Coffee Talk with Lona Duncan, StyleLend CEO, and general amazing person.
Where are you from originally?
Albania
Education:
George Washington University 2004, International Business/Marketing double major, Hult International Business School 2011, San Francisco base, but able to switch between international campuses, MBA
Our top 10 questions:
What was the inspiration behind Style Lend?
To create the largest closet to borrow from. I wanted to look look different every day—and didn’t have budget to do so, so basically I created an amazing closet I can borrow from anytime I want to.
Did you always know you wanted to found your own company?
Yes—always since I was very young.
What was your dream job growing up?
Olympic athlete for sure, maybe in tennis or volleyball
What does a day running Style Lend look like?
Crazy! I wake up very early, check email, social media, and my calendar. Then I divide days in terms of what needs to be done. I start with immediate things that need to be responded to. For example, today I have 5 main tasks on my to-do list. Then, I divide weeks into broader tasks to complete, focus on one category each day: marketing, finance, and HR. I also have events frequently and work out during my free time.
What’s your favorite part of your job?
My favorite part is that there are unexpected days. Every day is different, and I meet with amazing people that are influencers, investors, celebrities, entertainment, and in the fashion world.
What was the scariest part of starting Style Lend?
Not having an income... and leaving my job where I made 100 of 1000s of dollars then going back to 0.
When is a time that you felt discouraged in the process and what did you do to overcome that discouragement?
I’ve felt discouraged dozens of times, every month. When people say they will do something and fall through, when someone promises a certain a price then doubles it, when people leave the company. You are constantly let down by others but as founder you have to understand how to not take it personally--this is business--they don't mean it to be mean to me. It’s part of the process, it’s not that i am unlucky. You just need to be persistant because it never gets easier.
How have you applied your past work experience to your current position?
Experience is very important in starting a company. It helps you better understand the many facets of business--logistics, finance, etc. I have experience in both fashion and technology so I understand what women want and what technology was needed to build the product.
What’s a piece of career wisdom you could share with young people?
Be persistent and work hard. There are 0.0016 chances of becoming a billionaire and even if you do end up being the one that gets there it won’t matter, you don’t want to do it for the money. Do it because it matters to you and it will make a difference in other people’s lives. If you find users that like your product, you win.
What’s the best piece of advice you ever received?
Everything takes twice as long and costs three times as much as you imagine.