Fast and Furious Business Lessons from the 2013 Monaco Grand Prix

“If everything seems under control, you’re not going fast enough.” ― Mario Andretti If you’re looking for high performance business inspiration look no further than the Monaco Grand...

“What’s behind you doesn’t matter.” – Enzo Ferrari

4. Let data validate and guide you, not drive you.

F1 research suggests that, “a modern Formula One car has almost as much in common with a jet fighter as it does with an ordinary road car. Aerodynamics have become key to success in the sport and teams spend tens of millions of dollars on research and development in the field each year.”

The question is, what R&D data are you leveraging to fine tune your company’s success? Bronson Taylor, co-founder of Growth Hacker TV, suggests that “data-informed is better than data-driven,” in a KISSmetrics post.

Taylor explains, “Data is good. But there’s a catch. Data should inform our decisions. It shouldn’t be our master, dictating our every move. The greatest asset of any startup is the profound ability of the humans who are involved. When people are willing to be “informed” by data, they can create something special.”

5. Manage your team and strategize your pit stops.

From strategic partnerships, to supplier relationships and more, like F1 racing – business is a team sport that requires continuous collaboration and tweaks along the way.

“How a team manages its pit stops during a race is almost as important as the driver’s skill out on the track,” according to writer William Harris. Formula1.com affirms this notion, stating that while, “drivers get most of the attention, Formula One racing remains a team sport even during the race itself. The precisely timed, millimetre perfect choreography of a modern pit stop is vital to help teams to turn their race strategy into success – changing a car’s tyres, replacing damaged parts and adjusting front wings in a matter of seconds.”

Apply this lesson to your next whiteboard session and pre-plan your pit stops. Identify the key role that each team member plays during pivotal stages of a product launch or pivot. By definition, choreography is the art of designing sequences of movements that present a unified result. For this to happen, everyone has to know the role they play, when to play it and how it impacts your business.

6. Start strong.

“There are few moments in sport more exhilarating than the start of a Grand Prix. As the drivers arrive in their grid positions and begin to rev their engines to deafening volume, all of them have one thought in mind – to get to the first corner as quickly as possible.” (Source: Formula1.com)

First, consider why it’s important to get to “your corner” as quickly as possible. TurnFast.com explains that it all “comes down to cornering. Assuming equal cars, the driver able to sustain the highest speeds through the turns will have the lowest lap times.”

You can apply this same strategy to your business. Develop a strong launch that delivers on predetermined goals. If speed to market is a top priority “your corner, so to speak”, develop alpha and beta versions – which are not necessarily perfect – but can set you up for long-term success with the customer insights you’ll receive early on.

Ultimately, have a clear idea of what a strong start means for your business and have a plan to ramp up quickly if your product or service takes off.

And remember, “The winner ain’t the one with the fastest car, it’s the one who refuses to lose.” – Dale Earnhardt

Connect with Erica Nicole on Twitter.

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Photo Credit: Team-Bhp.com


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