Alex Banayan wrote a book that takes readers on the journey of his life and how he became an editor at Forbes. He shares some experiences with industry leaders such as Warren Buffet, Mark Zuckerberg, Steve Case, Elon Musk and Bill Gates. The Third Door is a fun read about what it’s like to enter the world of high finance for those who have not yet done so.
The “how long did it take alex banayan to write the third door” is a book that tells the story of how Alex Banayan became an entrepreneur. The Third Door is about his journey from being in college, to working for a company, and finally starting his own business.
Are you seeking for a synopsis of Alex Banayan’s book The Third Door? You’ve arrived to the correct location.
I completed reading this book last week and took notes on some of Alex Banayan’s important points.
If you don’t have time, you don’t have to read the whole book. This summary will give you a quick overview of what you can expect to learn from this book.
Let’s get started without further ado.
I’ll go through the following points in my The Spider Network summary:
What is the plot of Alex Banayan’s The Third Door?
The Third Door follows an 18-year-old college student who chases down Bill Gates, Warren Buffett, Lady Gaga, and a slew of other world-famous figures to learn how they got their big break.
After hacking the game show The Price is Right and funded his expedition with the earnings, he utilized his chutzpah and determination to obtain access to the global elite and learn about their secrets.
Who is The Third Door’s Author?
Alex Banayan released The Third Door when he was 18 years old, five years after he had left college.
Banayan has written for TechCrunch and the Washington Post, and has presented his Third Door concept at business conferences throughout the world, in addition to being recognized one of Forbes’ “30 under 30.”
For Whom Is The Third Door Intended?
The Third Door is not for the faint of heart. If you are one of the following folks, you may like the book:
- A young individual pondering his or her professional options
- Anyone who needs a little push to dream big and take chances.
- Those interested in learning how successful people got started in their professions
Summary of Alex Banayan’s book The Third Door
Introduction
It’s like getting into a nightclub in life, business, or practically any other profession where you achieve. Three doors are always present. The first is the main entrance, where almost everyone lines up in the hopes of being admitted. The second entry is the VIP entrance, which is used by celebrities and millionaires.
A third door is also present. It’s not well-known, but it does exist. You must rush around the rear of the club and knock on the door in order to get in. To get in, you may have to sneak through a kitchen. There is always a way, even if it takes a little guts and effort.
The majority of successful persons bypassed the line and entered via the third door.
You will follow the route of an ambitious young guy as he chases down and interviews some of the world’s most famous individuals to understand how they gained success while reading this book.
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Lesson 1: The author was encouraged by Bill Gates to look for success secrets.
Alex Banayan had planned to become a doctor. His parents had devised a strategy for him. He discovered he wasn’t cut out for medical school when he was 18 years old and a month into his pre-med program.
Banayan started to ponder when reading a biography of Bill Gates instead of studying. Gates, now a millionaire, had transformed the software business and had risen to become the wealthiest man on the planet. But how do you do it?
What helped him grow from an 18-year-old boy to one of the world’s richest men? Babayan started looking into the lives of other famous individuals, such as Steven Spielberg, who has gone on to become one of the most successful filmmakers of all time. Lady Gaga went from serving tables to signing her first record deal in 2006. How did she pull it off?
Banayan decided to create his own book since he couldn’t locate one that addressed these issues. What’s to stop you? Interviewing Bill Gates and other luminaries, visiting them in person around the United States, and sharing his findings with his whole generation was his plan.
Getting interviews is one thing, but getting to them is another. He rapidly discovered that getting to all those interviews was the most challenging aspect.
The game show The Price is Right was being taped nearby at the time. He may pay for his quest if he won.
According to Google, the crazier his casting conduct, the more likely he was to get chosen. Banayan embraces janitors, dances with security guards, and flirts with elderly women when he arrives on set. His plan paid out, and he was hired. However, since he had no idea how it worked, he started speaking with the other candidates.
One kind elderly woman who had been observing for 40 years took an interest in him. Her recommendation was to always estimate low, since predicting too high would result in elimination.
Banayan won the grand prize a few hours later: a $31,188 yacht, which he sold for $16,000 a few days later. His search might now begin.
Lesson 2: After meeting Tim Ferriss, the author learnt how to be persistent in the appropriate manner.
