Qualities of the 21st-Century Business

The business landscape has evolved tremendously in the past two decades. With technology as a catalyst, entrepreneurs have seized opportunities and leveraged their knowledge and expertise to build successful companies online and offline. Even with technological advances and new tools, every business owner must be an effective leader.

Today’s business professionals must possess qualities that are appropriate for the global business environment. Many business leaders find that soft skills, such as emotional intelligence, are important. These skills are essential to engage employees and remain competitive in the global business arena.

Business leaders must be prepared to work on the global stage. They must think strategically about managing a business from a global perspective by working with other professionals worldwide and learning about the practices and strategies used for transacting business in that country. Strategies related to approaching team projects, communicating with customers, and strategies dealing with the public should all be communicated to stakeholders.

Additionally, business leaders must build a leadership collective. Collective leadership establishes a few people as leads on a project so that one person is not responsible for every aspect of the project. By delegating leadership responsibility, the leader and the team benefit from collective decision-making, opening opportunities for new ideas and perspectives.

Professionals who can hold their own in their respective fields make it easier for the leader to concentrate on leading teams. Ultimately, a team of experts can produce far greater outcomes than an outcome in which the leader controls all facets of a project.

Good leaders must take the initiative to learn new things, which models to subordinates the need to step out of one's comfort zone. Leaders who are willing to learn new ideas or approaches prepare themselves for an ever-changing business climate.

At the same time, leaders should be active listeners. Active listening is being engaged in the discussion by providing useful feedback. Active listeners ask thoughtful questions and do not commandeer the conversation. This particular skill is important for drawing in customers, clients, and employees. In addition, listening gives leaders a chance to learn and understand what aspects of the company's operations need improvement based on what the customers have to say. It is also an essential skill to learn more about other competitors to better position the company in the market.

Good leaders recognize employees who contribute significantly towards achieving the company’s objectives. They reward people who are loyal, goal-oriented, hardworking, and team players. They must also recognize people who lack skills and give them access to education and training instead of punishment.

Leaders also must be open to taking calculated risks. Creating an environment in which teams can take risks allows teams to fail and learn from their mistakes. Leaders should encourage creativity, out-of-the-box thinking, and openness to change. These qualities give them the advantage of finding new to improve business operations, solve customers’ problems, and stay ahead of the competition. Leaders who facilitate a culture of innovation are more likely to attract talented employees and motivate people to improve continuously.

Peloton Collaboration Culminates

In 2019, Peloton officially became a publicly-traded company, valued at $4 billion. At the time, many wondered whether this fitness trend would last or prove to be a fad. But in 2020, the Peloton phenomenon took off due to stay-at-home orders that forced professionals out of the gym, requiring them to find alternative ways to stay fit.

The brand continues to expand, this launching a clothing line. The Peloton experience involves a stationary bike with an interactive display that allows users to exercise while receiving instruction from an instructor. The bike costs $2,300 and comes with a subscription that runs around $40 a month. The membership brings with it several perks, such as a display that tracks user achievements and enables connections to other participants around the world.

Since its inception in 2013, Peloton has expanded into offering fitness apps that do not require any subscription. In March of 2021, the company partnered with Adidas to create the Adidas x Peloton SS21, which features performance wear and lifestyle pieces. Created with the input of Peloton instructors, the line is expected to begin a long relationship between the two companies, one that will focus on providing consumers with clothes that make them feel comfortable.

The move was to attract consumers to the app-based monthly subscriptions based on referral codes for discounted apparel. Moreover, the collaboration with Adidas would bring more attention to the Peloton brand.

Beyond this focus, the collaboration wanted to put out a clothing line that empowered the Peloton community. For Peloton, this empowerment means that everyone who participates in the community is seen and that the line represents the company’s body-inclusive and gender-neutral ideals.

According to Ally Love, one of the fitness instructors who contributed to the line, Peloton is dedicated to improving participants' physical, mental, and spiritual health, and the clothing line is an extension of this idea. Simply put, Peloton wants people to feel good about their bodies and the clothes they choose to wear.

Since the clothes are for everyday wear, Peloton designed the apparel for functionality. The clothes comprise moisture-wicking fabric, are breathable, and allow for easy movement, regardless of the activity. Additionally, the material is designed to prevent chafing.

The clothing line is a throwback to fitness wear circa the 1990s. The 11-piece collection features tank tops, shorts, tights, crewnecks, joggers, hoodies, and sports bras, with pricing ranging between $30 and $85. As a part of bringing visibility to people of all sizes, the collection will also feature apparel from as low as extra small to 2X. The collection also features men’s, women’s, and unisex apparel.

The apparel is being sold at select Peloton and Adidas stores around the country, and so far, the company has identified a few top picks. The Women's Believe This Bra ($45), Women's 7/8-Length Heat Ready Tights ($85), the Gender Neutral Joggers and Hoodies ($70 and $80, respectively), and the Men's Training Shorts ($80) are some of the biggest movers, as of this March article.

To promote the launch, both Peloton and Adidas have engaged in a few activities. For example, Peloton advertised on-demand classes connected to the line, and Adidas has offered chances to win apparel.