5 Management Decision Making Lessons from a Long Shot. A Heartening Belmont Victory

Home
>
Business Management
>
5 Management Decision Making Lessons from a Long Shot. A Heartening Belmont Victory

5 Management Decision Making Lessons from a Long Shot. A Heartening Belmont Victory

Like many, I watched the 134th Belmont Stakes hoping to see the first Triple Crown in 24 years. Instead, I saw the 70-1 long shot, Sarava, appear from nowhere to win. We should take heart from this unlikely victory. As small business owners, managers, and entrepreneurs, the "big shots" often see us as long shots -- worth a cursory notice, but rarely more.

As I listened to trainer Ken McPeek and jockey Edgar Prado after the race, I realized their win was not a fluke. Victory was the result of several intelligent, small business management and decision making. Apply these same actions consistently, and you can win your own "Belmont Stakes:"

Learn from your mistakes.

Just before the Belmont, Ken McPeek was fired as Harlan's Holiday's trainer (the "better" horse). Instead of becoming bitter, McPeek learned a management lesson from the experience. He analyzed his past actions and took steps to improve. As a result, he brought Sarava in days early so the horse could get a feel for the track. After the race, it was noted that all three of the top Belmont finishers had trained on the track days before the race.

We have all been criticized for our management performance, actions, or ideas. It is easy to become defensive, blame others, and dismiss the criticism as off base. Next time, when you receive a criticism or suffer a business set back, use it as a learning opportunity. Look for the grain of truth in the criticism or figure out what you could have done differently and take action to improve.

Have faith in yourself.

In each of two interviews, Prado's first point was that he and McPeek had kept the faith. They did not give up despite what others thought. This was not blind faith, however. They saw signs of a champion in Sarava that others overlooked. They developed those strengths and they persevered.

Critics are rarely as close as you are to a situation. They do not know all the details and cannot understand all that you are thinking. When you see an opportunity that others do not, take a cue from these winners and persevere.

Don't automatically dismiss the underdog.

Sarava was McPeek's third string horse. After losing two early favorites -- one to injury, the second when the horse's owner moved him to another trainer -- he was left with the underdog, Sarava. It would have been easy to give up the dream. Instead, while others ogled expected winner War Emblem and superstar trainer Bob Baffert, McPeek looked for strengths in his own horse and saw what others did not -- a winner.

It is easy to look at the management superstars and reigning business champions in our own industries and become discouraged. Instead, look for strengths in your situation and take advantage of the opportunities they represent.

Know when to make your move.

Jockey Prado deliberately ran fifth, behind War Emblem, through most of the race. When the favorite choked, weakened from a stumble at the gate, Prado was ready. He made his move, riding around War Emblem, and then pushing past others to earn the victory.

Strong competitors are not infallible. Look for chinks in the armor. Also, do not discount "Murphy's Law", which can strike without prejudice. When an opportunity arises -- whether one you created or one presented to you -- be ready to make your move.

Speak up but stay humble.

During interviews, McPeek pointed out what he had done to win the race, but he did not brag. His competitors are still major contenders. He knew that bragging about the Belmont win could mean eating crow after a future race.

The same philosophy holds true for our own successes. The business environment ebbs and flows. Today's management victors may be tomorrow's strugglers. Being humble and likable when you are in the spotlight can garner support through future difficulties.

Follow these five lessons from a long shot and I will see you at the races!

_____

To learn more about Ken McPeek, visit the McPeek Racing Web site, http://www.mcpeekracing.com. As a side note, have a look at the "Points of Difference" page under "About McPeek Racing" for positioning and differentiation examples.

_____

About the Author

Bobette Kyle draws upon 12+ years of Marketing/Executive experience, Marketing MBA, and online marketing research in her writing. Bobette is proprietor of the Web Site Marketing Plan Network, http://www.WebSiteMarketingPlan.com, and author of the marketing plan and Web promotion book "How Much For Just the Spider? Strategic Website Marketing For Small Budget Business." ( HowMuchForSpider.com/TOC.htm )

In The News:

Yahoo! News: Top Stories

Democrats criticize Obama's proposed tax cuts (AP)

AP - President-elect Barack Obama's proposed tax cuts ran into opposition Thursday from senators in his own party who said they wouldn't do much to stimulate the economy or create jobs. Senators from both parties agreed that Congress should do something to stimulate the economy. But Democratic senators emerging from a private meeting of the Senate Finance Committee criticized business and individual tax cuts in Obama's stimulus plan.

UN Security Council calls for immediate Gaza truce (AP)

AP - The U.N. Security Council called for an "immediate" and "durable" cease-fire in Gaza in a resolution Thursday night even as fighting between Israel and Hamas raged with early morning airstrikes killing seven Palestinians and pushing the death toll to about 760 in the near two-week conflict.

