Amidst change, resilience has long been a cornerstone of successful business leadership. The COVID-19 pandemic further highlighted this concept, elevating it from a desirable trait to an indispensable survival tool. This period of uncertainty prompted businesses to combine agility to react to immediate threats with the strategic foresight to anticipate and adapt to long-term shifts.
The concept of resilience in business has been a defining element in the career of global business leader Igor Makarov. His journey from professional cycling through early business ventures and into today’s leadership roles has deepened his understanding of resilience and equipped him with invaluable insights into its practical application in the contemporary business world.
Finding a Path Through Challenges
A resilient mindset is a fundamental catalyst for innovation in the business world. According to Makarov, businesses that embody resilience are characterized by their willingness to embrace risk-taking and view failures not as setbacks but as valuable learning opportunities. These companies are adept at experimenting with new ideas and technologies, often stepping out of their comfort zones.
Makarov’s experience in the 1990s, particularly during the early years of his Cyprus and US-based company, ITERA, exemplifies this resilience. As former USSR countries, such as Turkmenistan, grappled with a severe economic and financial crisis, there was an urgent need for essential food products. Makarov then engaged in business and initiated a venture to supply critical food items to Turkmenistan.
Initially, ITERA’s mission was straightforward: to import food products from international sources to Turkmenistan. However, Turkmenistan’s non-convertible currency presented an unforeseen hurdle. Unable to pay ITERA with hard currency, a significant debt accrued. It was at this juncture that Makarov’s resilience was truly tested.
Instead of seeing this situation as a failed business, Makarov adopted a resilient approach. He innovated a barter system, accepting first petrochemicals and later natural gas in return for food product supplies. This significant risk, driven by resilience, showcased an openness to change and a willingness to venture into uncharted territories.
Though it was a big gamble and a complete pivot to ITERA’s business model, this strategy propelled Makarov and the company into the oil and gas sector and helped many former USSR countries where this gas was further supplied. His innovative and flexible strategy did more than just stabilize Turkmenistan’s economy; it also forged beneficial pathways to many other nations, particularly former USSR states like Ukraine. It helped recover economies, brought jobs, and aided the people at that time with the tools they needed to survive.
Makarov mentions, “Resilience can turn things upside down. Sometimes, it opens new opportunities that would not be possible if not faced with difficulties and setbacks.”
What Keeps Businesses Going
Aside from adaptability, resiliency is intrinsically linked to patience, especially when achieving long-awaited success. Makarov believes that resilient businesses recognize the value of persistence. They understand that meaningful achievements and breakthroughs typically require time, perseverance, and a steadfast commitment to a vision, even in adversity.
Makarov says resilience generates the capacity to stick to it and keep going, even when we face significant hurdles. For him, it’s not just about bouncing back but returning even stronger and constantly advancing towards the goals.
His business journey embodies this resilience. Following a successful tenure at ITERA, Makarov encountered unforeseen difficulties on a state level that led him to sell ITERA in 2013 and embark on a new venture, shifting his focus from the past to the future.
In 2015, he channeled his formidable business skills into creating ARETI, a completely new Cyprus-based venture focusing on diverse investments across Europe, North America, Central Asia, and the Middle East. Makarov’s journey with ARETI vividly illustrates resilience, using setbacks and unforeseen circumstances to bounce back and reach new heights in the business world.
Resiliency in Today’s Business
Such a journey underscores the need for adaptability, patience, and a forward-looking approach. From Makarov’s previous business ventures to the present day, the landscape of business challenges has evolved, yet the demand for resilience remains a constant, unchanging requirement.
Businesses grapple with even more complex geopolitical shifts, economic transitions, and burgeoning global markets. This will continuously demand companies to be more equipped to handle and overcome the worst situations the economy may present.
Whether in technology, consumer behavior, or environmental policies, this enduring quality will enable businesses to thrive in long-term global shifts, embodying resilience in every aspect of their operations and strategies. Igor Makarov foresees a new time for business when resilience is a proactive strategy for continuous adaptation and growth.