Banayan was motivated to seek out Tim Ferriss after reading his incredibly popular book The 4-Hour Work Week (2007).
Banayan slipped inside a lavatory during a conference to give himself a better chance of capturing Ferriss as he fled the stage. After Ferriss finished speaking, Banayan and Ferriss had a short talk. Banayan’s goal piqued Ferriss’ curiosity, and he promised to contact her.
However, Ferriss did not respond, so Banayan started emailing Ferriss’s assistant. Persistence, according to business texts, is crucial, Banayan remembered.
Despite Ferriss’ assistant’s refusal to grant the author’s request, the author persisted. Banayan wrote 31 emails, one of which suggested that an interview with a college student would be the finest investment of all time for Ferriss, a multi-million-selling book. “Thank you in advance!” Banayan generally closed his emails with a happy “Thank you!”
Ferriss agreed to speak with me one day. Persistence is rewarded! At least, such was the author’s impression at the time.
Ferriss mentioned perseverance briefly during their encounter. After reaching out to the CEO of a business, he got his first major break.
Ferriss was turned down for a job after contacting the CEO 12 times. Ferriss contacted the CEO the next week to let him know he’d be in the area and it’d be wonderful if he could stop by.
Ferriss accepted the CEO’s offer and boarded an aircraft to San Francisco to “casually” see him. Ferriss was employed on the spot.
Ferriss wanted to be clear about one thing when he told Banayan the story: there’s a distinction between being persistent and being unpleasant. Ferriss was always kind, and he maintained the appropriate mix between persistence and politeness.
He never sent 10 emails in a week. He advised Banayan not to use expressions like “Thank you in advance!” since they sound arrogant and entitled. “I completely understand if you do not have time to respond,” say instead.
When the author went back over previous emails, he discovered that Ferriss had attempted to rescue Banayan from himself months before. He understood he had a lot to learn at that point.
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Lesson 3: Qi Lu, a software genius, earned a break by putting in additional hours.
When a Microsoft acquaintance informed Banayan that he could arrange him an interview with Qi Lu, he wasn’t sure what to believe. The fact that he had been offered an interview was fantastic news, but he had never heard of this guy.
When Banayan realized that Lu was a rising figure in the IT sector, his attention was aroused.
Qi Lu, who was 27 at the time, was paid just $27 per month. He was president of Microsoft by the time he was 47.
Qi Lu was born and raised in a poor Chinese hamlet. As a youngster, he wanted to be a shipbuilder, but he wasn’t strong enough, so he focused on his education and finally earned a degree in computer science from Fudan University.
There, he had an epiphany that would transform his life. There is one constant in life: whether you are wealthy or impoverished, you only have 24 hours in a day. So he reasoned that sleeping less would give him a competitive advantage.
As a consequence, he started to shave one hour off his daily sleep schedule. After just one hour of sleep a night, the ice-cold shower forced him back to awareness, but it was too much for him to manage. He decided on four hours of sleep every night as a reasonable goal and has maintained it ever since.
Lu authored five research articles on model checking in computer science early in his academic career by cutting down on sleep and working extra hard.
A Carnegie Mellon professor delivered a presentation on the same subject one day. Lu’s observations and studies drew the professor’s notice. Lu was asked to study in the United States by the professor, who offered to waive the $60 application cost, which Lu did not have.
Though it seemed to be a fortunate meeting, Lu was only able to present his documents because he had set aside a few extra hours in his day. In his own words, luck is like a bus: if you miss one, another will come along. If you’re not ready, it’ll be hard to get on.
Qi Lu is now so productive that his Microsoft coworkers think he works twice as quickly as everyone else. It’s dubbed “Qi Time” by his coworkers.
Lesson 4: A world champion boxer showed how hidden reservoirs of willpower may make or break achievement.
Banayan was able to contact Qi Lu and Tim Ferriss at first, but then ran into a roadblock. Bill Gates was contacted for an interview by Qi Lu, but the message said that he would not meet.
Banayan took advantage of “Qi Time” by getting up at 6 a.m. every day to send out additional cold emails seeking interviews. The sole effect of sending more emails was an increase in rejections.
“Sugar” Ray Leonard, a six-time world champion boxer, ultimately consented to an interview at his California estate. In a letter to the boxer, Banayan expressed his belief that the next generation may learn from him.
