerably in the last century.

We can see how a lack of purpose or meaning may have contributed to the aggression in the Nazi regime. Many people in Germany thought they had no meaning in life until Hitler appeared. They were led to believe that if they followed him, they would have changes that would make Germany and its people great again.

Many people turn to political leaders for a sense of purpose. It is therefore easy for them to be manipulated (as was the case with people in Nazi Germany), to believe everything that is said, and to do everything that is asked of them.

Because of Hitler’s charisma and promises, those around him were heavily influenced and were capable of committing the greatest atrocities in the history of mankind. Many who were originally on Hitler’s side were not evil; They simply mirrored themselves in another human being, who was perverse and flawed, to fill the emptiness they felt.

Instead of looking for their true meaning of life, many seek meaning in others people; they believe it will free them from their emptiness. In fact, the only thing that can fill this void is to find your own purpose. Your true sense can reward you with a sense of happiness and fulfillment without interfering with the life or rights of others. No one can say that Hitler should be forgiven for his actions because they were the result of his life purpose. The true purpose is never so selfish as to be considered more important than the life of another human being.

Assuming Responsibilities And Discovering Your Mission in Life

When we are not sure of the meaning of life, we begin to ask others. That is a common question asked of therapists, including logotherapists. It’s a difficult question to answer because it varies from person to person. Each has his own mission in life, and only you can discover it and fulfill it.

How can anyone figure this out? It all revolves around taking responsibility for your own life. A common expression used by logotherapeutic is: “Live as if it were your second chance and as if you had acted the wrong way before.”

This advice can stimulate a person’s sense of responsibility by encouraging them to imagine that the present has already happened, thus gaining the benefit of an instant retrospective. By doing so, it can make positive changes in many ways. Seeing things this way shows people the purpose of their decisions: the impact they will have on their lives.

The logotherapist can help a person find the way to their life purpose, but he will not judge you or impose your opinion.

Logotherapists recognize that each person must decide how to live their life and must respond to their own conscience. When trying to look for your sense of life, look at each situation and how you feel. Do you feel anxious or fulfilled?

Do you feel tempted to follow the crowd or are you determined to go your own way? Think about your future and what you want to achieve in life. How should you achieve these things? Looking at your future will help you to create your own path and to feel fulfilled in the present moment.

Finding Meaning Through Love

One way to find meaning in your life is to love others. Sincere and deep love can sustain a person in the worst situations. Therefore, the concept that one’s love may be one’s sense of life works well with the theory of logotherapy, which states that man does not find his purpose within himself, but outside.

Throughout history, poets and composers proclaimed that love was the greatest goal of the human being. Scientists at Johns Hopkins University conducted a poll of about 8,000 people and asked what they considered very important. 78% of participants said that finding meaning and purpose in life was their main goal. Frankl conducted similar surveys, which showed results very close to that. We can note in these studies that finding the meaning of life, which often happens when meeting someone to love, is usually the highest goal of a person. Finding meaning and finding love cannot only mean the happiness of a person, but they can also mean the salvation of humanity.

Consider Frankl’s personal experience. When arrested, his focus was on his wife Tilly – the love of his life – and the thought of seeing her again. At one point he thought he would be transported to one of the death camps, and then asked his friend Otto to tell Tilly that he talked about her for hours, that he loved her more than anyone and that although they were married for a short time, his love for his wife overcame all suffering.

Viktor’s love for his wife gave him meaning and sustained him until he was released from the concentration camp. A man who has nothing left to lose – no identity, possessions or money – can still have a reason to live and experience happiness if he thinks of someone he loves.

Contemplating the loved one during difficult times can help a person to avoid the existential emptiness, giving meaning and fulfillment, even when it seems to have nothing. We will all face difficult times during our lives. Concentrating on the love we have for someone else can help us stay focused and keep us from losing hope in ourselves, in our lives and humanity.

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“Man’s Search For Meaning” Quotes

When we are no longer able to change a situation, we are challenged to change ourselves. Click To Tweet When we are no longer able to change a situation, we are challenged to change ourselves. Click To Tweet So live as if you were living already for the second time and as if you had acted the first time as wrongly as you are about to act now! Click To Tweet I do not forget any good deed done to me & I do not carry a grudge for a bad one. Click To Tweet It is not freedom from conditions, but it is freedom to take a stand toward the conditions. Click To Tweet

Our Critical Review

The atrocities that men and women have experienced throughout history, especially the experiences of torture in the Nazi concentration camps, have led many to wonder why there is so much suffering in the world, and how is it possible to find meaning in life even though they are subjected to so much misery.

