The 90s marked the birth of Russian business amidst the collapse of the planned economy. It was a time full of opportunities for those bold enough to seize them. Igor Fishelev’s stories illustrate how entrepreneurial instinct, determination, and a willingness to take risks laid the groundwork for future achievements.
Lesson 1: Act Quickly in Times of Crisis
In the early 90s, Russia’s banking system was on the verge of collapse due to fraudulent practices involving fake banking orders, known as avizo. Companies were losing millions, payments were delayed, and financial transactions seemed to disappear. Igor Fishelev faced this challenge when his company’s funds were “trapped” in the Central Settlement and Clearing Center (CSCC). Instead of giving up, he traveled to Moscow and managed to gain access to the most protected areas of the banking system. Amid piles of disorganized avizo, he physically searched for his company’s payments. After three days of relentless searching, he was able to recover most of the funds, saving the business.
▶️ Lesson: In critical moments, swift and decisive action is crucial. The sooner an entrepreneur takes control, the better the chances of turning things around.
Lesson 2: Spot an Opportunity and Take It!
The market in the 90s was unpredictable, with many sectors still emerging and competition being low. This is when Igor Fishelev and his partner Vladimir Kuzmin decided to enter the Turkish sweets trade. They discovered Dogan products in Istanbul, such as chocolate soufflés and Favori cookies, saw potential demand, and arranged direct imports. However, their first shipment taught them a hard lesson: the Derby chocolate didn’t withstand the heat during shipping and spoiled. Additionally, it failed sanitary inspections due to its high soy content. Despite this setback, the rest of the products sold well in Yekaterinburg, and the business proved profitable.
▶️ Lesson: Testing the market quickly can reveal profitable opportunities. Even if the first attempt fails, it’s important to analyze the mistakes and adjust accordingly.
Lesson 3: Expect the Unexpected and Keep Your Sense of Humor
During a business trip to Kerch to improve logistics, Igor was confronted with the harsh realities of the 90s: cold hotels with no heating, no hot water, and a power crisis. In such conditions, he had to sleep in his coat and warm up using a kettle. But despite these challenges, he continued looking for opportunities. In one conversation with a fish cannery director, he asked about possible collaboration, to which the director, with a naive expression, responded, “Don’t you have any fish?” Fishelev smiled and replied, “Unfortunately, I didn’t bring any fish to this seaside town.”
▶️ Lesson: In business, overcoming obstacles is important, but so is keeping a sense of humor. Unforeseen situations are inevitable, and the ability to adapt is a crucial skill for entrepreneurs.
Lesson 4: Patience and a Methodical Approach Lead to Success
As he developed his business, Igor realized that any problem could be solved with a methodical approach. He applied this principle when dealing with the CSCC (Central Settlement and Clearing Center) issue, carefully sifting through a pile of fake avizo to locate his company’s payments. He applied the same strategy in trade, analyzing mistakes and finding more reliable suppliers.
▶️ Lesson: In business, breaking down complex problems into manageable parts without losing focus is essential. Any issue can be resolved with a calm, methodical approach.
The 90s were a time of great opportunities, but also immense risks. Igor Fishelev navigated banking crises, logistical challenges, failed deals, and absurd situations. His experiences teach an important lesson: a successful entrepreneur is one who is unafraid to act, can identify opportunities, stays calm in any situation, and is ready to adapt. These lessons remain as relevant today as ever, as business demands quick thinking, flexibility, and the ability to overcome obstacles.