Mon Purse Founder Lana Hopkins Dishes Out Advice For Female Founders

Stand For Something Larger Than Your Product

“If cult startups have any advantage, it’s a human quality. Soul is key,” says Hopkins. “Consumers want to buy from brands where they can see their own reflections. If you have no soul, they won’t see theirs in your company. Millennials shop differently, and align their wallets with their values. You have to stand for something now.” Hopkins believes your strategy also needs to be as firm as your purpose, with the two creating a solid foundation for any company. “Be clear about the problem you are solving, know your venture’s purpose and stay true to that. This will allow you to build a team of people who are genuinely aligned with the core purpose. Remember the beginning defines the end.”

Don’t Allow Anyone To Dilute Your Vision

“Your mission, values and vision are not going to suit everyone and that’s OK,” says Hopkins. “Don’t hire blindly. It’s crucial to vet your stakeholders as meticulously as they vet you and your company. This process allows you to establish the right team for your startup, agree on and set clear goals, then ensure all stakeholders are accountable for their key areas of responsibility. But it doesn’t stop with key stakeholders. It extends to every team member in your business. We consistently attracted talented, like-minded people at Mon Purse and were fortunate to have some of the most supportive and intelligent shareholders, some of whom I am fortunate to call friends. Yet in hindsight, I would have ensured the due diligence was extended more broadly, and clear operational and financial metrics were set in place to ensure the purpose I believed in was executed. Sometimes, even if you have a clear purpose, stakeholders can drive it in a different direction if their motives are different. It is imperative to do your due diligence and check the previous history of all stakeholders (both executive and non-executive). Also gain an understanding of their goals and vision to ensure you share the same north star. Further to that, seek sound legal advice when executing any legal agreements – the investment is well worth it.

Personality (And Its Distribution) Matters

“Just like a product remains meaningless without purpose, distribution remains ineffective without personality,” says Hopkins. “Distribution in the age of the internet doesn’t mean just a sales channel. It includes every experience that will help the product spread; Instagrammable packaging, a loyal community creating peer-to-peer referrals, dialogue-inspiring content, a beautifully photographable gallery, and a strong feedback loop. Customers must be at the heart of any business – talk to them as you do friends. Innovation is also key. In order to stay relevant, you always need to think of your ‘second hack’ while you build the first.”

Diversify Your Board, And All Parts Of The Business

“Particularly for a female-focused millennial brand, it’s crucial to ensure you have a non-homogeneous board,” says Hopkins, whose philosophy aligns with numerous studies showing diverse companies are more profitable than those without diverse teams. “You can’t just have middle-aged, white men running a company geared towards young women. There needs to be a wide range of ages, ethnicities and genders to create diversity of thought, but there also needs to be diversity in skillsets. That’s how you tend to get the best outcome. Board directors need to offer something other than money. The objective of the board is to support the chief executive and executive team, but it’s also about bringing a variety of skillsets to the table which are firmly aligned with the company strategy. All board members need to add value to the success of the business.”