Through Frankl’s personal experience that of other Holocaust survivors, we can see that the true meaning of life is largely connected to the way in which a person sees his or her experiences. Human beings can always bear suffering, either by natural causes or by the hands of others. The way we respond to situations defines whether we will have the strength to overcome them.

Each of us can find meaning, but we must actively seek it. We must take responsibility for ourselves and our decisions. Only then can we create a life full of meaning, which will give us the purpose and the willpower to deal with anything that appears in our way.

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We’re shutting down nugget


We started nugget on a journey of 10.000 books, almost 2 years ago. We got to about 150 of those, and we now have to stop.

nugget is a great product, but a bad business.

We failed to keep you, our beloved users, engaged within the app, so our retention numbers and in turn the monetization of the app are bad.

We’re now focusing on – a tool we created to get more leads from social media (initially) for nugget, that we then turned into a stand alone product.

We’ll still leave the website and the apps up, for a while.

You can read more about the decision to stop working on nugget and to focus on SocialBee here.

So what’s next?

  • If you’d like to have a call with me, and find out more about SocialBee, schedule a call here.
  • If you’re interested in taking nugget over (we’re looking into different options), email me at ovi [at] ovi [dot] co

Thanks for the ride,

Ovi & the nugget team.

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Who’s heard of the eccentric CEO of Tesla Motors, Elon Musk? He is one of the most unpredictable and ambitious entrepreneurs in Silicon Valley, and the press always labels him as the next Steve Jobs. South African boy Musk has always been passionate about technology, space, and renewable energy and moved to the United States as a teenager. His goal was to unite his passions and to start businesses and, without worrying about money, he became one of the 100 richest men in the world. Explore the history of this great visionary and discover how he has dedicated his energies to reinvent the future beyond science fiction films in this unique 12′ microbook. Let’s go?

A Restless Boy… Waiting To Change The World

Elon Reeve Musk was born in Pretoria, South Africa on June 28, 1971. His father, Errol Musk was an engineer and entrepreneur, and his mother Maye was a well-known model and nutritionist. Elon had two younger brothers, Kimbal and Tosca.

Endowed with a photographic memory and an appetite for reading, Elon did well in high school. His parents divorced during his teen years, and at age 17 Musk left South Africa to go to Canada. His mother Maye was a Canadian citizen, and so Elon got the Canadian passport.

Elon eventually enrolled at Queen’s University in Kingston, Ontario. He chose Queen’s because he felt the college had more beautiful women than other universities. When his siblings went to Canada, Elon and Kimbal had a habit of calling some interesting people to arrange a conversation and lunch. They were able to meet some influential people including the marketing director of the Blue Jays baseball team, a business writer for the Globe newspaper and a Bank of Nova Scotia executive.

Elon studied Administration and began selling parts of computers and PCs mounted in his dormitory. He was starting to excel academically, and after two years at Queen’s, he applied for a transfer to the University of Pennsylvania with a scholarship. He decided to study economics at Wharton School and earned a bachelor’s degree in physics.

He and his roommate Adeo Ressi rented a house near the campus. At weekends they would turn the house into a nightclub and charge five dollars for admission. It was not uncommon for 500 students to show up on a Friday or Saturday night – allowing Elon and Adeo to pay the entire month’s rent in just one night.

While at the University of Pennsylvania, Musk wrote a paper detailing “the energy station of the future,” which consisted of massive solar arrays in space, transferring energy to the earth via microwave. He also wrote a second paper that talked about putting all the information in the world into a single database. A third was about the commercial potential of ultracapacitors as storage devices.

Musk decided to pursue projects in three areas – the internet, renewable energy, and space. He was not too worried about becoming rich or making money but making a difference in the world.

The First Startup, Zip2

In the summer of 1994, Elon Musk and his brother Kimbal toured the United States driving a 1970 BMW 320i. They started in San Francisco and ended up in Pennsylvania.

Elon did internships at two Silicon Valley companies, the Pinnacle Research Institute, which explored ways to use ultracapacitors in electric and hybrid vehicles and Rocket Science Games, which was starting to move from cartridge kits to the then-newest CDs.

Musk liked Silicon Valley, and as soon as he graduated, he went back there and pursued his doctorate in Materials Science and Physics at Stanford. He left Stanford after two years and persuaded his brother Kimbal to move to Silicon Valley.

The brothers decided to launch the Global Link Information Network, which later came to be called Zip2. The company wanted to be a directory of restaurants, clothing stores, hairdressers and other businesses. The purpose was to list these services in a searchable directory linked to a map.