Leonard was shorter, skinnier, and younger than the other youngsters when he initially started boxing. As a result, he realized he needed to obtain an advantage. Leonard did not board the yellow school bus when it arrived to pick him up one morning.
He ran all the way to school after chasing the automobile as it sped away. He did the same thing on his way home, and he did it again the following day. He pursued the school bus every day, no matter what the weather was like.
When Leonard was a kid, he didn’t have as much boxing experience as other kids. Despite this, he was ready to learn and strive for improvement.
In 1981, he was brutally defeated twelve rounds into a welterweight world title match with “The Hitman” Thomas Hearns. Because his left eye was so swollen, he could scarcely see through it.
Despite this, he tapped into his “secret reservoir” of power and drive. This reserve, according to Leonard, is what permits a mother to remove a trapped kid from an automobile.
This is a reserve that everyone holds. When Leonard stood up for the 13th round, he burst in a maelstrom of adrenaline and focus. Leonard won the world title after his opponent staggered on the ropes in the 14th round.
Banayan explained why he wasn’t making progress on his quest to Leonard. No one, according to Leonard, should tell him that his ideal is unattainable. Keep battling, locate your hidden reservoir, and you’ll be able to do everything you desire, as the boxer stated.
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Lesson 5: You may achieve success by biting off more than you can chew.
When you have a mentor, life is better. Banayan was mentored by Elliott Bisnow. Bisnow Media, which he co-founded with his father and sold for $50 million in 2016, was founded by a twenty-something kid who dropped out of school.
Bisnow also co-founded Summit Series, an entrepreneurial conference series that brings the world’s best together, in 2008.
Bisnow’s accomplishments at such a young age amazed Banayan. They met a few days later in Los Angeles and became fast friends. He gave Banayan vital advice and introduced him to the world of business. The most crucial rule was to never bite off more than you could chew.
The Summit Series was created by Bisnow in order to meet more new entrepreneurs. If we were in that scenario, many of us would relocate to a bigger location or attend networking events. Bisnow, though, is not one of them.
Bisnow made a cold call to a group of young entrepreneurs and inquired if they wanted to meet up and hang out for the weekend.
On his own cash, the creators of Thrillist and CollegeHumor, as well as the inventors of TOMS shoes, joined him for a weekend of skiing. He placed the $30,000 upfront charges on a credit card since he didn’t have the cash.
Then he made cold calls to corporations, asking whether they would want to sponsor a conference for outstanding young entrepreneurs in the United States. The Summit Series was formed as a result of the firms’ agreement.
Bisnow had no idea what he was up to. He inquired as to what kind of cuisine he should prepare. Granola bars, perhaps? Apples? He had no idea.
He was eventually able to figure it out, and he has since lived by the idea of being ambitious, setting lofty goals, and figuring out the specifics afterwards.
Bisnow profited greatly from it. Summit Series has grown in popularity among corporate and cultural elites as a massive enterprise.
If you go to an event, you may hear Richard Branson share business stories in the morning, national poetry slam champion IN-Q discuss social justice in the afternoon, or Erin Brockovich discuss social change in the evening.
Bisnow and his co-founders purchased a whole ski resort in Utah in order to develop a community of entrepreneurs. Bisnow exemplifies what can be accomplished when you set your goals high.
Lesson 6: Rather than competing with Amazon, you may need to forge your own road to success.
Banayan was warned by Gates’ office that if he didn’t have a publishing agreement, he would never be summoned for an interview.
Banayan started seeking for a publisher. Finding a literary agency was crucial. After that, Banayan’s slogan was “get a literary agent, get Bill Gates.”
Banayan researched how-to books and sought literary agencies in droves in order to be published.
He’d met a number of entrepreneurs with book agreements via Bisnow and requested them to connect him to their agents. He was doing everything right, yet he was constantly being turned down.
Only one literary agent remained on his list, and she had previously rejected Tim Ferriss for his first book, so approaching her seemed pointless.
Brandon, a college classmate of Banayan’s, changed his mind. Brandon was a bookworm who once told Banayan a tale about Walmart that he had read.
Online merchants like Amazon were hammering brick-and-mortar businesses like Walmart in 2000. Walmart was concerned about losing market share, so they attempted to replicate Amazon’s technology and tactics. It did not, however, work.
