Advisors – Select & trust the right people
Alicia Kenworthy – Advisors – Lessons about selecting & trusting the right people to advise you.
So, you know we were talking about how there is this tendency to follow whatever is the trend of the moment in terms of what startup advice is and what you should be doing with your company, and when you should release a product, and how to think about innovation. And I think you just, as much as it’s useful to get inspiration from people around you and to learn from their experiences, you also have to remember that every startup is unique, and every startup has different needs.
Especially out here, being a bra company, we’ll get a lot of technology oriented advice. Ship product fast, go and get user feedback on your first iteration! Well, if you do that with a bra, you have mesh and tool and not much else and it’s going to look awful, and no women is going to like that. So, there are certain things, and also with brands. I think with brands, very much so, you only get a few shots, and really only one shot at a first impression, so you want to do something that impresses people.
Right now, for us to be doing customer acquisition before we’re ready is not the best thing for us to be doing. Whereas it might make sense for an Uber, or a different type company. So I would just say you have to adapt to your situation, trust your gut, and knowing what’s right for you. And you can map out the different scenarios. If I took this advice, what would that look like? If I go a different way, what would it look like?
But at the end of the day, just know what’s right for you company, and also surround yourself with advisers who are a little more familiar with the industry, and they can tell you if something’s a good idea or not.
For example, we have a venture capitalist, a pretty prominent venture capitalist, who is really into the idea of 3D scanning for measuring bra size. Which is in an interesting technology, but the more we looked into it, the more the technology is not quite there, it creates an obstacle that doesn’t need to be there. And also, just the social aspect of how many women want to go on a website and necessarily scan their boobs to get a custom bra. It’s not—so
people can get very obsessed with inserting things into your business that don’t need to be there. So you need to know when to say yes and when to pass.