Connect with us

Energy

A Timeline of Elon Musk’s Long List of Failures

Published

on

At first glance, it’s easy to be blown away by Elon Musk’s impressive resume.

He’s shooting for the stars with SpaceX, changing the future of transportation with Tesla, Hyperloop, and The Boring Company, and he’s already had a profound impact on the e-commerce and payments sectors through Paypal. It’s no coincidence that most of these are $1 billion+ companies.

But, focusing only on his successes provides a superficial view of the man. To get the full perspective on his career, it is much more interesting to look at the failures and lows he has experienced. These are the moments when most people would have likely given up.

Failing Often

As every entrepreneur knows, any business venture can be upended by failures at any moment – and it is how one bounces back from those failures that counts.

Today’s infographic from Kickresume shows Musk’s struggles and failures throughout his career, and how he persevered to become a modern business icon.

A Timeline of Elon Musk's Long List of Failures

As the ever-quotable Winston Churchill once said:

Success is not final, failure is not fatal: it is the courage to continue that counts.

– Winston Churchill

After being ousted out of his own company, having many rockets go bust, and fighting to keep Tesla and SpaceX from going bankrupt, Musk kept pushing forward with courage.

What We Can Learn

Entrepreneurs hold people like Steve Jobs, Elon Musk, and Richard Branson in high reverence. Sometimes, we even put them on a pedestal, thinking we could only dream of making such a profound impact on the world.

However, this is obviously a one dimensional view. These figures are not superhuman, and the reality is that they’ve all experienced tragic failures throughout the course of their careers. They’ve been disheartened, but they bounced back.

We have to recognize that success in business isn’t what it appears to be on magazine covers and headlines. Failure is an everyday part of doing business, and it plagues almost every entrepreneur in some shape or form. The difference is in how you react to it.

Subscribe to Visual Capitalist

Thank you!
Given email address is already subscribed, thank you!
Please provide a valid email address.
Please complete the CAPTCHA.
Oops. Something went wrong. Please try again later.

Continue Reading
Comments

Automotive

The Evolution of Hydrogen: From the Big Bang to Fuel Cells

Hydrogen and fuel cell technology harnesses the power of the universe to bring clean energy on Earth. Here is its potential.

Published

on

It all started with a bang…the big bang!

The explosive power of hydrogen fueled a chain reaction that led to the world we have today.

Now this power is being deployed on Earth to supply the energy needs of tomorrow.

Visualizing the Power of Hydrogen

Today’s infographic comes to us from the Canadian Hydrogen and Fuel Cell Association, and it outlines how hydrogen and fuel cell technology is harnessing the power of the universe to potentially fuel an energy revolution.

The Evolution of Hydrogen: From the Big Bang to Fuel Cells

What is Hydrogen, and How’s it Used?

With one proton and one electron, hydrogen sits at the very beginning of the periodic table.

Despite hydrogen being the most common molecule in the universe, it is rarely found in its elemental state here on Earth. In fact, almost all hydrogen on the planet is bonded to other elements and can only be released via chemical processes such as steam reforming or electrolysis.

There are five ways hydrogen is being used today:

  1. Building heat and power
  2. Energy storage and power generation
  3. Transportation
  4. Industry energy
  5. Industry feedstock

However, what really unleashes the power of hydrogen is fuel cell technology. A fuel cell converts the chemical power of hydrogen into electrical power.

Hydrogen Unleashed: The Fuel Cell

In the early 1960โ€™s, NASA first deployed fuel cells to power the electrical components of the Gemini and Apollo space capsules. Since then, this technology has been deployed in everything from the vehicle you drive, the train you take, and how your favorite products are delivered to your doorstep.

Nations around the world are committing to build hydrogen fueling stations to meet the growth in adoption of fuel cell technology for transportation.

Hydrogen: A Green Energy Solution

Hydrogen fuel and fuel cell technology delivers green solutions in seven ways.

  1. Decarbonizing industrial energy use
  2. Acting as a buffer to increase energy system resilience
  3. Enabling large-scale renewable energy integration and power generation
  4. Decarbonizing transportation
  5. Decarbonizing building heat and power
  6. Distribution energy across sectors and regions
  7. Providing clean feedstock for industry

According to a recent report by McKinsey, hydrogen and fuel cell technology has the potential to remove six gigatons of carbon dioxide emissions and employ more than 30 million people by 2050, all while creating a $2.5-trillion market.

This is technology that can be deployed today, with the potential to transform how we live and power our economies in a sustainable way.

Subscribe to Visual Capitalist

Thank you!
Given email address is already subscribed, thank you!
Please provide a valid email address.
Please complete the CAPTCHA.
Oops. Something went wrong. Please try again later.

Continue Reading

Energy

Map: The Countries With the Most Oil Reserves

See the countries with the most oil reserves on this map, which resizes each country based on how many barrels of oil are contained in its borders.

Published

on

Map: The Countries With the Most Oil Reserves

There’s little doubt that renewable energy sources will play a strategic role in powering the global economy of the future.

But for now, crude oil is still the undisputed heavyweight champion of the energy world.

