What is a Horse Race?
A horse race is a form of competitive racing in which horses are pulled by jockeys or ridden by drivers (sulkies) to run over obstacles. It is one of the oldest and most widely practiced sports, originating in ancient Greece around 700 to 40 B.C. Horse racing then spread to other parts of the world, where it has continued to evolve over the centuries. In a horse race, horses are assigned different weights to compensate for their ability level and to ensure fairness. The most prestigious races, called conditions or handicap races, have the highest purses.
Spectators crowd the grandstands to watch horses deftly navigate the curved dirt or turf track while jumping over obstacles along the way. In addition to the speed and stamina of the horses, spectators are also entertained by the equestrian skill of the jockeys who guide their mounts through the course.
The oldest horse races were match races, where two or three horses ran against each other for a wager made by their owners. Later, a system developed whereby owners provided the entire purse and bets were taken by disinterested third parties, who came to be known as keepers of the match books at various racing centres. These keepers consolidated match books and published an annual compilation of results, a publication that eventually became known as the Racing Calendar.
In modern times, many of the most prestigious flat races are held at venues such as the Prix de l’Arc de Triomphe in Paris, the Melbourne Cup, and the Epsom Derby. These races are usually a combination of tests of both speed and stamina, although some focus more on stamina than speed.
A number of different factors can influence the outcome of a horse race, including the track, surface, and weather conditions, as well as the quality of the jockeys, trainers, and horses. The skill and judgment of the riders is particularly important, because they are the ones who determine the best way to handle their mounts. In addition, the riders must be aware of all the factors that might affect a horse’s performance.
While many executives and governance observers are uncomfortable with the concept of an overt horse race for the top job, the method has undeniably helped develop some remarkably talented leaders at companies such as General Electric, Procter & Gamble, and GlaxoSmithKline. It can help ensure that the company gets a CEO who has both the skills to succeed and the seasoning to thrive in the role, and it can signal that the board and current leadership are committed to a process of selection that is fair and unbiased. When properly executed, it can also foster a culture in which employees embrace competition for the top job and recognize that the strongest candidate will emerge at the end of the contest. But, in order to be successful, the process needs to be well designed and tightly controlled to limit its duration.