HBR On Leadership F1 Legend Toto Wolff on Leading Through Big Wins — and Crushing Losses
May 31, 2023
Toto Wolff, the fearless team principal and CEO of the Mercedes F1 racing team, shares his journey through triumph and defeat in high-stakes sports. He discusses how to motivate a team during tough times and the crucial difference between directing and leading. Wolff offers insights on coping with losses, emphasizing the psychological impact and the need for self-reflection. He also explores the importance of learning from mistakes and trusting his team's expertise to bounce back stronger after setbacks.
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The Pain of Losing
- Acknowledge that losing streaks happen, but don't lower expectations.
- Remind yourself regularly how painful losing is to avoid complacency.
Wrong Development Path
- Mercedes' car development went in the wrong direction due to a flawed decision.
- Their sophisticated tools failed to detect the "bouncing" issue, revealing a critical error.
Balancing Control and Trust
- Control is important, but trust your team's expertise.
- Step in only when necessary, questioning their approach without micromanaging.