Working Capital (Debt) Financing For Entrepreneurs: Heather Onstott, Director Of Small Business, LaunchCapital (Part 8)

By guest authors Irina Patterson and Candice Arnold

Heather: It’s interesting, while I was up in Portland, I did meet with a couple of entrepreneurs who are interested in the venture side. So, since I was there, I just had the meeting. That happens a lot. You know, the venture guys will find something that really belongs in the small business group, or I find something that really belongs in the venture group.

Irina: What are your personal challenges?

Heather: If you could find me a way to fit maybe 34 hours into a 24-hour day, that would be phenomenal. The reality is that there’re always so many entrepreneurs whom I would love to help. They’ve got good ideas, and they’re eager, and they’ve got the passion, and you just know that given right guidance and the right encouragement that they could go as far as they wanted.

I am limited by my own bandwidth, and that’s frustrating. I do my best to refer people on to other people, but I know that they’re struggling with the same challenge. It’s always a challenge.

Some people say, “No, no, no. Stay focused. Take advice from only one person,” but the reality is that if you’re hearing something for the first time, your instinct is to reject it. But if you’re hearing the same thing twice or three times, they’re most likely right and you’re wrong. That’s why I say multiple sources are good.

Sometimes the same message spoken by two different people is almost like two different languages, and you can understand one language better than you can the other. And when you hear it twice, it’s like validation. You’re like, “Geez, OK. That’s probably right.”

Venture capitalists are in the business of investing money and getting returns. It’s true, but at the same time, I would say that there’s not a venture capitalist out there who doesn’t truly believe in his or her heart of hearts that we have the coolest jobs.

We get to get money in the pockets behind the companies that are going to make a difference. That is the best feeling in the world. I don’t have kids, yet. I hear that childbirth is probably somewhere up there, but in some ways, that is the best feeling.

We had a coffee shop that we backed open here about two weeks ago, and we went to the grand opening. This is a young entrepreneur. She’s probably 24 or 25 years old. I met her parents, who are older, and her mother came to me and said, “I cannot thank you enough for being such a great mentor to Lucy.”

I looked at her and I was completely in shock, because, to be honest, this entrepreneur is sharp. I don’t know if I helped a whole lot there. But isn’t that what we all strive for, to make a difference? So, to be able to help someone else be able to do that, that’s the best thing ever.

Irina: I couldn’t agree more with you, Heather. Thank you for the wonderful insights.

This segment is part 8 in the series : Working Capital (Debt) Financing For Entrepreneurs: Heather Onstott, Director Of Small Business, LaunchCapital
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