Key panel recommends impeaching Ill. governor (AP)

AP - A key panel unanimously recommended impeachment for Gov. Rod Blagojevich on Thursday, setting up a vote that could make him the first governor to face such fate in Illinois' sordid political history. Blagojevich should lose his job for abusing power, mismanaging government and committing possible criminal acts, including federal allegations he tried to sell off a U.S. Senate seat, the special committee concluded.

Petraeus: Afghan, Pakistan problems are really one (AP)

AP - U.S. policy to win in Afghanistan must recognize the poor nation's limitations and its neighborhood, especially its intertwined relationship with U.S. terrorism-fighting ally Pakistan, the top U.S. military commander in the region said Thursday.

Cheney: CIA did nothing illegal in interrogations (AP)

AP - Vice President Dick Cheney said Thursday that he sees no reason for President George W. Bush to pre-emptively pardon anyone at the CIA involved in harsh interrogations of suspected terrorists. "I don't have any reason to believe that anybody in the agency did anything illegal," he said.

Fatal police shooting sparks violent protests (AP)

AP - In grainy cell-phone videos played over and over on the Internet, police officers force an unarmed black man to the ground and hold him face-down on a crowded train platform. Suddenly one of the officers draws his gun and fatally shoots the man in the back then looks up.

Calif. court rejects lawsuit against tax increases (AP)

AP - An anti-tax group will consider new legal action after a California appeals court tossed out a lawsuit that sought to block tax increases passed by Democrats in the state Legislature, the group said Thursday.

Prosecutors: Madoff was ready to send out $173M (AP)

AP - Prosecutors said Thursday that investigators found 100 signed checks worth $173 million in Bernard Madoff's office desk that he was ready to send out to his closest family and friends at the time of his arrest last month in what is alleged to be largest financial fraud in history.

Man accused of building meth lab in funeral home (AP)

AP - A funeral home might be a place for eternal rest, but police say an Arkansas man saw an opportunity to build a methamphetamine lab undisturbed by the living. There was just one problem the funeral home was across the street from the sheriff's office.

Florida leads Oklahoma 14-7 after 3 qtrs. of BCS (AP)

AP - Tim Tebow took over for Florida and the top-ranked Gators grabbed a 14-7 lead over No. 2 Oklahoma after three quarters at the BCS national championship game Thursday night.

U.N. Security Council calls for immediate Gaza truce (Reuters)

Reuters - The U.N. Security Council called for an immediate ceasefire in the Gaza Strip but Israeli warplanes launched intermittent attacks on Friday.

Obama pushes stimulus, warns on recession (Reuters)

Reuters - President-elect Barack Obama warned on Thursday the U.S. economy could stay mired in recession for years without bold action and he urged lawmakers to work day and night to pass a massive stimulus plan.

Citi backs measure to help avoid foreclosures (Reuters)

Reuters - Financial giant Citigroup Inc will support a proposal in Congress to rewrite U.S. bankruptcy law to help troubled mortgage borrowers avoid foreclosure, Chief Executive Vikram Pandit said on Thursday.

Illinois panel recommends governor's impeachment (Reuters)

Reuters - A legislative committee on Thursday recommended the impeachment of Illinois Gov. Rod Blagojevich, citing widespread abuse of power including allegations he tried to sell the U.S. Senate seat vacated by President-elect Barack Obama.

Qaeda Pakistan leader believed dead: U.S. official (Reuters)

Reuters - Al Qaeda's operations chief in Pakistan and a top aide are believed to be dead, a U.S. counterterrorism official said on Thursday, in what appeared to be the latest results of a campaign targeting the militant group's leadership.

Accused swindler Madoff "warm and charming": report (Reuters)

Reuters - Some friends of accused swindler Bernard Madoff considered him a "warm and charming" man, and one of his alleged victims praised him just before his death in 2005, Fox Business Network reported on Thursday.

Obama names Virginia gov as Democratic Party head (Reuters)

Reuters - President-elect Barack Obama named Tim Kaine as head of the Democratic Party on Thursday, rewarding an early supporter with a high-profile political post even as he continues to serve as Virginia governor.

EU seeks gas supply return after deal on monitors (Reuters)

Reuters - Europe on Friday looked for a swift restoration of gas supplies, after striking a deal with Moscow on monitoring gas shipments via Ukraine that have been halted by a rancorous pricing dispute with Kiev.

UN Security Council urges immediate Gaza ceasefire (AFP)

AFP - Israel was under intense pressure Friday to end its two-week-old offensive in the Gaza Strip after the UN Security Council called for an immediate ceasefire as the death toll from the war rose past 760.

Progress in resolving gas row as Russia agrees to monitors (AFP)

AFP - Hopes for a quick resumption of Russian gas supplies to Europe were rising Friday after Russia agreed on the terms for the deployment of monitors in Ukraine.