The McCombs School of Business announced a new partnership with the Circuit of the Americas to create UT’s first venture in the world of racing and business in an Oct. 23 press release.
Beginning in February, 20 business executives will participate in four five-man teams for the new initiative “Winning! What Auto Racing Teaches Us About Success in Business,” according to the press release.
“You take a look at racing and a look at business, there’s a lot of similarities,” said Don Ruse, an assistant business professor chosen to lead the program. “Whether you’re racing on the track or running a business, the fact is there is a great deal of volatility and uncertainty in the environments in which you operate.”
Ruse said the COVID-19 pandemic created a sense of uncertainty in the business environment. He said a different set of expectations is placed on organizations if they want to win, meaning they need to be more agile and adaptable — key components to racing, a sport that requires an understanding of the competition and environment.
“You have to build a culture of high performance and a level of team effectiveness that is second to none,” Ruse said. “If you are slow in the pits, you’re gonna lose the race.”
Andy Soucek, the vice president of motorsports at the Circuit of the Americas, said even during their first call, it was clear Ruse had a passion for motorsports and Formula 1 racing.
“Me being a racing driver and involved with racing for so many years … I have to say there is a lot of parallelisms between the two,” Soucek said. “We were on board since the very beginning.”
Soucek said the program will include not only classroom lessons of theory but also practical examples and experiences involving racing and working as a team. He said merging the two worlds of management and motorsports was a “no-brainer” for Circuit of the Americas.
“At the end of the day, the wording between business and racing is that if you want to win, you got to execute,” Ruse said. “If you execute better than your competitor, you’re going to win.”
