When you think of Formula 1 motor racing you probably think about the drivers, the cars, the pit crews and the action on the racing track. Behind all of that is an incredible business that requires dynamic leadership, tight execution and strategic vision.
The typical F1 team has 300-600 employees and costs a bare minimum of $50M+ per year to run. Teams travel for months at time, developing their technology, managing key relationships and executing strategies that are measured in microseconds, as they move from city to city.
The business model for F1 has significantly changed 5 times in the last 20 years. Pre 2000, the sport was mostly funded by tobacco companies while today the business model is diversified across a range of innovative products, services and events.
The technology the sport relies upon is superseded every year and the health and safety risks to the team are ever-present. It’s not just the driver’s who have to navigate tough conditions at lightning speeds, I’m sure you can imagine that running this type of business is incredibly challenging for the executive teams.
This weeks’ episode of the DENT podcast features Mark Gallagher, who for over 30 years has been one of the senior executives within Formula 1. He was on the founding management team of Jordan Grand Prix, he was brought in to lead Jaguar Racing as it transformed into Red Bull Racing, as well as heading up the engine manufacturing business, Cosworth. Mark’s also the author of the book “The Business of Winning” and a highly sought after International conference speaker.
In this episode, Daniel Priestley talks to Mark talk about building high performing teams, communicating the vision, getting out of the way as a leader, dealing with transformation and demanding impossible targets from people!
Here’s just some of what Daniel and Mark discuss:
- Why you need to celebrate wins
- Adaptive leadership: Just what is it?
- The power of winning cultures
- The importance of articulating a vision
- Building high-performance teams
- Getting out of the way as a leader
- Embracing disruption
- How F1 survived five major business disruptions in 20 years
- How the business has transformed
- Working with Eddie Jordan, Red Bull’s Dietrich Mateschitz and Bernie Ecclestone
- Why an F1 pit crew really is the definition of a high-performance team
- Where F1 is headed (get ready to blow your mind)
If you think your business is stressful, you’re going to enjoy this podcast as we step into the high stakes, high performance business of F1.