Zip2 rented a small office in Palo Alto and began hiring employees. Elon took care of the site’s programming, while Kimbal started selling the product door-to-door. Their father gave $ 28,000 to fund the deal, but the money was so tight that Elon and Kimball slept in the office for the first three months. They showered at a local gym.

Selling catalogs in an online directory was very difficult at the end of 95. The sales team was struggling, but no one was buying. Despite this, the brothers remained confident.

In late 1996, investment firm Mohr Davidow Ventures learned that they were trying to create the virtual yellow pages and after meeting Elon and his brother a few times, they agreed to invest $ 3 million in Zip2. With this investment, Zip2 decided to create software that would be sold to newspapers, allowing them to build their local online directories for real estate, car dealerships and other classified ads.

The capital injection also allowed Zip2 to hire more talented people. They hired a new CEO and software engineers, but Elon, chief technology officer, was bothered because he wanted to be the CEO.

The change in the direction of Zip2 worked very well. The New York Times, Hearst Corporation and several other companies not only signed the service but also invested with an additional $ 50 million in the deal.

On April 98, Zip2 announced that it would merge with CitySearch, its main competitor, in a deal worth about $ 300 million. At first, Elon Musk was in favor of the deal, but then changed his mind and did everything to get the deal dissolved. The board of directors canceled the merger, leaving Zip2 in a precarious position as the deal was losing money. Compac then became interested in the business and offered $ 307 million for Zip2. The board approved the sale and, with that, Elon Musk received $ 22 million for his shares in the company and his brother Kimball got $ 15 million. and PayPal

With the money from the sale, Elon decided it was time to launch a new service, an online bank. He registered the domain and opened the company in March 1999 and soon began recruiting software engineers and developing his business plan.

He set up an initial team that included two hardworking Canadians, Harris Fricker and Christopher Payne and Ed Ho, a former Zip2 executive.

Within five months, the co-founders grew tired of the conflicts with Elon Musk and left In November 1999, got its license to start banking. It was launched as one of the first online banks in the world in the same year and got 200,000 customers in the first two months of operation.

The initial success of the company did not go unnoticed, and in months, it already had a competitor called Confinity. Confinity was created for Palm Pilot owners could send money using the infrared technology available on their handsets. When they realized that their market was small, they began to focus on the internet and how to make payments by email. The new service became known as PayPal.

In March of 2000, and Confinity decided to join their forces and merged, maintaining the name After a few weeks, raised $ 100 million in investments from Deutsche Bank and Goldman Sachs. The company had more than one million customers at the time. Elon Musk continued to invest in and increased its position as the company’s largest shareholder. was renamed PayPal in June 2001 and was already generating $ 240 million a year in revenue. That attracted the attention of eBay, which offered $ 1.5 billion by PayPal in July 2002. They accepted the offer, and Elon Musk earned about $ 250 million from the sale of his second company.

SpaceX is Born

Elon then decided to move with his wife to Los Angeles and began getting involved in space projects. He joined the board of directors of the Mars Society, a non-profit organization that united scientists and engineers who wanted to think about a possible colonization of the planet Mars. The company planned to send a small robotic greenhouse to Mars to use the Martian soil and grow plants.

Musk decided he would use his money to start a company to build space rockets for those projects. He found he could use a medium-sized rocket to launch small satellites and research loads at a cheaper cost than those charged in the aerospace industry.

After a few months of research, Musk decided to move away from theory to practice. In June 2002, he incorporated Space Exploration Technologies. The startup bought a 7,000-square-foot building in Los Angeles and started working on building commercial rockets.

While other companies charged $ 30 million to launch a 250-kg cargo into space, Elon Musk promised that Space X would carry a 650 kg load into space for $ 6.9 million.

Musk has injected $ 100 million of his own money to finance SpaceX. He recruited direct trainees from top universities as well as engineers who were motivated to work for a rocket company. SpaceX bought a test field in Texas, where engineers would test rocket engines. At first, the engines only ran for 2 or 3 seconds before exploding. However, after months of trial and error, SpaceX learned how to build reliable engines.

The first official launch took place in March 2006 and SpaceX’s first rocket, Falcon 1, took off and exploded twenty seconds later. The remnants of the explosion spread through SpaceX’s buildings.

A year later the company launched its second rocket. This time, the first stage of Falcon 1 worked well, but five minutes later, the rocket exploded. It was clear that getting to space would be a much bigger and more expensive challenge than Elon Musk imagined, but it was only a matter of time.