In 2018, we consumed more oil than any prior year in history – about 99.3 million barrels per day on a global basis. This number is projected to rise again in 2019 to 100.8 million barrels per day.

The Most Oil Reserves by Country

Given that oil will continue to be dominant in the energy mix for the short and medium term, which countries hold the most oil reserves?

Today’s map comes from HowMuch.net and it uses data from the CIA World Factbook to resize countries based on the amount of oil reserves they hold.

Here’s the data for the top 15 countries below:

RankCountryOil Reserves (Barrels)
#1๐Ÿ‡ป๐Ÿ‡ช Venezuela300.9 billion
#2๐Ÿ‡ธ๐Ÿ‡ฆ Saudi Arabia266.5 billion
#3๐Ÿ‡จ๐Ÿ‡ฆ Canada169.7 billion
#4๐Ÿ‡ฎ๐Ÿ‡ท Iran158.4 billion
#5๐Ÿ‡ฎ๐Ÿ‡ถ Iraq142.5 billion
#6๐Ÿ‡ฐ๐Ÿ‡ผ Kuwait101.5 billion
#7๐Ÿ‡ฆ๐Ÿ‡ช United Arab Emirates97.8 billion
#8๐Ÿ‡ท๐Ÿ‡บ Russia80.0 billion
#9๐Ÿ‡ฑ๐Ÿ‡พ Libya48.4 billion
#10๐Ÿ‡ณ๐Ÿ‡ฌ Nigeria37.1 billion
#11๐Ÿ‡บ๐Ÿ‡ธ United States36.5 billion
#12๐Ÿ‡ฐ๐Ÿ‡ฟ Kazakhstan30.0 billion
#13๐Ÿ‡จ๐Ÿ‡ณ China25.6 billion
#14๐Ÿ‡ถ๐Ÿ‡ฆ Qatar25.2 billion
#15๐Ÿ‡ง๐Ÿ‡ท Brazil12.7 billion

Venezuela tops the list with 300.9 billion barrels of oil in reserve – but even this vast wealth in natural resources has not been enough to save the country from its recent economic and humanitarian crisis.

Saudi Arabia, a country known for its oil dominance, takes the #2 spot with 266.5 billion barrels of oil. Meanwhile, Canada and the U.S. are found at the #3 (169.7 billion bbls) and the #11 (36.5 billion bbls) spots respectively.

The Cost of Production

While having an endowment of billions of barrels of oil within your borders can be a strategic gift from mother nature, it’s worth mentioning that reserves are just one factor in assessing the potential value of this crucial resource.

In Saudi Arabia, for example, the production cost of oil is roughly $3.00 per barrel, which makes black gold strategic to produce at almost any possible price.

Other countries are not so lucky:

CountryProduction cost (bbl)Total cost (bbl)*
๐Ÿ‡ฌ๐Ÿ‡ง United Kingdom$17.36$44.33
๐Ÿ‡ง๐Ÿ‡ท Brazil$9.45$34.99
๐Ÿ‡ณ๐Ÿ‡ฌ Nigeria$8.81$28.99
๐Ÿ‡ป๐Ÿ‡ช Venezuela$7.94$27.62
๐Ÿ‡จ๐Ÿ‡ฆ Canada$11.56$26.64
๐Ÿ‡บ๐Ÿ‡ธ U.S. shale$5.85$23.35
๐Ÿ‡ณ๐Ÿ‡ด Norway$4.24$21.31
๐Ÿ‡บ๐Ÿ‡ธ U.S. non-shale$5.15$20.99
๐Ÿ‡ฎ๐Ÿ‡ฉ Indonesia$6.87$19.71
๐Ÿ‡ท๐Ÿ‡บ Russia$2.98$19.21
๐Ÿ‡ฎ๐Ÿ‡ถ Iraq$2.16$10.57
๐Ÿ‡ฎ๐Ÿ‡ท Iran$1.94$9.09
๐Ÿ‡ธ๐Ÿ‡ฆ Saudi Arabia$3.00$8.98
*Total cost (bbl) includes production cost (also shown), capital spending, gross taxes, and admin/transport costs.

Even if a country is blessed with some of the most oil reserves in the world, it may not be able to produce and sell that oil to maximize the potential benefit.

Countries like Canada and Venezuela are hindered by geology – in these places, the majority of oil is extra heavy crude or bitumen (oil sands), and these types of oil are simply more difficult and costly to extract.

In other places, obstacles are are self-imposed. In some countries, like Brazil and the U.S., there are higher taxes on oil production, which raises the total cost per barrel.

Subscribe to Visual Capitalist

Thank you!
Given email address is already subscribed, thank you!
Please provide a valid email address.
Please complete the CAPTCHA.
Oops. Something went wrong. Please try again later.

Continue Reading
HIVE Blockchain Technologies Company Spotlight

Subscribe

Join the 100,000+ subscribers who receive our daily email

Thank you!
Given email address is already subscribed, thank you!
Please provide a valid email address.
Please complete the CAPTCHA.
Oops. Something went wrong. Please try again later.

Popular