RESEARCH TRIANGLE PARK, N.C.(TheStreet) -- In racing, the car setup is selected based on conditions and results experienced during previous races and practices. Teams also take into consideration how they believe the race will be run: long green runs (no interruptions or disruptions such as bad weather, wrecks and crashes or other conditions including bad tires) or short runs (lots of cautions and red flags).When the race starts, the team is ready to go. They have a strategy and a plan for execution. They can stick to the plan exactly or shift when circumstances change. Anything can change the nature of the plan: a mistake in the pits, glancing off the wall (or a competitor), getting crash damage from getting caught up in someone else's wreck or equipment failure (the radiator overheats; brakes fail; a valve blows). The plan is not the goal. It merely provides guidance in how the team will react under different scenarios.
|One way to think of a business start-up: As a race car on an unpredictable course.|
1. Have a plan and be prepared to adapt and change it as new information comes available.
2. Look at the long-term goal and set interim targets for getting there.
3. Make sure you have sufficient fuel (money) to keep you in the race.
4. Know when to race hard and when to conserve your resources.
5. Winning is a function of time and money -- a continuous trade-off between them.
6. Team, team, team -- it matters who is on your team and how well they do their jobs.
7. Become No. 1 by setting a goal and making consistent strategic and tactical decisions with that goal in mind. >To submit a news tip, email: firstname.lastname@example.org.
Twitter and become a fan on Facebook.