Why You Need to Think Like an Entrepreneur in Racing

Why You Need to Think Like an Entrepreneur in Racing

It is of critical importance that you think like an entrepreneur if you intend to succeed in your racing career plans and this edition of The Business of Being a Race Driver will help.

Continuing on from yesterday’s column So, You Want to Be a Race Driver?, today we look both at 4 tips for aspiring race drivers that will help them structure their racing plans as well as what to do if you want to race next year but don’t have the money, all courtesy of The Race Driver Coach Enzo Mucci.

I then look at everything you need to know about Instagram Reels for 2023, the 4 eras of motorsport sponsorship, the power of paid social and more. I close things off with several racing opportunities you may want to investigate.

All this and much more on this week’s The Business of Being a Race Driver. Watch, read and learn.

The Business of Racing

Why You Need to Think Like an Entrepreneur in Racing

Enzo Mucci always has great advice for race drivers and those who want to become one. In the video above, he gives more rock solid advice with 4 tips for aspiring race drivers. If you are looking to become a race driver, watch the video, read the comments accompanying the video and take notes!

Why You Need to Think Like an Entrepreneur in Racing

In the video above, Enzo Mucci also addresses the issue of what to do if you want to race next year but have no money. “If you are not yet sorted for next year, then it’s time to GET A MOVE ON. Be aggressive with your actions here on out otherwise you will spend another year not racing. It’s all in your hands.”

Megan Meyer looks at everything you need to know about Instagram reels for 2023. “In the last few months, Instagram has rolled out their video consolidation plan. This means that instead of having unique tabs and algorithms for Reels, feed Videos, and IGTV (which used to vary in length and tools), all videos under 15 minutes are now classified as Reels. As we finish out the 2022 season, here are some tips and content ideas to keep you going during the content production process!

In a recent post on Motorsport Prospects, guest writer Nirupam Singh looked at how 2022 USF Juniors Champion Mac Clark has maximized his social media presence and built up his community of supporters to advance his career. There are some good lessons to be learned from his success.

RTR Sports Marketing looks at how sponsorship is changing in motorsport: the 4 eras of sponsorship. “Sports sponsorship, and especially motorsports sponsorship, is a flexible, three-dimensional marketing tool, whose role over the years has changed profoundly as the market, consumer and regulatory changes. From the early years based on pure visibility to the present days of the expansion of decentralized finance, sponsorships and partnerships have evolved tremendously. Telling the story means telling the story of the evolution of sports marketing as a whole, but also, and more importantly, predicting its upcoming trajectories and the future ahead.”

Sports marketing agency Sport Dimensions looks at the 4 Stakeholders of Value in Motorsports Marketing. “No matter where your brand is investing marketing dollars, the value you get back is the priority. For different forms of marketing, there are different value equations. In motorsports marketing, the value equation involves four primary stakeholders: fans, sponsors, teams, and series. Each different channel will function differently, but they all need to work together to maintain a sustainable balance for everyone involved.”

Right Formula explains how to cut through the social media noise by relying on the power of paid social. “However, such is the growing popularity and accessibility of social media that it’s become over-saturated in recent years. With an estimated 4.7 billion people using social media in 2022, representing over half the world’s population at 59%, Instagram and Twitter feeds are now cluttered with all kinds of content that can make it challenging to rise above and get your message heard.”

James Nauman in his Motorsports Promotions newsletter looks at those aspects of motorsport marketing that are not easily measurable but equally important. “As Motorsports Promotions is built on the branding capabilities that motorsports present, we will present how the millions of impressions are generated that will drive this customer base to your company brand. Beyond the branding and marketing opportunities generating these millions of impressions Motorsports Promotions will outline the conversion opportunities driving customers to your company brand through multiple contact points with conversion capabilities.”

Toto Wolff recently put the ‘controversial topic’ of a driver salary cap back on the table which is something that I had covered in my recent post, Would an F1 Salary Cap Hold Back Investment in Young Drivers? The important thing to note is that in my proposal, IP rights would not be capped, only driver salaries thereby addressing Max Verstappen’s concern: “So why would the drivers with their IP rights and everything be capped, [the people] who actually bring the show and put their lives at risk? Because we do, eventually. So for me, it’s completely wrong.” Any salary cap would have to free up the driver’s IP rights in order for them to have the opportunity to increase their income outside their team salary. This also ties into a recent column by Andrew Petcash where he discusses the increasing move of athletes to diversify their income outside of straight endorsement deals only.

Power Sponsorship looks at the Dos and Don’ts of Sponsorship Research. “The thing is, sponsorship research isn’t actually that complex, but the way it’s been done, for literally decades, is so entrenched that sponsors often can’t see past it. But to get good data, sponsors need to not only look past the way it’s been done, but sprint past it, and blow it to smithereens on the way by.”

Now, you may not be at the level of Usain Bolt, but his work in trademarking his victory celebration contains many lessons that athletes can learn from according to Henry Cuthbert in LawinSport.com.

Racing Opportunities

Praga Driver in Cockpit

Racing Opportunities showcases currently available drives in all forms of motorsport from all around the world.

Ginetta Arrive and Drive Race packages are available in 2023 with Breakell Racing in the following series:

  • Ginetta GT Academy Championship
  • Ginetta GT Pro Championship
  • Ginetta GT5
  • Britcar Championships (BEC & Britcar Trophey) – G55 SuperCup or Ginetta GTA

Packages available to customers that own their own cars. Hire Packages available in Team owned cars also. More information can be found here.

Paddock Motorsport is looking for both Bronze and Silver rated drivers to complete its driver line-up for the 2023 season. Drives are available in GT Cup, British GT, Silverstone Classic and the newly formed McLaren Trophy. More information can be found here.

EST 1 Racing team offers very competitive Arrive&Drive packages in multiple Porsche 992 Cup cars for the following series in 2023″

  • GT Winter series 2022/2023
  • 24h series European series in 2023
  • Porsche Sprint Challenge NEZ 2023 in Baltics & Finland
  • BEC 6h Endurance
  • and Testing days upon request

Our pilot package includes the following:

  • Racing Insurance
  • Professional Race/Data Engineer + Drivers coaching
  • Team wear
  • Team Catering
  • Testing days on different European tracks
  • Tires, Fuel, Brakes and all other car parts

More information can be found here.

Eurasia Motorsport is planning a return to the Lamborghini Super Trofeo Asia series. The series starts at Sepang in Malaysia on May 7 then travels to The Bend in Australia on June 11, Fuji in Japan on July 16, Everland in Korea on August 20 and Shanghai China on September 10th. The final round European venue and date will be announced this month.

Eurasia Motorsport plans to run two cars in the championship to further cement their return to Asian Motorsport now that travel restrictions have been lifted in the region.

Super Trofeo has proved itself as a great all-around championship, for Gentlemen and Pros alike – strong cars, competitive throughout the field within the different classes, but also at a very competitive price point. Contact Eurasia Motorsport for more information.

Looking for a driver to share budget and drive in my Duqueine D8 LMP3 in 2023. Please call me on +44 (0) 7917 230678 to discuss a variety of options or email me at Adrian.watt@crossacre.co.uk

Mark Boudreau
Author: Mark Boudreau

Mark is the publisher of Motorsport Prospects. As a former lawyer, he applies his legal background and research skills to assist race drivers by showcasing the resources they need to make their motorsport careers happen.