Why age is no barrier to becoming an entrepreneur

Older man holding a stop sign
Stop thinking age is a barrier to entrepreneurial success!

Think you’re too old to strike out and start your own business? Think again. As long as you’ve got a good idea and the right attitude, age is no barrier to launching a successful company.

In fact, that extra experience you have could give you an advantage when you’re starting out as an entrepreneur. I may have set up my first business when I was 22, but during my career I’ve met many talented entrepreneurs who launched their companies much later in life.

Be prepared to step outside your comfort zone

The one thing you really need if you want to become an entrepreneur is the bravery to step outside your comfort zone and test yourself in a completely new situation.

There’s no denying this can be a big step, especially if you’re used to working for other people and following their lead. But if you’re passionate about your idea, you’ve done your homework and you’re prepared to put in the hard work and pick up new skills along the way, there’s no reason to let your date of birth stop you from following your dreams.

Rather than seeing your age as a problem, focus on the fact that you’ll have a wealth of skills and life experience to bring to bear in your new role.

Take a look around you

Sure, we all know about Zuckerberg and Musk and Chesky – the entrepreneurs who became incredibly successful at an incredibly young age. But there are just as many examples of successful business people who launched their own companies with a lot more mileage on their career clocks.

Finding out about these entrepreneurs and their stories could give you the inspiration you need to take the next step on your own journey to starting a company.

One of my favourite examples is the late Leo Goodwin. He worked as an accountant in America until the age of 50, when he saw a gap in the insurance market and launched the Government Employee’s Insurance Company (GEICO).

Working with his wife, he quickly grew the business and by the end of his first year, he had employed 12 people and was providing nearly 4,000 insurance policies. Now, GEICO has over 14 million policyholders and employs tens of thousands of workers.

Another inspirational story is that of Carol Gardner. At the age of 52 and newly divorced, she entered a competition to create a Christmas card featuring her dog Zelda. She won, and the positive response she got encouraged her to set up a greeting card company that she called Zelda Wisdom. A few years later, the business was valued at an impressive $50 million.

Wally Blume also arrived in the business world later in life. After a successful 20-year career in the dairy industry, he decided to open his own company in 1995. Called Denali Flavors, it specialises in creating and marketing innovative ice cream flavours. Its most popular product, Moose Tracks, makes around $80 million a year through licensing agreements.

Talented ‘older-preneurs’ like these show just how much can be achieved by going it alone and starting your own business – regardless of your age.

Chris Niarchos is a lifelong entrepreneur and founder of The Cobra Group of Companies, which specialises in incubating, developing and managing a portfolio of start-up enterprises and successful companies.

 

What you want to know about running a business (but are afraid to ask)

Picture of question mark icons
Chris Niarchos answers the business questions you may be afraid to ask.

Lots of people like the idea of working for themselves, but there’s no getting around the fact that taking that leap of faith and actually setting up a company can be a daunting prospect.

If you’re thinking about becoming an entrepreneur, here are a few questions you’ll probably want the answers to, but may be too afraid to ask.

What if my business fails?

It’s normal to have some doubts when you establish a business. I was just 22 when I set up my first company and I had anxieties about it at the time. When you’re new to something, it’s completely natural to wonder if you’ve got what it takes to succeed.

However, during my career I’ve learned that you can’t let concerns about potential failure stop you from pursuing your goals. It’s impossible to guarantee success with every business venture, but you can guarantee that you’ll keep going if things don’t go to plan.

It’s important to realise that many of the most highly regarded and successful businesspeople have experienced major setbacks along the way. What these people have in common is the resilience required to pick themselves up and carry on.

Sir James Dyson is a great example. The inventor and entrepreneur, who’s now said to be worth over £3 billion, went through his savings and over 5,000 failed prototypes before he developed the bagless vacuum cleaner that propelled him to fame and fortune. Speaking to Entrepreneur.com, the inventor said that failure helps you to progress. He added: “You never learn from success, but you do learn from failure.”

