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!