LEADERSHIP LESSONS FROM FORMULA 1 MOTOR RACING

Abstract

AbstractThe author has advised and taught business leaders worldwide for the past 25 years, and was previously Director at the European Bank for Reconstruction and Development. His article examines the business, organizational, and leadership aspects of the highly popular Formula 1 (F1) motor racing. He provides a quick primer on how F1 operates, noting that “Formula 1 racing is a competitive, global industry at the pinnacle of motor sport in terms of technology and innovation.” He notes his own background within F1, including co‐authoring a book that inspired a BBC 8‐part television series, Formula for Success. He outlines the PATL (Performance at the Limit) Framework, in both the article text and a table. It describes the role of individuals, teams, organizations, and partners. He writes: “Surrounding these elements are three dynamic processes influencing performance: Innovating, Transforming, and Integrating.” Another table presents the F1 Performance Pyramid, with leadership and teamwork around Focus, Continual Learning, and Creating a Winning Culture. The final table presents the Plan‐Do‐Review Model. F1 teams “have formal reviews after each of the on‐track sessions. All key decision‐makers and decision‐influencers attend in person or virtually. A template is used to keep the discussion on point and time efficient.”