Will I be able to handle the pressure?

Pressure is an unavoidable part of running a company and you won’t really know if you can cope with the stress until your business is up and running and you’re faced with the challenges this brings.

There are things you can do to lower pressure levels though. For example, try to avoid the temptation to micromanage all aspects of your company. Attempting to control every little detail yourself can mean your workload quickly becomes unmanageable. Alternatively, if you quickly get into the habit of delegating certain tasks to the appropriate people, you should find it easier to keep your to-do list – and consequently your stress levels – in check.

Also, try to understand that all entrepreneurs feel the pressure. This isn’t a sign of weakness, but it is something you have to learn to control. Many of the best businesspeople use pressure as a driving force to make them stronger and better in their roles. 

Who can I turn to if I don’t have the answers?

You can’t expect to be the full package when you first start out as an entrepreneur. There will be things you need to learn and you’re bound to make the occasional mistake. This is where a business mentor can help. A trusted and experienced advisor can provide you with invaluable advice and give you added reassurance and confidence when you need it most.

Businessman and author Zig Ziglar summed up this idea when he said: “A lot of people have gone further than they thought they could because someone else thought they could.”

Chris Niarchos is founder and chairman of The Cobra Group of Companies, which specialises in incubating, developing and managing a diverse portfolio of start-up enterprises and successful companies.

4 no-fail tricks for keeping your focus laser sharp

 

Whether you’ve simply got too many things to think about or you feel as though you’re on the verge of burnout, it can be hard to keep your focus when you’re in charge of a business. When I set up my first company in Sydney at the age of 22, there was a lot I still had to learn about what it takes to be a successful entrepreneur – and one of the lessons I had to take on board (and quickly) was how to keep my focus laser sharp. Here are some of the no-fail tricks I’ve picked up throughout my career.

Devise a schedule that works for you

When your workload starts to build, it can be tempting to think that the best strategy is to squeeze as many working hours as possible into each day. This could involve getting an early start in the office and working non-stop until the evening. However, as virtuous and productive as this approach might seem, it may not be the best approach for you. If you’re like most people, you’ll need at least a little downtime during the day to keep your concentration and motivation levels up.

So, rather than staring at your computer screen from dusk until dawn, everyone benefits from factoring some breaks into their schedule. For example, you could give yourself timeouts to go to the gym, take a walk or grab a coffee. Far from being a waste of your time, short breaks are  a way to re-focus your mind.

Don’t try to do everything at once

All entrepreneurs have to be able to multitask to some extent, but they also need to be able to prioritise the most important jobs. Sometimes, this means putting certain tasks on hold. To keep on top of your workload and control your stress levels, it’s vital to realise that you can’t do everything at once. So, if you’re working on something important that demands your full attention, be disciplined about putting emails, phone calls and other distractions on hold for a while.

Create an inspiring workspace

It might seem like a small point, but the look and feel of your workspace can have a huge impact on your ability to stay focussed. I’m not suggesting that everyone should go out and spend thousands of pounds revamping their offices, but I do know that having a working environment that’s not only comfortable and practical but also inspiring can make your days a whole lot easier. Whether it’s smart and organised or more creative, your workspace should reflect your approach to business, make you feel proud and put you in the perfect frame of mind to concentrate.

Look after your health

When deadlines are looming and the pressure’s on, your health and wellbeing might take a backseat. You may find that your diet suffers, you’re not getting enough sleep and you can’t stick to your exercise schedule. In the short term, this might not have much of an effect on your performance at work, but over time it can really start to take its toll.

If you’re tired, unfit and under too much stress, you could find you struggle to concentrate and keep up with your workload. This means that even when you’re really up against it, it’s essential that you make an effort to look after your health by getting enough rest, doing plenty of exercise and eating healthily.