Tesla Motors

In the fall of 2003, J.B. Straubel met with Elon Musk at SpaceX to convince him to invest in a project to build an electric plane. Musk did not like the idea but was very interested when Straubel described a part of the project that would serve to build an electric car using lithium batteries. Musk agreed to invest $ 10,000 on the spot.

Shortly after that, Musk was approached by the founders of a new company called Tesla Motors. They were looking for an investor to put in $ 7 million so they could create and sell a sports car powered by an electric motor. Elon Musk agreed to invest $ 6.5 million in Tesla Motors, and that made him the largest shareholder and president.

Musk put Tesla founders Martin Eberhard and Marc Tarpenning in contact with J.B. Straubel, who was working to develop batteries for electric sports cars. The Tesla team opened their offices in a 1,000-square-foot warehouse in San Carlos and began developing the technology.

Tesla’s original plan was simple – picking up a Lotus Elite and reforming it with an electric propulsion developed by a company called AC Propulsion. They assumed that Tesla would outsource the transmission and other parts, but the reality was much more challenging. For example, no one had ever attempted to combine many lithium batteries in parallel. Engineers had to figure out how to attach the cells as not to dissipate heat and prevent a fire from spreading through the vehicle in the event of an accident.

Later, they decided that the new Tesla car, called Roadster, also needed to please the customers and be elegant. The company hired designers who developed a new design made of carbon fibers. In January 2006, Tesla captured another round of investments, raising $ 40 million. Musk invested another $ 12 million in the deal.

When the new Roadster was announced in July 2006, the price for the car was $90,000. The Roadster rode about 400 km per battery charge. But when financial analysts studied Tesla’s business plan, they realized it would cost $ 170,000 to $ 200,000 to build every car that would then sell for about $ 90,000.

Nearing Bankruptcy

Despite Tesla’s progress, in 2008 the company spent $ 140 million to develop the Roadster – $ 25 million more than the estimated value in the 2004 business plan. To make matters worse, financial markets were going through a massive crisis. Also, SpaceX failed in its second launch attempt. Musk’s $ 200 million fortune was fading.

SpaceX was struggling to have enough money to pay its employees. Tesla was also facing financial problems, and several negative articles appeared in the media about Elon Musk’s business management capabilities.

In December 2008, Musk developed simultaneous campaigns to raise investments for Tesla and SpaceX. SpaceX won NASA contracts after its fourth successful launch. On December 23, NASA announced that it would provide $ 1.2 billion for SpaceX in a twelve-fight service contract for NASA’s Space Station.

Meanwhile, Tesla needed more capital or would have to declare bankruptcy. Musk had a plan to inject another $ 40 million into Tesla. After unsuccessfully trying to get the money from investors, he took out a loan with SpaceX and financed the $ 40 million needed.

What Happened To SpaceX

Currently, the SpaceX Falcon 9 rocket is considered very reliable by the space industry. SpaceX launches on average one rocket per month, putting satellites into orbit for various countries and companies.

The fact that SpaceX manufactures all of its machines is a major competitive advantage and has made the United States a major player in the commercial launch market. All of its American SpaceX competitors, such as Boeing, Lockheed Martin, Orbital Sciences, rely on Russian suppliers for their launch vehicles, while SpaceX manufactures everything in-house.

This independence translates into cost savings for customers. At present, a Falcon 9 flight costs $ 60 million, and the company is working to reduce that cost to $ 20 million using economies of scale. In the long run, Elon Musk believes the cost per flight may be less than $ 12 million. In comparison, the United Launch Alliance charges the US government about $ 380 million per flight.

The latest generation of SpaceX rockets is Falcon 9, but the company is already developing the Falcon Heavy, a giant rocket joining three Falcon 9 rockets to create a launch vehicle that will withstand twice the load of its largest competitor, at a third of the cost. SpaceX is also developing a Texas spaceport and docking capsules on the International Space Station. And the most impressive: SpaceX managed to achieve all this being a private company, without opening its capital.

The Future of Electric Cars and Testa

Musk then decided it was time for Tesla to build a new electric car. He joined Franz von Holzhausen, an experienced car design. He and Musk then developed the Model S design.

After nearly leaving the market in late 2008, Tesla impressed the automotive market by launching its Model S sedan in the middle of 2012. This luxurious electric vehicle features a battery, which is the base of the car, and an electric motor the size of a watermelon that located between the rear tires. It can do more than 480 km on a single charge and accelerates from 0 to 100km per hour in 4.2 seconds.

