A horse race is a contest of speed or stamina between two horses that ends when one crosses the finish line first. It has developed from a primitive contest into a spectacular spectacle with modern electronic monitoring equipment and huge sums of money on the line, but it remains essentially unchanged in its essential features: eleven horses run on a track, and the horse that finishes ahead is the winner.

The equine sport of horse racing began in Europe in the 16th century. It was a diversion for the leisure class that had a strong element of gambling. As a result, state governments sought to increase their tax revenues by monopolizing betting on the races. The industry developed into a massive public-entertainment business, but despite the large crowds it became increasingly unpopular. During the 1930s, impoverished state governments turned back to the potential honey pot of horse racing, and the sport once again enjoyed enormous popularity.

Today, the sport of horse racing is in decline. The industry faces a multitude of challenges, including declining fan interest, shrinking purses, and the decline in the number of race days. In addition, the plight of many racing horses is a source of concern for animal advocates. The animal rights organization PETA has exposed a wide range of abuses, including abusive training practices for young horses, the use of performance-enhancing drugs, and the fate of countless American horses that end up in foreign slaughterhouses.

Traditionally, a horse’s racing career progressed from flat races to jumps (hurdling and steeplechasing) and then to the grandest of all challenges, the marathon of the steeplechase. But with the emergence of artificial tracks that offer better conditions for flat racing, most racehorses now run their entire careers on synthetic surfaces. This has reduced the amount of time that horses spend on grass and dirt, resulting in increased injuries and breakdowns. The onset of the economic recession in the early part of this decade also has reduced the number of race days and entries.

In a horse race, the jockey rides on top of the horse and attempts to win by encouraging it with his whip and urging it to use its maximum effort. Each jockey has his own style and technique, but most ride their mounts with a great deal of finesse. The best jockeys are able to read a horse’s body language, to feel the horse’s movements with their hands and feet, and to judge how much pressure to apply to achieve optimum performance.

The process by which a company chooses its next CEO is often called a horse race, although this term is not always used explicitly. A board that considers a horse race approach should consider whether the company’s culture and organizational structure are compatible with it, as well as adopt strategies to minimize the disruptions and uncertainties that can accompany an open, extended contest for the top job. The key is to ensure that the executive that emerges from a horse race will be capable of leading the company successfully at that point in its development.