Should I wait to make my advisory board until I can attract more accomplished people?

I wanted to appoint an Advisory Board. I thought it would be great to make introductions and provide us with advice. I thought one of my professors would be helpful but I didn’t know who else to ask. I talked with my brother who suggested that I write down the type of advice I needed and then find the right people. I followed his advice and thought I needed at least four people- finance, strategy, retail/wholesale, and government relations.

We are a startup and when I approached well known people in each area, they said they didn’t have enough time but they liked the idea and I could contact them in the future to keep them updated. I took this as code for we aren’t big or exciting enough for now.

I followed up with others who said they would be happy to help but they had limited contacts and access. I realized if I appointed them now, there wouldn’t be room for the people I really wanted in the future. Should I delay appointing an Advisory Board?

What's the difference between a Board of Directors and an Advisory Board?

I know that most start ups have a Board of Directors and an Advisory Board. Here are my questions:

What’s the difference between a Board of Directors and an Advisory Board?

What authority does the Advisory Board have?

How often should each board meet?

How many members should each board have?

Who should I ask to be on them? Should I ask friends?

How do I get people I admire but don’t know well to join?

How do I compensate people?