For engineers, the Tesla Model S has impressive statistics. Traditional cars can only convert 10 to 20% of gasoline’s energy into propulsion energy, with the rest lost as heat, wind resistance, brakes and other mechanical functions. The Model S has only a dozen moving parts and is about 60% efficient. In practical terms, this means that the Model S does the equivalent of 160 km per gallon of gasoline.

Model S not only has incredible styling, but Tesla has also reinvented the experience of buying a car. You can purchase a Model S from the company stores or Tesla’s website. There are no pushy sellers because they do not get commissions. You can choose to pick up your car from the factory in Silicon Valley, or Tesla will deliver the car wherever you want. After you buy it, you will not ever need to change the oil. If there is a problem, Tesla will come to you and lend you another car while they fix yours. And while you charge it, Tesla engineers can install software updates over the internet.

After nearly breaking in late 2008, Tesla began selling its original Roadster model in early 2009. As the company began to gain traction, Musk declared a price increase for the Roadster from $ 92,000 to $ 109,000. Customers remained loyal as they bought the idea of trying to change the world, but Tesla had to recall its two vehicles, generating negative publicity. From 2008 to 2012, Tesla sold about 2,500 Roadster cars.

When General Motors and Toyota announced they were closing their factory in Freemont, California in 2009, Musk took action. He bought the plant for $ 42 million, Toyota spent almost $ 1 billion to build it. Also, Toyota announced that it would invest $ 50 million in Tesla for 2.5% of the company.

Musk decided to open Tesla’s capital in an IPO in the summer of 2010. In doing so, he could raise the $ 200 million that the company needed at the time. The IPO occurred in June 2010 and raised $ 226 million for Tesla, despite the fact that the business had reported losses of $ 55.7 million in 2009.

When Tesla announced the Model S in 2009, it promised to start delivering the cars in 2010. When the Model S began production in 2012, the automotive world was still impressed despite the delays. Also, Musk announced that the company had started to build the first part of a network of charging stations, which eventually would spread throughout the United States. Car owners could charge their batteries for free, and the car’s onboard computer could guide them to one of the nearest stations.

But in 2012 Tesla was again in unfavorable financial position. A large number of people reserved the Model S for $ 5,000, but few people bought the car. Musk worried and had all company employees call people on the waiting list. He also negotiated with Larry Page from Google to buy Tesla for $ 1 billion and a $ 5 billion investment promise.

Musk did not have to close the deal with Google. In a few weeks, money started coming in, and Tesla sold 4900 units of Model S. Tesla impressed the market in May 2013 with $ 562 million in sales, which caused its stock to jump from $ 30 to $ 130 in July.

Tesla announced in 2013 and 2014 that it now had the technology to change Model S’s batteries in 90 seconds for the price of a gas tank; also announced a new high-performance version of Model S and a third-generation car called Model X. It was clear that Tesla would continue to stand out and change the world’s automotive industry.

Tesla SolarCity and The Gigafactory

In 2006, Elon Musk’s cousins decided to try a new challenge. They started a company called SolarCity, which installed solar panels in homes. Elon became the director of the company and its largest shareholder.

In 2012, SolarCity became the largest solar panel installer in the US, made its IPO in 2012 and by 2014 the business was valued at $ 7 billion. Soon after, SolarCity announced that it would start selling energy storage systems in partnership with Tesla Motors. The company also signaled its interest in making its solar panels.

When Tesla announced that it would build its factory to make lithium batteries for its cars, it generated a great war between the states that wanted the factory in its territories. Nevada won by offering Tesla tax incentives worth $ 1.4 billion. The Tesla factory, called the Gigafactory, will be the world’s largest lithium-ion battery manufacturing plant and will also allow the company to lower its battery costs for its new cars.

Faced with this cost savings, Tesla brought to market an SUV called Model X and the Model 3, due to come out in 2017. The Tesla Model 3 is priced at $ 35,000.

Meanwhile, SpaceX is gearing up to start taking astronauts to the International Space Station. The company is also starting to build and sell satellites. Elon Musk’s long-range plan is still to make SpaceX grow to the point of making it viable to build a human colony on Mars.

Final Notes:

Elon Musk was worth about $ 10 billion in 2015, but what sets him apart from most billionaires is his willingness to lose everything. For example, he does not want just one Gigafactory; he wants countless competing with each other. He is willing to use his wealth to get others involved, even if it means increasing competition against himself.

12min tip: Since we are talking about great entrepreneurs, what about reading Steve Jobs’ autobiography? We loved it!


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