Founder & CEO of Peloton Talks Heart, Hunger & Health
John Foley at Business MasteryDid you know that more than 1 million people train on a Peloton every day? How was this phenomenon created and maintained? What does it take to become that successful?
Tony had the pleasure of speaking with John Foley, cofounder and CEO of Peloton, at a Business Mastery event. With 3.6 million raving fan customers, Foley has created an online community that both supports and challenges people to live better lives through convenient fitness in your home. His dedication to principles like “stay hungry and humble” and “don’t use hope as a method” are part of the secret to his success.
Peloton has faced more than 400 rejections from potential investors but Foley’s principles for building a successful business led him to persevere. In this podcast, he shares his top tips with Tony and takes questions from a live audience.
“We have a saying: Don’t use hope as a method…Plan for success because it becomes self-fulfilling.” – John Foley
Watch or listen to the full conversation below to learn:
- John’s three pieces of advice for every entrepreneur
- Why perfect is the enemy of good
- Who inspires him and why
- How company culture helps you hire the best people
- Why spaces matter, even in a remote work world
Proximity is power
As Tony likes to say, “Proximity is power – opportunity can rub off on you.” To find success, you must surround yourself with success. You must embrace alternative ways of viewing the world and learn from them. Foley would agree. Once he did, he left his cushy job as a shift manager at a manufacturing plant to follow his dreams.
Surrounding yourself with success matters for hiring, too. Every entrepreneur needs optimistic, inspiring people around them who believe deeply in the company vision and keep you going when the going gets tough. Peloton had conviction from cofounders and early customers but investors did not see it in the early years.
Plan for success, not for failure
Despite the lack of interest from investors, Foley always planned for success. He was expecting to grow. He’d been investing in the supply chain and had a watertight plan to go from 2 million to 200 million. He saw success in his future, and he made a plan to achieve it. That’s an unstoppable belief in yourself.
This helps to explain how Foley has led Peloton to geometric growth. After more than 400 rejections from potential investors, it is now valued at over $32B!