Illia Zakharchenko, 38 years

How did the business idea come about?

I started earning my first money while still at university. There was demand for printing – so I took out a loan to buy a printer, set it up at home, and opened a «print center» for students. The idea for the perfume business came when I saw my roommate’s success; he had retail outlets selling various goods. I simply built the online store in HTML, and we started selling. As for the restaurant «Achilles and the Tortoise»: at first, my partners and I wanted to open a hookah lounge, because there was only one in our residential complex, «Comfort Town». But during the renovation, we changed our plans, invested more money, and created a full-fledged premium family restaurant.

The business importing art materials came about when I went with my wife (she is an artist) to the Creativeworld exhibition in Frankfurt and thought: why not make something of the trip? I found retail partners in Kyiv and negotiated exclusivity with manufacturers – and that’s how we became a distributor of art materials in Ukraine.

B’eauty business emerged from combining my partner’s professional creative skills with my ability to find anything, anywhere. An acquaintance complained that he couldn’t find a particular product. For me, the challenge of finding and bringing something in is exciting. We went to an exhibition in Bologna, tested 10 brands, signed a contract, and launched distribution in Ukraine.

What key skills helped you launch your business?

Communication and the ability to take risks. I follow this rule: «I take risks in proportion to what I stand to gain». But the most important skill – is managing your reputation. I once exchanged currency using borrowed money and had to pay interest every day, but one day I simply made no profit. I called my lender and honestly told him I had no money. He replied: «All you have – is your reputation». That phrase changed my approach.

I always choose to protect my reputation, even if it costs me money. For example, when I closed the perfume business in 2012, I continued paying suppliers what I owed for another year, even though legally I could have avoided doing so. Now they’re willing to supply me with anything on my word alone. It’s worth it!

What were the 3 most difficult challenges you overcame in the early years?

The most difficult time was a period of financial hardship when I was young. I had debts at 6% per month. To pay them off, I worked two jobs at the same time. The schedule was hellish: a full day on the night shift in a provider’s technical support department, then straight onto the day shift at another job, followed by another night shift. I slept as little as possible, but I paid off my debts. It taught me this: if you don’t make decisions, they’ll be made for you.

What crises has your business faced, and how did you overcome them?

One example – is the restaurant during the war. For the first few months, we operated as a volunteer center, cooking for the Territorial Defense Forces and the Armed Forces of Ukraine, used up all our supplies, and accumulated debts amounting to millions. Some co-owners even wanted to sell their shares for 5 times less than they were worth. We made a radical decision: we completely changed our financial model. We switched all staff (except the cleaner) from fixed salaries to commission. The chef receives % of the kitchen’s profit, the manager – % of the restaurant’s profit, and the others – % of revenue. If the restaurant earns nothing – we don’t generate losses from payroll. This made it possible to reopen the restaurant in May 2022 and not only survive, but also make the business profitable.

Which decisions proved most effective for the company’s growth?

An amicable partner exit from the business. I spent six months making sure to part ways properly with a partner who was dragging the business down and had an unrealistic vision. I could have done it quickly and harshly, but I chose negotiation and letting them save face. This preserved my reputation in the market and allowed the business to continue growing under my leadership. Diversification is another effective decision – I never put all my eggs in one basket. That’s why I have different businesses in different sectors, with different partners. When one thing isn’t working, something else is.

What mistake do you now consider your most valuable learning experience?

Impulsiveness and not doing enough analysis at the start. I often get excited about an idea («I want it») and neglect in-depth analysis of the numbers and partners. For example, entering the cosmetics business was an emotional decision, which eventually led to difficulties. I now understand: maturity – is about balancing analysis with risk-taking.

Perfume through an online store and diversification to $100 000