In one case, a new boss hung a sign in the workplace proclaiming, “You can’t out-Amazon Amazon.” Walmart’s market share increased quickly once they changed their own business approach rather than replicating Amazon’s.
Banayan, Brandon said, was Walmart. He’d been doing nothing but mimicking other people’s successful strategies. Despite the fact that he lacked Ferriss’s platform and celebrity, he pitched literary agents as if he were Tim Ferriss.
Since the start of his quest, Banayan has been researching how successful individuals attain their objectives. While this was a terrific approach to learn, he quickly discovered that he couldn’t address all of his difficulties in this manner. He had to come up with his own strategy.
Banayan awoke the next morning, unable to sleep, and wrote an email to his most-targeted literary agency. Instead of rehashing his normal spiel, he laid out why he believes in his goal.
He wrote that they can transform the world if they work together. He sent it nevertheless, even though it read more like a juvenile love letter than a professional email. He was given representation within a day.
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Lesson 7: Bill Gates offers advice on overcoming adversity and achieving early success.
After landing a book contract, Bill Gates’ office consented to an interview with Banayan.
During his investigation before to the conference, Banayan identified an episode that explains Gates’ early success. Banayan had always been nervous when he had to make a phone call or have an important chat. What is the takeaway? There will be instances when you have to push through your discomfort.
When Bill Gates and his colleague Paul Allen learned that MITS had launched the first minicomputer, they were both 19 years old. Gates spotted an opportunity and suggested selling software for the MITS machines with a colleague.
They debated what to do when they didn’t get an answer. Paul and Bill were both adamant about not making the call. They were both jittery. Bill eventually dialed the number.
He notified the creator of MITS that they would be presenting some software while taking a deep breath. Their strategy succeeded, and they were able to secure the meeting.
One issue arose: the program was not available. But eight weeks later, they presented their new code, negotiated a contract, and made their first of many millions of dollars. Their achievement was ultimately due to their fortitude in making that decision.
When the interview eventually took place in Gates’ office, Banayan questioned him about the techniques and negotiations he utilized in the early days of his career.
To begin, Gates said that if you’re young, you must find a means to overcome people’s cynicism.
During sales meetings, Gates would astound people with his knowledge, outlining programming languages and software platforms in great detail until it was evident he wasn’t some bumbling idiot.
Furthermore, he astonished Banayan by revealing that when he established Microsoft in the early 1980s, he prioritized strategic positioning above immediate profit.
When Microsoft started selling to IBM, he made the choice not to demand too much money. He understood from his experience with IBM that selling to competitors would result in bigger earnings for Microsoft.
When starting off, select the position that will help you in the long run above the one that would benefit you in the short run.
Lesson 8: By observing Zappos CEO Tony Hsieh, the author learned how to accept ego.
At a gathering organized by Miki Agrawal, creator of the period-proof underwear company THINX, Banayan met Tony Hsieh, CEO of Zappos. He was holding a clipboard with the words “Wishes List” printed on it, indicating that he was playing the role of a fairy godmother for the day.
When Banayan was asked what Hsieh wanted, he understood immediately away. He said that one day he aspired to be the CEO of Zappos. He was about to turn 20 and was wondering whether he might shadow Hsieh. He was taken aback, but consented.
When Hsieh offered marketing counsel to Banayan, he advised him to think about the book’s final aims. Many individuals don’t think about their objectives, and those that do aren’t always honest about them. This taught Banayan that it’s OK to be proud of one’s ego.
Hsieh has already authored a best-selling book titled Delivering Happiness. Hsieh certainly had vanity and ego in mind when he penned Delivering Happiness. He was eager to inform his parents that his book had topped the bestsellers list.
Banayan, who had always thought ego was a terrible thing, was taken aback. However, Hsieh said, having an ego and deceiving yourself that you don’t is worse. In truth, accepting that an ego can coexist with other aims, such as motivating future entrepreneurs, is the wisest course of action.
Another thing Banayan took away from his experience with Hsieh was the need of asking for assistance. While accompanying Hsieh in and out of meetings, Banayan saw a few envious expressions from Zappos workers.
One came up to him and said he’d been working at Zappos for years and had always wanted to shadow the CEO. What made Banayan so fortunate?
