7 Business Lessons from Formula 1

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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Are you a 5-star Leader?

Bryan K. Williams writes about what it takes to be a 5-star leader. Here are my questions /check list to you inspired by that post.

Please answer all the questions with a Yes/No & also write down what you do specifically towards that dimension.

1. Do you talk about excellence everyday?

2. Do you ensure every team member is hand picked?

3. Do you spend time with every team member in detailing her role/contribution to the overall goal?

4. Do you ensure each team member feels valued?

5. Do you ensure each team member shares the reward?

6. Do you work alongside your team members?

7. Do you have formal/informal listening sessions?

8. Do you encourage & accept feedback?

9. Do you delegate?

10. Do you take the final responsibility for all your team actions?


I am going to share this with my contacts & post a follow up story on what people/leaders around the world are doing to be 5-Star Leaders!

p.s. Please leave your comments if there is something you do/want to do towards these.

Cheers!
Prabhjot Bedi
The Eclat Coach


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7 Valuable Lessons I learnt in Hotel Management School

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



1. Excellence is a habit.
Every session, everyday was a reinforcement of the basics of success.
Excellence is not a flash-in-the-pan (although in the kitchen it pretty much was!) but a continuous, upward spiral towards all that you can be.

2. Friends are family.
I treasure them even today and cannot thank them enough for making me a part of their lives. Some of them went thru a lot to teach to me the value of loyalty, respect and blind faith.

3. You cant learn everything & you cant prepare for everything, but you can try.
School is meant to give you a flavour of the real world. If the real world was so easy to replicate and taught, what would that say about the real world?
What you can do though, is to prepare yourself from the knowledge of the people who came before you.
Practice in training and it isn't difficult to walk in and conquer the real world.

4. Have a point of view, have an opinion.
The earlier in life you start the better you get at it.
The process of creating a point of view, accepting and announcing it as yours, and then defending it will create the necessary reasoning required to be successful.
It don't matter what your point of view is, learn to develop one.

5. Have a role model.
There is tremendous benefit in looking up to someone and aspiring to be like them. You will learn more good things than bad, but some of the bad ones will only do you good as you will learn to identify them and remove them from your persona.
The role model may also be influenced to help further your career/success. remember, your success is now his!

6. Think & sometimes use common sense
yes, its true. Almost anything, any situation could get better if only you could do the common sensible thing rather than the impulsive one you generally do! THINK

7. Life is not fair, get used to it!
Stop complaining about it, stop hoping it will become fair one day, just stop.
It isnt. Now go do something about it!

Cheers!
Prabhjot Bedi
The Eclat Coach


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