Success in Formula 1
Considering the uniqueness and the fast pace of the sport, capabilities, resources and attributes that are required for gaining success in F1 can initiate through a number of dimensions. Motor sport industry is highly competitive and stands in a rapidly changing environment. For F1 industry the RBV seems to be a much more important factor as compared to MBV. The start up and running costs require huge financial resources. As a basis of being competitive, any medium sized constructor will have to invest up to 50-60 Million USD. In almost all the cases the majority of the team finance is raised via sponsorship. Most of the smaller teams depend a lot on the sponsorships to be able to compete in this sport. Sponsorships can also help a team to improve its overall performance by the way of financial aid it provides.
The car and its parts such as engine and chassis are very important resources. Other resources such as own testing and windmills, test tracks and other equipment are of equal importance. The team and its members require to work as in interconnected and organized unit and need to change their strategies to counter the strategies of their competitors. Ability to win a race is determined by technological development and knowledge.
Initially, the F1 teams were managed by the founders themselves. However, with changing times the manager runs the team like a business. Manager’s skills and knowledge has become of utmost importance based on a highly competitive environment. For success, team also needs experience and expertise. On an average 450-800 team members are required. Highly qualified staff such as race engineer, aerodynamicist, designers, composite experts and system specialist are recruited.
To utilize the resources at an optimum level, they will have to be managed and utilized in a proper manner.

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