3 ways to avoid burnout as an entrepreneur

Being your own boss certainly has its perks, but it also comes with a heavy weight of responsibility.

You can’t simply switch off and forget about your company at the end of the day. Instead, you might find yourself working long hours under considerable stress.

This means that, if you’re not careful, you risk suffering burnout. There are ways to avoid this though and, over the years, I’ve learned a range of techniques that help me to avoid reaching this point.

  1. Set aside time to really switch off

Switching off for an entire weekend, or even just an evening, might not be an option when you have your own company – at least not in its early stages. After all, you’ll no doubt want to be on hand if any problems arise. But if you don’t give yourself any time to relax, you’re storing up trouble.

I can’t recommend enough getting into the habit of setting aside at least a little space in your schedule to completely forget about work and focus on other things. Even if it’s just an hour or two in the evening, this downtime will help you to de-stress and reboot, making you even more productive when you are in work mode.

And don’t be afraid to take holidays. Admittedly, this is one I’ve found doesn’t get any easier the longer you’ve been in business. You might be worried about the adverse effect that a break may have on your business, but it’s important to also consider the negative impact on your company if you’re too tired to work efficiently. The occasional getaway will give you the chance to re-energise and you’ll probably find you return with a renewed sense of purpose and drive.

  1. Take steps to stay healthy

When you’re prioritising your business, your health may take a back seat. For example, you might not get enough sleep, you could fall into bad eating habits and you may struggle to get the recommended amount of exercise. Trust me, I’ve been there.

All of this is bad news for your wellbeing. It will also impact on your energy levels and make the day-to-day running of your company feel like more of a challenge.

So, no matter how busy you are, try to get a decent amount of sleep and take steps to incorporate exercise into your daily routine to help you to stay in shape and keep your energy levels up.

It’s also important to plan your meals so that you don’t end up relying on junk food to refuel. I’ve certainly been guilty of this, but now make sure I have a healthy breakfast (I’m addicted to the yoghurt from the café near my office) and buy fruit to snack on throughout the day so I’m not tempted by the vending machine at 3pm.

  1. Delegate to lighten your workload

Even if you’re a perfectionist by nature, it’s unsustainable to attempt to micromanage all aspects of your business. This approach will almost certainly result in burnout. Instead, make sure you have a good team around you and learn to delegate tasks to lighten your workload.

It might feel uncomfortable at first, but handing responsibility to others is essential, particularly if your company is growing and your to-do list keeps getting longer.

What business lessons can we learn from the revised WTO figures?

“Uncertainty is the only certainty there is, and knowing how to live with insecurity is the only security.” John Allen Paulos

This quote may come from a mathematician rather than a business leader, but I think it sums up the mood of many within the business community right now.

Companies are having to adjust to major changes in the world around them. From the uncertainty triggered by the UK’s decision to leave the EU to slowdowns in major countries like Brazil and China, the global economy is going through a period of significant change.

Reflecting this fact, the World Trade Organisation (WTO) recently revised its forecast for global trade growth down by over a third. According to the organisation, growth this year will total 1.7 per cent.

This is down on its April estimate of 2.8 per cent. Responding to the statistics, director-general of the WTO Roberto Azevedo said the slowing of trade growth is a serious issue. He went on to suggest it should “serve as a wake-up call”.

Businesses must be prepared to adapt and innovate

It’s easy to panic when market conditions get tough, but instead of doing this, it’s important to try to take a step back and see what we can learn from situations like this.

To me, the WTO figures reinforce the fact that companies have to be ready to adapt and innovate whenever they are met with difficulties. By making sure they are agile and prepared to change their business models to deal with the challenges of the time, companies can protect themselves from a whole range of potential problems.

In fact, the savviest operators are often able to turn seemingly negative situations into positives for their businesses.

A business case in point

In a recent blog post, I referred to the example of the music industry and the so-called ‘lost-decade’.

