To adapt and meet the difficulties of change, businesses frequently need innovation. Promoting stability might be really harmful to your company. Staying afloat in today’s fiercely competitive world requires achieving organizational and economic growth through innovation. One of the innovators, Walter Sciacca, CEO and MD of SCIACCA INTERNATIONAL PROJECTS is attempting to reach the pinnacle in the business area by converting a racetrack from a sporting facility to a real estate business.
Head Start of Career
Walter grew up with two passions: one for computer science and the other for motorsports. It all began with his love for information technology and motorsports, to which he later added a love of planning and management. He relocated to Rome when he was 19 and began working for a prestigious motorsports organization. When he was 25 years old, he founded his first company that organized events in the racetrack, computerizing every stage of the process and became the first company in the world to do so. Similar to numerous well-known companies, it all began in a garage that was converted into an office at a little racetrack in southern Italy. His initial business, which would be considered a start-up today, grew rapidly and, in its second year, had a six-digit turnover. In 15 years, he organized more than 1,500 events at various Italian racetracks. He has also won the faith of the most prestigious businesses. Thus, the name Walter Sciacca developed into a brand, a standard, and the indisputable industry pioneer.
Later, he made the decision to specialize on management consulting and shift the line of work. One of the most significant and illustrious racetracks in the world, the Enzo e Dino Ferrari Circuit in Imola, appointed him CEO and Managing Director. He was the driving force behind the circuit’s sporting and economic rebirth.
Innovation in Business
Walter thinks that micromanagement is severely constricting and bad for the business. He definitely favours effective management. In actuality, his management is horizontal rather than vertical or pyramidal. He enjoys sharing business plans with everyone and, where appropriate, encouraging and rewarding them. He often said: “If things go well, it’s because of all of you, but if they don’t, it’s all my fault! Regardless of who is at fault, I am still at fault.” Empathy, understanding of others, and the ability to build genuine relationships with real interest are all necessary. He always considers all possible outcomes.
Those without experience should also be given the chance to work and be supported in their professional development while being conscious that they are still learning and may make mistakes. Walter suggested that we must be prepared to demonstrate the proper way to do things, not as a form of punishment but rather as a lesson in life. Without immediately imposing our method of operation, we must identify goals and ask our collaborators how they plan to attain them.
Transformation to Real Estate
The “traditional” racetracks will need to change their business strategy and take genuine steps to modify their course for the next 10 to 20 years. Walter have produced the paradigm shift that has made it possible to evolve the concept of the racetrack into a structure that increasingly serves the needs of an elite audience. In the new model he created, the sports facility assumes the value of economic potential while paying close attention to efficiency. Thus, the racetrack’s conversion from a sporting venue to a real estate business.
The first project caters to a select group of consumers and consists of ultra-luxury villas with access to a private racetrack as well as a variety of other facilities. As the racetrack would be regarded as a private golf course, it would be a dream come true for many passionate while serving as a real estate business for those that engage in it. For this category, there are three different kinds of projects.
The second project will be possible because the circuits will be built to accommodate a variety of companies and commercial activities that have never been seeing inside a “racetrack.” These activities will be the actual centre of the business, and the spaces of the constructions will be rented out or sold.
As for the third project, which is still being defined, Walter said that it could be the first covered racetrack in the world and he will add a fourth project, an absolutely innovative Automotive Mall.
Walter considers emotional intelligence and empathy are crucial with the team and the customers. Recognize achievements, assign tasks, inspire people, and take on the role of a “psychologist”. It is vital to examine one’s motives and, when required, make difficult decisions with the courage and resolve to move forward, calming emotions and acting logically maintaining tact and respect at all times.
Walter explains to team what needs that to be developed into a project so that it is ready to function at the appropriate moment. It is true that passion is necessary, but passion shouldn’t make you irrational; it should be balanced with logic and analysis. By simply following their passion, many experts have failed. Walter wants his team to never imitate others but instead, they put inspiration to do better and differently and thinking ahead to the needs of others. He also wants one to be aware about his own weaknesses. Everyone has them, but the key is to strive to overcome them or at the very least be able to control or neutralize them.
In a nutshell, the qualities of a good leader include: active listening, effective communication, emotional intelligence, empathy, knowledge of how to resolve conflicts, inspire and motivate others, be able to identify with others, be able to look at things from different angles, manage time in a flexible manner, be humble, curious, have a desire to learn and grow, be passionate, resilient, perseverant, and above all, have vision.
It can be very challenging to balance work and private life. Certainly, there have been and will continue to be ups and downs in trying to balance professional and private life. As professional commitments increase, more worries surface and occasionally more issues need to be resolved. Walter suggested to never make decisions when you’re too emotional and to always strive to diffuse bad feelings. His daughter Vittoria (nine years old) is his number one priority.
Walter says, “The absolute best part of my daily routine is when I see or hear my daughter.”
He further adds “It is important for me that Vittoria feels that I am always there, even if I am often far away. We do video calls several times a day, and she likes to share everything she does with me. I never talk to her about my work, but I let her tell me about her world and sometimes I tell her about when I was little. Recently we spent some father-daughter time in Disneyland Paris and in Paris itself and it was a wonderful experience.”
What should Leaders do to get Success?
Today, building genuine relationships with real interest is essential. You must also have empathy and the capacity to comprehend others if you want to succeed in public relations. The psychological side is significant.
Walter advises always consider things from a variety of perspectives and consider what you would say or do in your interlocutor’s shoes. It is crucial to continue studying, taking part in seminars, conferences, and anything else that can help you progress. His motto is, ‘Never give up!’. Never forget that you must have the fundamental skills and abilities necessary for ongoing training and growth, as well as deadlines after which you are no longer to have to continue.
Walter advises rationality and analysis must be combined with passion, resiliency, tenacity, and the ability to wait for the proper opportunity. The future involves the fragmentation and sectorization of the target which we are addressing, in a market in which the ability to evolve is the key to success. Walter works on capacity to “predict” the evolution of the market in which he operates.
Vision for Future
“The dreams I had in my drawer I’ve fulfilled them all. Now I’m working on the ones I have in my closet. Then there are the dreams I have inside the warehouse… and it’s a very, very big warehouse…” – says Walter Sciacca
Walter is regarded as one of the top five managers in the world in the industry.
He is regarded as a true “visionary” because he is able to accomplish innovative business concepts that were originally imagined of 10 or 15 years ago in his “dreams” warehouse. These dreams are going to come true in the upcoming years, and the only limitation is that there are no limits.
Written by Steve Sanchez.