After thanking Hsieh for his time, Banayan inquired why he didn’t allow his staff observe him on occasion. Hsieh was taken aback. Yes, he replied. But no one had ever approached him with the question.
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Lesson 9: Warren Buffett and Dean Kamen taught the author that in order to solve an issue, you must occasionally think again.
Banayan has been trying to have an interview with Warren Buffett for months. Even travelled to Omaha, Nebraska, Buffett’s hometown, in the hopes of running into him, only to arrive in the midst of the worst snowfall in 30 years.
He spent much of his time shivering in his hotel room, never meeting the “Oracle of Omaha.” He learned a few things about success from reading about Buffett.
To begin, we needed to determine what individuals need and then utilize that knowledge to get access to them. After finishing his studies in 1951, he became a stockbroker. Every time he attempted to meet with a local businessman, he was turned down. Who wants to meet a young guy with no experience selling stocks?
Buffett devised a new strategy: he started calling businessmen and promised to assist them in avoiding excessive taxes. As a consequence, Buffett’s career was derailed, and the two met for the first time.
Banayan found that just because someone doesn’t want to speak to you for the reasons you want them to, doesn’t mean they won’t. All you have to do now is figure out what they want.
When he met Dean Kamen, creator of the Segway and the first medication infusion pump, among other breakthroughs, he was taught the same lesson.
Sometimes, Kamen remarked, it’s preferable to tackle a subject from a new angle. Not long ago, there was a crisis in scientific education in the United States.
Many individuals perceived it as an educational catastrophe, so they tweaked course curriculum and attempted to hire more professors to help. Kamen, on the other hand, saw it as a cultural catastrophe.
FIRST, a non-profit organization that hosts national and international robotics contests broadcast on NBC and NASA TV, approaches high-school engineering as a sport. FIRST has had a huge influence on people’s lives.
If you don’t succeed, don’t become discouraged, Kamen said. By rephrasing the query, you may come up with a solution.
Lesson ten: Steve Wozniak demonstrated that success can be attained in a variety of ways.
After hearing who Banayan was interviewing, a guy remarked he didn’t feel deserving of being on the list. Banayan also considered himself to be the happiest person he had ever met.
Steve Jobs and Steve Wozniak co-founded Apple. Wozniak, on the other hand, has never been labeled a business mogul, owing to his departure from Apple in 1985.
Banayan met Wozniak for lunch in Cupertino, California, and he exuded delight. He appeared to really enjoy his life, from his affection for his wife to the cuteness of his dogs to the anticipation of the road trip he had planned. What made him so happy?
Wozniak said that he was satisfied because he could live life on his own terms, doing what he wanted rather than what society imposed.
Steve Jobs was an obvious option for CEO in the early days of Apple. Wozniak’s position in the executive team remained unclear. He didn’t want to be in charge of people or deal with internal politics, so he told Jobs he wanted to be a basic engineer. He was relieved to be able to continue doing something he enjoyed.
Perhaps society expects you to get to the top, as Wozniak speculated. Will you be satisfied if you achieve the greatest level?
Wozniak wanted to live his life on his own terms in addition to adhering to his ideals. He had a lot of disagreements with Jobs on this.
Jobs and Wozniak expected a hefty payoff when Apple filed its first public offering in 1980. The two would amass enormous fortune. Wozniak, on the other hand, discovered that Jobs had declined to provide stock options to several long-serving Apple workers. They were like family to Wozniak. They had, after all, contributed to the company’s development. Jobs was adamant about not giving in. Old workers were given some of Wozniak’s own shares so that they might partake in the financial gains. Apple’s fortunes were irrevocably transformed when they went public.
Jobs is regarded as the more accomplished of the two guys. However, Wozniak’s accomplishment was clear as he sat back, smiling joyfully and unwrapping a fortune cookie.
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Final Thoughts
Picking up the phone and making that first sales call, biting off more than we can chew, or just following our vision are all little decisions that may change our lives forever. It’s all up to you.
You may tolerate inertia in your life as long as you wait in line for the First Door.
You may also get out of line, dash around the back, and enter via the Third Door. It’s all up to you.
Additional Reading
If you like The Third Door, you may be interested in the following book summaries:
The Third Door is available for purchase.
The book The Third Door is available for purchase via the following links:
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