As the digital revolution kicked in and people started to change the way they consumed music, the profits of traditional record companies tumbled from US$14.6 billion in 1999 to $6.3 billion 10 years later.

While many companies struggled in these difficult circumstances, some were able to overhaul their approach and went on to not only survive, but thrive. They did so by innovating and creating new, successful products.

As Paulos’ quote elegantly expresses, there will always be uncertainty. It’s knowing how to cope with changing demands that can bring people (and in this context businesses) a sense of long-term security.

Chris Niarchos is founder and chairman of the Cobra Group of Companies. In his role, he is responsible for setting the strategic direction for all of the businesses within the group. Since setting up the company in Australia in 1988 at the age of 22, he has grown it into a successful international organisation. It is now a group of diversified companies specialising in managing and developing an exciting and varied portfolio of businesses.

My top public speaking tips (hint: they’re not about picturing your audience naked)

Mars Cowley-Smythe public speakingAs part of my job, I do a lot of public speaking. I know that it isn’t the most popular activity in the world – as many as 95% of people say it’s one of their greatest fears. But, when you break it down, it doesn’t have to be any more frightening than having a chat with your colleagues around the water cooler.

So I thought I’d take the opportunity to run over some of the best public speaking tips that I’ve received and how they can help you to share your messages.

Public speaking needs passion

For me, public speaking is all about inspiring passion. Speaking to an audience is an opportunity for me to talk about what we’re doing and the direction that the company is going in. It’s a great way to share what inspires me with people in my company and in Appco’s independent contractor network.

In my experience, being more comfortable with public speaking isn’t just about picturing your audience naked. It involves thinking about how you deliver your speech as much as what you’re actually saying.

Public speaking needs audience awareness

When I think about some of the best speeches that I’ve watched recently – speeches by people like Barack Obama and Steve Jobs – one of the most obvious strengths is that they are always aware of their audience.

When Obama speaks at a small town hall gathering, he engages each of the attendees individually, making eye contact and gesturing (note, not pointing aggressively) to attendees learn the facts here now. When he’s speaking to a much larger crowd, like at his inauguration, he’ll completely change his tone and gestures. He won’t walk around so much, he’ll stand taller and look more statesmanlike.

Most importantly, a great speaker will tailor what they’re talking about to who they’re talking to. Look at when Obama goes to speak to a small group of people: he’ll talk about things that engage that audience. When he’s speaking to the nation, say, for example at a State of the Union, he’ll behave more formally and will move around less.

Public speaking needs a personal touch

So you know your audience, how do you make sure that you reach them? This, I think, is relatively simple: tell a story. Anecdotes help your audience understand and follow your thinking.

In some of the speeches I’ve given around the world, I often tell a story from my own life, which has influenced my thinking in some way, such as the ‘Be Something More’ poster from my childhood. My mum wouldn’t let me have any other posters on my bedroom wall.

This one ended up influencing my entire way of thinking and I think that sharing this helps my audiences to understand where I’m coming from. I’ve included a video of me talking about it below.

https://youtu.be/l15z3vd77QQ

Public speaking is, at its simplest form, about communication. How do you share the ideas that you’re passionate about and bring your audience along with you?

When I think about it in this way – when I try to really understand the mindset of my audience and consider the opportunity I have to share with them a very personal vision about where we’re all going – far from dreading it, I can’t help but be excited by public speaking.

Nobel Peace Prize inspires us to make change

Malala Yousafzai
Malala Yousafzai

This week, all eyes will be on Oslo for the announcement of the 2016 Nobel Peace Prize, one of the world’s highest honours.

Established by dynamite entrepreneur, Alfred Nobel in 1895, the prize’s 129 laureates have achieved everything from ending centuries-long conflicts to empowering the disadvantaged to start their own businesses.

As a businessperson, the Nobel laureates who inspire me most are not the politicians or the peacemakers, but the people whose courage and wit helped to bring enormous change to their communities.

