Lessons to be learned from an 80-1 Kentucky Derby longshot
Wasn’t that Kentucky Derby exciting? I’ve watched the Kentucky Derby since I was a child, attended personally several times and highly recommend to anyone who hasn’t been in person, to put it on your bucket list, even if you can only afford a ticket to the infield.
I have owned two (2) retired Thoroughbreds for the past fifteen (15) years. I didn’t race them; I took them after their racing careers were over. They simply spend their days being horses; grazing in the pastures, being fed and pampered twice a day and occasionally start up an impromptu “I’m faster than you” race down a fence line.
Why am I talking about horse racing when I normally offer tips and strategies for small and start-up businesses? Some will say horse racing is animal abuse and I’m not getting into that debate on this blog post. The reason I continue to watch, is that even though the sport of horse racing (although known as the Sport of Kings) has it’s Cinderella stories. It is a sport, where the little man – still can.
I could tell you numerous stories about horses that defied the odds in the Kentucky Derby (or horse racing in general) and maybe I will at some point, but in this blog post, I’m going to stick strictly to yesterday’s race. There are many take-a-ways from yesterday’s race and the backstory that I believe directly relates to small business.
Rising from the ashes
The trainer had almost gotten out of the sport. Although he was a lifelong horseman, he had been considering getting out of horse racing. In 2016, he lost nearly two (2) dozen horses in a barn fire, had grown disenchanted with the sport and had all but quit. The fire started overnight and by some odd twist of fate, the wind was blowing in the right direction; which kept the fire spreading to the other two barns, leaving him with thirteen (13) horses.
Friends and strangers came out to help in the aftermath of the fire. Other trainers stepped up to help him to find new clients and horses. The odds of the trainer ever having a derby horse were pretty slim. But it was the support from these people that made the difference for him in deciding not to quit.
Connections
The man who would eventually become the owner of the horse (Mr. Dawson) had wanted to get into the sport for some years. As with many business aspirations; this one happened on a golf course. He was at a time and place where he wanted to start learning the sport. The owner of the golf club introduced him to someone (Mr. Sherous). Dawson and Sherous eventually went to a couple of race tracks together; where Sherous introduced him to the man who would eventually become his trainer (Mr. Reed). As Dawson continued learning the sport, he would ask Reed questions and Reed always gave him truthful answers.
The horse
Mr. Dawson didn’t have any horses, but decided to put in a claim on a horse in a race at Churchill Downs. This was a maiden claiming race. A maiden claiming race is for horses who have never won and whatever the price is, is what the horse would cost. Once the win their first race, that’s called “breaking their maiden”. This was a $30,000 claiming race; which meant it would take that amount to claim a horse. Mr. Dawson had actually planned to claim a different horse out of this race. For most of us, $30,000 is a lot of money; however, in horse racing standards, that kind of money could be considered a bargain. Rich Strike (the horse) actually won that race – in fact, it was the horse’s only win up until the Kentucky Derby. The horse had only run five more times after he broke his maiden, finishing third twice, fourth once and fifth once. Horses like this don’t typically find themselves in the Kentucky Derby.
They weren’t supposed to be there
The field for the Kentucky Derby is limited to twenty (20) horses. And it wasn’t until the morning before the race, that a horse scratched (dropped out) and it left the opening for this team to enter the horse. They had been discussing of thought of taking the horse to New York to run a race in June. But the circumstances fell in place with a horse dropping out, that allowed them to take that horse’s place. They believed their horse was ready though, the time, the effort, the work; had all been put in. The owner and trainer had always agreed to never put the horse in a race when the horse wasn’t ready, wasn’t fit and they didn’t think the horse could win. They believed, so they entered the horse.
Not the greatest starting spot
The horse who had scratched just happened to be coming out of the very outside starting spot in the gate. Since they were taking that horses place, that is where they would start. Now, it wasn’t a terrible starting spot; there are much worse starting spots to get in a field of twenty (20) horses. There’s a lot of bumping and juggling taking place when that many horses are trying to get to the rail (the shortest way around the track) as quick as possible. But from that position, you’re trying to get from the far outside to the far inside as quick as possible with nineteen (19) other horses trying to do the same. If you watch the race, the jockey shows patience in waiting for the others to get in front of them, in order to give him a clear path to put the hors where he wants him.
The race unfolds
The horse and jockey are content to hang toward the back and run their own race; while the others run theirs. In fact, going down the backstretch; you will notice that they are running in 17th place. While the others are setting a blistering pace, the jockey positions the horse to run his own race. They’re out of traffic, have a spot where they’re not up against a bunch of others, they’re just doing their thing. They are not even in the camera shot – that’s how far back they are.
The final turn
As the field of horses comes to the final turn, the horses that had been out in front, now find themselves being caught by those who went at a more “leisurely” pace. The horses are now once again in close proximity to one another and while the favorites are still in front, those horses who entered with greater odds stacked against them, are now right there in the thick of it. He has let the others set their own pace, run their own race, hasn’t compared where he is at that moment (still toward back) to where the others are (out in front). His time will come, his patience and perseverance will pay off and the openings he needs will come with a little more patience and work.
Down the stretch
As the field of horses span out across the track to put themselves in a better position to be able to move to the front, this horse is right in the middle of it all. He doesn’t waste the time or the energy in spanning out across group of horses – he’s only interested in moving forward. The jockey waits for the others to start making their moves, creating openings that are right for the horse, and puts him in position to move through a crowded field, all after the same thing – the win. With carefully calculated moves he weaves through the horses in front of him, finds the right opening for the horse, makes his move and clears the others in time to hit the finish line first- and win, in their way at their time.
Lessons
Others can start with more than you; more money, more resources, more knowledge
Make connections; they can become some of your greatest advocates
The odds in making it; can be stacked against you and that’s ok
Be ready for an opportunity; you never know when it may happen
Don’t compare your current success to others; you don’t have to go at the same pace in order to “reach your win”
Be strategic in making your moves; what’s right for others may not be right for you
Put in the work; be prepared, be ready and know what you’re capable of
Enjoy your victories; no matter how small or large
Your time will come; if you do the right things, the right way