Remember Me
forgot your password?

8 More! Business Lessons from Formula 1

8. Team Work
    how many races have been won on the pits.  the speed, the team work, the sheer grit of the guys in the pit crew, can make (or break) the drivers race.  one second won at the pits, is worth a minute on the track!
 
9. Processes
    Clock work.  Its amazing the amount of testing these guys do.  tests, tests, test.  even when a grand prix race is on, another part of the team is testing for the next race.  even when the current season is on, another part of the team is developing the car for the next season!  
 
10. Long term strategies
    Mclaren boss Ron Dennis has been sponsoring Lewis Hamilton from the time Lewis was 3 yrs old.  he finally brought him into formula 1 this year.  Lewis would have created history (in many ways he did) as he was on his way to becoming the youngest and only rookie driver to become world champ! That is some long term strategy!
 
11. Short term quick fixes
    These are very sophisticated machines.  things go wrong, things break down, parts blow up.  its all par for the course.  teams don’t sit and criticize at that juncture, they don’t start talking about how amazing the design was and how something else could be wrong and not what they did.  they just fix it.  they use whatever they can and get the car on the track.  the analysis will come later!
 
12. Reward performance
    You win you get paid.  most drivers need to pay to get a drive with a team.  talk about talent management! once you show you are capable of winning, once you start the process of winning, money starts coming!
 
13. Demand performance
    Drivers get sacked, so do team bosses, so do designers and so does anyone not able to perform.  there is no time for people who cannot deliver.
 
14. know the rules, learn the rules, stretch the rules!
    FIA is the governing body of the sport.  they come out with a set of rules (very very technical stuff).  each team then pours over it.  the ones who come up with the most creative interpretation of the rules are generally the ones leading the race. (corporate example? Reliance?)
 
15. Adapt
    Teams don’t go talking about how the race track has too many turns, and how the sunshine was coming in their eyes, or how the weather was a touch too hot( or cold).  they adapt.  they adapt immediately. if it starts raining, they change tyres, change the setup and then go out immediately to do what they came to do, WIN!
 
I could go on, but then I wouldn't be epitomizing the one thing I love about Formula 1.. Focus!
 
p.s I root for Ferrari!

Prabhjot Bedi

Prabhjot is the Founder & President of Eclat Hospitality. A hospitality trainer, recruiter & career coach he assists some of the best brands in hospitality. You can write to him at p.bedi@eclathospitality.com His blog on career success is at http://www.myeclatcoach.com/ He also manages a Hospitality Career & Knowledge E-zine at www.hospemag.com

Rate this Article: 0 / 5 stars - 0 vote(s)
Print Email Re-Publish

Add new Comment



Captcha

  • Latest Management Articles
  • More from Prabhjot Bedi

The 8 Steps to Build Buy-in to KPIs

By: Stacey Barr | 16/11/2009
You're not truly implementing performance measurement - nor getting the gains it will deliver - if you don't have your staff, your colleagues and your managers engaged. Nor do you have to wait until they are engaged before you get started!

Storage Units Create More Space For Additional Revenue

By: A.Noton | 16/11/2009
Just about everyone at some time or other has wished they had more storage space. This applies to both businesses and individuals. With the present state of the economy, creating storage units or additional space can bring in extra income. Storage units can be a source of revenue for businesses...

Turan Sahinkaya Partners on Patent for Optimal Control System on Electric Motor Driven Vehicle

By: Turan Sahinkaya | 16/11/2009
Turan Sahinkaya has worked with his father, Dr. Yilmaz Sahinkaya, on gaining a U.S. patent acceptance for the Optimal Control System for an Electric Motor Driven Vehicle.

Making the EXCEPTIONAL Normal Part 2 - More Benefits

By: Dale Furtwengler | 16/11/2009
Six more benefits from this powerful leadership system including shared vision, better coordination, more effective workload allocation, cross training, creativity and team spirit.

Protect Your Lives Each Time You Accept Tenants

By: Barry Snyder | 16/11/2009
In our lives, we always get to encounter situations when we wished we had access to important information about people. Especially if you do own a condominium or an apartment that you would want to rent out to people. Sometimes, you may be tempted to hire a private investigator to...

Save Yourself For Employment, Run a Background Check

By: Barry Snyder | 16/11/2009
Unemployment really is not a desirable situation to be in. We all need money to survive, to pay our bills and to pay our food. There is no other way to earn money that to work. If you are unemployed, then you might as well take the effort and apply...

How To Find Affordable Hotels In London

By: Neron Smith | 16/11/2009
No doubt that London is one of the most charming cities in the world as it has some of the famous historical sites like the Tower of London, The British Museum, The Big Ben, Westminister Abbey, etc.

FT Lauderdale Yacht Management: Choosing a Charter Yacht

By: Craig Ellyard | 16/11/2009
A charter yacht can be a blissful way to spend a luxurious holiday, sailing in beautiful seas as you enjoy the splendid sunshine. But before you can enjoy any of this you have to make an important decision - which yacht are you going to charter?

7 Valuable Lessons I learnt in Hotel Management School

By: Prabhjot Bedi | 07/05/2009 | Motivational
I went to IHM (then called IIHM), Aurangabad, the best 3 years of my life. With me, more than me, others put in valuable time of their precious life to make mine better, and better it got! These are the 7 Valuable Lessons I learnt in Hotel Management School

8 More! Business Lessons from Formula 1

By: Prabhjot Bedi | 07/05/2009 | Management
8 more lessons from formula 1

7 Business Lessons from Formula 1

By: Prabhjot Bedi | 07/05/2009 | Management
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!

Flaunt your Profile/Resume

By: Prabhjot Bedi | 07/05/2009 | Resumes
Resume T-Shirts. With the current state of affairs, this does evoke a chuckle. f you are looking for a job, then you must do the following

True knowledge comes from testing your wisdom

By: Prabhjot Bedi | 07/05/2009 | Coaching
Knowing others is intelligence; knowing yourself is true wisdom. - Lao Tzu One of the many benefits of a holiday and that of an adversity is that you find yourself.

Learning From Mistakes

By: Prabhjot Bedi | 07/05/2009 | Coaching
one of my fav philosophy is to try everything once. Make mistakes, but learn. Making a mistake demonstrates your courage, repeating a mistake your stupidity.

Interview Skills| Perfect Practice Makes Perfect Performance! 5 Ways to Practice

By: Prabhjot Bedi | 21/01/2009 | Interviews
As with any performance ,such as acting or public speaking, the more you practice the better you will get at it.

Build High - Quality Relationships With Significant People in All Contexts of Your Life

By: Prabhjot Bedi | 21/01/2009 | Coaching
Build high - quality relationships with significant people in all contexts of your life

Submit Your Articles Free: Signup
Article Categories




Use of this web site constitutes acceptance of the Terms Of Use and Privacy Policy | User published content is licensed under a Creative Commons License.
Copyright © 2005-2008 Free Articles by ArticlesBase.com, All rights reserved. (0.28, 6, w1)