While winners like Theodore Roosevelt, Yasser Arafat, and Shimon Peres — who passed away last week — are, no doubt, inspiring for their statesmanship, courage and diplomacy, the prize winners that really resonate with me are people like Malala Yousafzai and Muhammad Yunus.

Nobel Peace Prize changemakers

What attracts me to these laureates is the way they bravely took up the challenge of bringing change to their communities — often through unconventional means. Malala Yousafzai, for example, agitated for the rights of all girls in her community to receive an education.

From the age of 11, Malala spoke out about girls’ right to education at press clubs and political gatherings. Later, she used an anonymous BBC blog to rally international attention to a Taliban prohibition on the education of girls in her home, the Swat Valley.

With her father, who ran a local school, she covertly continued her education in spite of the ban. Of course, we know now that this eventually led to her being shot and nearly losing her life.

Malala’s story shows not just incredible courage in standing up for one’s beliefs, but also her ability to use the tools she had at her disposal to fight for what she believed in: a global movement for the education of women.

Her efforts were rewarded in 2013, when the United Nations member states pledged to eradicate the barriers to education for the 66 million girls in the world who were unable to attend school.

Thinking small to achieve big social and business change

Another Nobel laureate who resonates with me doesn’t receive much media attention. Muhammad Yunus, a Bangladeshi activist and entrepreneur won the award in 2006 for an initiative called Grameen Bank, a pioneer of what is known as microcredit.

It’s no secret that people without much income or assets find it difficult to get loans. This can put them at a huge disadvantage if they want to invest in their education or in starting a small business.

The Grameen Bank’s microcredit model offered easy credit to people who might otherwise be unable to access it to help them start their own businesses. A huge success, it’s enabled tens of thousands of people to take their futures into their own hands by going into business for themselves.

What inspires me about Yunus’ story is the faith that he had in the people of his community to be able to start their own businesses if they had enough capital. Backing individuals like Yunus does allows disadvantaged people to take control of their lives and futures.

Having founded several businesses myself, and having contracted many self-employed businesspeople, I’ve been able to witness how empowering running a business can be. Independent marketing companies in the Appco Group network, for example, give people the opportunity to develop their own career paths and work towards running their own businesses, if they choose.

Giving people, regardless of their background, the opportunity to be the masters of their own future is one of Yunus’ great legacies. Looking forward to the announcement this Friday, I hope the jury will continue to recognise people like Malala Yousafzai and Muhammad Yunus, whose tireless work has empowered people to achieve their potential.

 

 

UN General Assembly encourages me to ‘be something more’

The UN General Assembly
The UN General Assembly

My thoughts on the UN General Assembly

I’ve been following the UN General Assembly’s annual meeting in New York with a lot of interest. It’s the time when nearly all of the world’s leaders come together and discuss the world’s most pressing problems.

A common theme at this year’s General Assembly meeting has been empowering ordinary citizens to create change. We’ve heard world leaders urge not just governments, but also people to do what they can to tackle the most pressing global issues, from the refugee crisis to climate change.

Be something more

All of this reminds me of a poster that I had on my wall when I was younger. As a child, like most kids, I really wanted a poster of a rock band or my favourite film, but I was never allowed to put anything on my bedroom walls. Then one day, my mum came home with a poster for me, featuring the simple phrase: ‘Be something more’.

As regular readers of this blog will know, ‘Be something more’ is extremely important to me. It’s the motto of Appco Group and it’s one of my guiding principles. I think the foundation of ‘Be something more’ is very similar to what is being talked about at the UN and that is to be the change that you want to see.

Be something more in Laos

One of the ways that we use this philosophy at Cobra Group is through the charities that we support. As a company, we help fund the Support Lao Children charity, which maintains several orphanages for children in Laos as well as providing for their healthcare and education.

