Startups aren’t easy. You will make mistakes and you will fail but success is there to be found in the end if you keep trying no matter what. In this episode of Establishing your empire, we have a fascinating conversation with Brett Sharenow, the CEO and founder of Broadscope Consulting, a trusted advisor for startup and high-growth firms on strategy, capital raising, and exit. Make sure to go through the full story to find out the valuation, funding, mistakes people make and how to avoid them, the foundation, advice, and more when it comes to startups. 

When life offers you opportunities, you have to take them. That defines who you are and what role you have in society. To create a startup you have to be open to new experiences, new directions, and new opportunities, and you have to work under people who know what they are doing. The same thing happened to Brett. According to him, working with his two mentors, Joe and Morris, was the best time he had as a mentee. Learning from them and experiencing new things with them is the very foundation of his career. 

Listen on: Apple Podcasts | Spotify | YouTube | Pandora

“Stick with your vision and keep working on stuff… someone else is going to do it if you don’t… Use your imagination more and more. It’s not just about being an entrepreneur, it’s about being a gritty, dynamic person that survives chaos.”

Key Topics Discussed:

1. Business and Money: The conversation begins with a discussion about the influence and challenges of money in business settings. It emphasizes the need to be aware of financial dynamics and their impact on business objectives and problems.
   
2. Strategic Partnerships and Community Building: The speakers delve into the concept of creating an “information pack” in business, focusing on the importance of strategic partnerships, community engagement, and the role of investors and advisors in scaling a business.
   
3. Business Goals and Revenue Generation: The dialogue touches upon the balance between focusing on future goals and the necessity of revenue generation in business ventures. The importance of having clear, achievable goals is highlighted.
   
4. Team Dynamics in Startups: The discussion shifts to the significance of assembling the right team or “pack” in startups, stressing the need for diverse skills, clear communication, and aligned expectations among team members.
   
5. Educational Transformation through Technology: There is a significant focus on the transformation of education through AI and blockchain, discussing personalized learning experiences and the potential for these technologies to revolutionize the educational landscape.
   
6. Personal Entrepreneurial Journeys: The speakers share their personal backgrounds and experiences, providing various perspectives on entrepreneurial journeys and the lessons learned along the way.
   
7. Equity and Startup Partnerships: The conversation explores the complex topic of equity distribution in startups, addressing the challenges of aligning contributions and expectations in partnerships.
   
8. Blockchain Technology Potential: The potential applications of blockchain technology are discussed, particularly in education, emphasizing the need for innovative applications beyond its current usage.
   
9. Writing and Publishing a Book: Michael Devellano shares insights into his process of writing and publishing a book, including challenges, strategies, and the importance of marketing and promotion.
   
10. Advice to Younger Individuals and Entrepreneurs: The speakers provide personal advice for younger individuals and budding entrepreneurs, focusing on perseverance, vision, risk-taking, and the importance of learning from failures.
    
11. Future Plans and Aspirations: Devellano talks about his future plans, particularly in the fields of AI and education, with a strong desire to provide mass-customized education and contribute positively to these sectors.
    
12. Reflections on Personal Motivations and Legacy: The episode concludes with reflections on personal motivations for writing and contributing ideas, along with thoughts on the legacy and impact one hopes to leave, especially in entrepreneurial and technological spaces.

Devellano’s perspectives provide a blend of practical advice, personal anecdotes, and forward-looking ideas, particularly around technology and education. The conversation is engaging, informative, and offers valuable takeaways for anyone interested in entrepreneurship, technology, and personal growth.

When it comes to startups, it doesn’t matter if you have a product to change the world in a whole new direction. If you can’t make your investors excited about your product, it’s all for nothing. You only got one chance with your investors to make that happen. 

Wrapping up the episode, Brett shares that when you are starting a business it’s common and natural to make mistakes. We are human. We make mistakes all the time. But you have to be aware that you’ve made a mistake and do the needful to make it right. You have to learn from your mistakes, so you won’t repeat the mistake. Making mistakes, learning from them, and moving forward are one of the principles of anything in life. 

[01.40] Who is Brett- Brett explains the two major things he does as; increasing the chances to raise capital and reducing the time to race. 

[02.33] Path to Consulting- Brett shares his journey through building engines, becoming a chemist, working in Silicon Valley, and starting to consult on his own. 

[09.24] Magni Gyro – Vittorio Magni established the Italian aircraft manufacturer Magni Gyro in 1986. The company is situated in Besnate and focuses on the design and manufacturing of ready-to-fly autogyros.

[10.57] Finding Mentors- Brett explains how his two mentors, Joe and Morris, helped his journey as a mentee and gives some advice to people who are looking for mentors. 

[15.18] Changes In Funding- Brett talks about three capital raises going on at present in three separate companies. 

[20.20] Valuation- Brett shares his idea of valuation being two major parts; art and science, and he dives into the things that you need to do with the issues of valuation. 

[26.48] Rule Of Thumb- As the first principle of valuing a startup is to get to customers as early as possible, says Brett. And also, it’s hard and complex raising money in a business because every business is different. 

[32.40] Valuation Number- Putting less money into the financial model and hoping for an external market change are the two ways of dealing with valuation issues, according to Brett. 

[36.55] Avoiding mistakes in startups – Brett gives some important advice to all the people who are working with startups out there, and one of the major pieces of advice he has is that it doesn’t matter if you have the best product that can change the world unless u make the investors exited. 

[45.34] The Foundation- In the foundation of a startup, the balance between developing the product, the prototype of the product to show, and spending money to set up is the most difficult thing that people are going to face. 

[51.24] Advice For Younger Self- Brett shares some pieces of advice to the 16 years old himself back in the time. 

[56.32] Advice For Young People out there- The valuable advice which Brett has to give to young people out there trying to do something new is that we are human, we make mistakes, but we have to learn from them, step up on the ground, and plan the next step that you need to take. 

[1.00.00] To be remembered- Brett shares that he likes people to be remembered as a person who helped them to build their lives, a person who was there to listen to them. 

Resources

LinkedIn- https://www.linkedin.com/in/broadscopeconsulting/#experience 

Website- https://www.broadscope.com/ 

Magni Gyro- http://www.magnigyro.it/en 

Quotes

‘’Being a mentee is about being open to taking direction and learning like a sponge, from people who really knew what they were doing.’’

‘’When you do a startup, you are walking into a minefield. There’s no way to avoid it.’’

‘’Whatever you do, stay in the moment, and the rest of the world would go away- 

‘’We are human. We make mistakes. Pick yourself up from the ground, brush it off and move on.’’

Lead Cast

• Brett Sharenow
• Daran Herrman