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Wednesday, September 28th, 2016

Mark Gallagher discusses what businesses can learn from Formula 1

After winning a go-cart championship as a young boy, Lewis Hamilton took to the stage at a black-tie event in London and asked the MC if he might say a few words. He thanked his entire racing team and his support crew before passing a business card to the boss of McLaren racing. His racing team turned out to be a part-time mechanic and friend of his father, and his two greatest supporters were his parents. This was the first time that Formula 1 expert Mark Gallagher had ever heard of Lewis Hamilton, but even then, Gallagher knew he would be a Formula 1 star. Gallagher, speaking to a meeting Liverpool organized by Appco UK, one of The Cobra Group of Companies, touched on the importance teamwork and people to a business. Likening a successful business to a Formula 1 team, Gallagher made the point that the most successful businesses recognise the importance of every individual member of their team. No one proves this theory like Lewis Hamilton, whose knowledge, even as a child, that he was simply a part of a larger team made him stand out as a potential leader in the sport. Recalling his time at Red Bull Racing, Gallagher told attendees that when an incredible three-second record for a pit stop was set, most Formula 1 insiders thought it was impossible to break. Red Bull, in particular, was a disadvantage because it didn’t have the racing heritage of competitors like Ferrari and McLaren. However, after months of work, pulling together the efforts of engineers, drivers, and pit crews Red Bull managed to reduce their pit time to two seconds. Gallagher highlighted that it was the team’s ability to come together and work for months with limited success that ultimately helped them to break the record.