Not only does the company support the charity, but the important thing about the idea of ‘Be something more’ is that it challenges everyone at the company to see what kind of change they can bring to the world. One of the ways we do this is to provide permanent employees of The Cobra Group of Companies the opportunity to support the charity through payroll contributions. The charity has managed to bring incredible change to Laos — over 4,000 children are now being cared for by Support Lao Children.

What’s even better is that we’ve noticed that so many employees in Cobra have taken the initiative to go out into their communities to ‘Be something more’. For example, Faiza, who works in the Appco Group contact centre, recently returned from a trip to Kenya, where she volunteered on several crucial projects. In the Cobra Communications team, Tamsin has been volunteering her time designing a charity’s webpage. Dom, the Business Manager of Global Fundraising services, volunteers his time to advise a charity that helps sufferers of mental illnesses.

Sometimes it feels overwhelming reading the news and hearing about the number of immense problems in the world, but I’m always encouraged when I think about the number of people I work with who take it upon themselves to ‘some something more’ and to make change in the communities in which they live. There’s so much energy and talent in the world, and when we harness it and direct it at the right goals, I think we’d all be surprised about the amount of change that we can bring.

The ‘flaws’ that make brilliant businesspeople

From ambition, bravery and risk-taking to boundless energy and confidence, there are some characteristics that are generally agreed to make a brilliant businessperson. But alongside these traits, there are some less obvious qualities that I think contribute to people’s entrepreneurial success – and which may be seen as flaws in many other contexts.

<img class=" wp-image-156" src="http://www continue reading this.chrisniarchos.org/wp-content/uploads/2016/06/Chris-Niarchos-Sydney-moving-boxes-off-truck.jpg” alt=”Chris Niarchos offloading boxes from a truck” width=”269″ height=”397″ srcset=”http://www.chrisniarchos.org/wp-content/uploads/2016/06/Chris-Niarchos-Sydney-moving-boxes-off-truck.jpg 1567w, http://www.chrisniarchos.org/wp-content/uploads/2016/06/Chris-Niarchos-Sydney-moving-boxes-off-truck-203×300.jpg 203w, http://www.chrisniarchos.org/wp-content/uploads/2016/06/Chris-Niarchos-Sydney-moving-boxes-off-truck-768×1136.jpg 768w, http://www.chrisniarchos.org/wp-content/uploads/2016/06/Chris-Niarchos-Sydney-moving-boxes-off-truck-693×1024.jpg 693w” sizes=”(max-width: 269px) 100vw, 269px” />
Obsessing over the small things may be seen as a flaw, but I oversaw everything in the early days – including offloading stock!

Flaw #1: an aversion to the typical 9 to 5

From a young age, I knew I wasn’t suited to a typical 9-5 job; instead I wanted to set out on my own path and try something different. This is partly why, at the age of 22, I set up my first company in Sydney.

It’s common for entrepreneurs to feel dissatisfied unless they have a challenge to rise to, and it’s partly what spurs them on to attempt something new and to take risks. The idea that no two days will be the same and that they will be masters of their own destiny gives these people the motivation and hunger they need to pursue their dreams as entrepreneurs.

Flaw #2: a tendency to challenge the rules

In most work environments, it’s important to have a healthy respect for following instructions and fitting in with company rules and structure if you are to climb the career ladder and achieve success. But the journey to the ‘top’ tends to be a little different if you’ve opted for the entrepreneur route.

Entrepreneurs have a tendency to challenge the status quo and to play by their own rules. This predisposition to question orthodoxies and to devise new and improved ways of doing things can allow them to see opportunities where others only see problems. In short, a tendency to question the status quo can make you a natural leader, which obviously helps in steering a company and its employees  to success.

Flaw #3: obsessing over even the smallest detail

Obsessing over the smallest of details can be perceived as time-wasting – and even annoying – in many areas of life. But for a business leader it plays a crucial role in ensuring their enterprise runs smoothly and they stay one step ahead of the competition.

