It's easy to get carried away, especially when you're an entrepreneur starting a company. You might have a million ideas about how to grow your start-up and what you ultimately want your company to look like — but, it's important not to try and do too much too soon.
Lynch, who previously served as the CEO of retailer Barnes & Noble and joined Peloton in February 2017, says it's a common problem among new entrepreneurs.
"When you try to do too much, and you're not focused enough early on, that's when problems occur," Lynch says. "And, so, that means you have to sequence and prioritize really really well."
For instance, New York City-based Peloton launched in 2012, and the company focused on getting its first product — a stationary bike featuring a TV that live-streams indoor cycling classes into your home — just right. Peloton released its bikes in 2014 and the company sold over 300,000 of them within three years.
To start, the company focused on succeeding in the US market, but expanded to Canada and Europe earlier this year (where Lynch told The New York Times the company was seeing "a tsunami of demand" for its products). And, the success of Peloton's stationary bikes also paved the way for the company to start selling treadmills in January.
Today, Peloton says it counts nearly 1 million members for its $39-a-month subscription streams and, in August, the company raised an additional $550 million in financing, bringing Peloton's total fundraising over $1 billion, which values the company at more than $4 billion. The company, which also recently launched an app for digital subscriptions that cost $19.49 per month, could look to go public in 2019.