 | I am a huge fan of Formula 1. When someone asked me to create business lessons from the sport, I couldn't resist. So here are the first 7! |
1. Winning
There is only one world champion in Formula 1. There is only one Grand Prix winner. even if that is only by a thousandth of a second. Its all about winning!
2. Continuous improvement
This is where its such an amazing sport. The cars develop every race, sometimes every lap/run of laps. The teams will bring new parts to every race weekend. While the race is on, there are so many parameters the drivers can play with, they are literally improving the car with every lap, be it with down force, fuel mix, brake differentials...
3. Technology
The best there is. Immense amount of money spent on technology. sadly some of the spending is being reigned in, but still this is the sport that brings to fore all that is new out there. normal road cars benefit hugely.
4. Developing key Partners
Each team has key partners. engine suppliers, chassis designers, Tyre (now only one brand allowed), fuel, and other sundry parts. each of these suppliers works as part of one larger team.
5. Mental & Physical stamina
It is one of the most physically demanding sport. The drivers go through up to 5g (gravity) pulls at various turns and high speed corners. An average driver will go through more g force than a fighter jet pilot. the mental stamina cannot be stressed. split second decisions. a minute is a lifetime in this sport!
The regime followed by the drivers, the teams is nothing short of stunning.
6. Innovation
Oh! This sport thrives on innovation. you need radical designs, radical thought all the time. the minute you debut a product in the market place (read race) you can be rest assured another competitor will be working on using the concept, the design in the next race.
7. PR, Marketing
These guys are very very good at it. they promote, the bring the fans(read customers) in. Every race is a spectacle. a whole weekend of activity. a single race brings in over a lac of spectators and more! each race could be making $500 million adding all revenues.
Cheers!
Prabhjot Bedi
The Eclat Coach
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you can write to me at p.bedi@eclathospitality.com or catch me on +91 98720 00604
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