This is especially the case when you’re just starting out. I recall the early days in my own business when I personally saw to the unloading of delivery vans to make sure my precious stock was accounted for!

If you’re an entrepreneur or business owner, the buck literally does stop with you. So, being determined to make sure that every element of your company is set up to help you succeed – from the quality of your products and services to the set-up of your office – helps you to set yourself apart from competitors and ensure lasting success.

In my experience, one of the most significant hallmarks of a great business leader is the ability to remain focussed and refusing to let standards slip, no matter how much pressure you are under.

As the founder and chairman of the Cobra Group of Companies, Chris Niarchos is responsible for setting the strategic direction for all the businesses within the group. This includes Global Fundraising Services, which is a first-choice donor acquisition and donor care agency for many non-profit organisations around the world. Operating across 25 countries, it offers a range of services, including online and face-to-face fundraising and on-going donor management services.

What can an F1 pit crew teach you about teamwork in business?

From the likes of Lewis Hamilton to Sebastian Vettel, it tends to be the drivers in Formula One who get the attention. But without the precision teamwork of a tightly knit and talented pit crew behind them, these stars wouldn’t get off the starting blocks, let alone over the finish line.

As a huge fan of motorsport, I’ve often noticed the parallels between the teamwork involved in this sport and in the business realm. So, here are a few things I believe an F1 pit crew can teach you about the importance of working together within a company.

F1 pit crew works on a race car
Businesses can learn from the teamwork of an F1 pit crew, says Cobra Group founder Chris Niarchos

Detailed preparation = polished performance

A lot happens within a very short space of time when a car comes in for a pit stop. In under four seconds, a team of 16 or more highly trained and skilled people becomes a focussed, well-oiled machine to rival the one they’re actually working on.

Each individual is responsible for their own specific task and is dedicated to executing to absolute perfection. From operating front or rear jacks to making wing adjustments or “simply” holding the driver in place, everyone knows exactly what they have to do and how and when to do it.

This takes a vast amount of preparation and a huge amount of physical and mental training. It’s only by putting in enough practice hours that these teams can give a polished performance and keep their drivers in contention on the track.

In many ways, the same is true in business. The timescales and tasks may be very different, but the principle of doing thorough preparation is exactly the same. Companies that are rigorous and methodical in their approach – and that appreciate the importance of the work that goes on behind the scenes, and the people who do it – stand a much better chance of achieving long-term success.

Clear communication is key

Clear communication is a must between members of a pit crew and between these teams and their drivers. Before developments in technology made car-to-pit communication possible, pit stops were often chaotic and disorganised, especially if they were unscheduled.

Now, thanks to the fact that drivers and pit crews can convey detailed information to each other during races, these stops are much slicker and lightning fast.

Effective communication is equally important within businesses. It can prevent misunderstandings, promote engagement, help drive innovation and foster stronger working relationships between colleagues.

Everyone has to play their part

Another similarity between F1 and business is the fact that, in both arenas, everyone involved has their individual role to play.

In the case of pit crews, tasks are broken down into the minutest of detail. There’s someone directing the car into the precise position, someone holding the ‘brake/in gear’ sign, one person dedicated to removing and replacing the wheel nuts on one wheel and other specialists assigned jobs like altering wing angles. It doesn’t matter how seemingly small the individual task is, every single action is essential in getting that car back on the track.

A business works – or should work – in much the same way. Of course, there are the people who have more visible roles, but depending on the size and nature of your business, you must also have personnel managers, finance and sales specialists, front-of-house people, IT experts and more all coming together to make sure the company runs smoothly.

No matter how big or small their roles may seem, every team member contributes in their own way to the overall success of an organisation. I have learned that it is worth remembering that and acknowledging those who operate behind the scenes just as much as those whose work puts them in the limelight.

As founder and chairman, Chris Niarchos at the Cobra Group of Companies sets the strategic direction for all businesses within the group and ensures that the critical objectives of these businesses are met.