The story describes a race between a tortoise and a hare. In the original version, the hare quickly jumps ahead but gets overconfident and falls asleep, allowing the tortoise to slowly but steadily win the race. However, a newer version continues the story - the hare does better in a rematch by running consistently without stopping. A third race adds a river obstacle, which the tortoise navigates by swimming, winning again. They realize working as a team by using each other's strengths is best, and they cross the finish line together in the final race. The moral is the importance of situational leadership and leveraging individual competencies through teamwork.