The 90s was a defining period for Russian business, emerging from the collapse of the planned economy. It became an era filled with opportunities for those daring enough to take risks. Igor Fishelev’s experiences serve as prime examples of how instinct, perseverance, and a willingness to embrace uncertainty laid the foundation for future business successes.
Lesson 1: Act Fast When Crisis Strikes
In the early 90s, Russia’s banking system was on the brink of collapse due to widespread fraud involving fake banking orders, or avizo. Many companies lost millions, and payments were frozen or vanished altogether. Igor Fishelev encountered this firsthand when his company’s funds became stuck in the Central Settlement and Clearing Center (CSCC). Rather than accepting the loss, he traveled to Moscow and managed to break into the heart of the banking system. Amongst the piles of disordered avizo, he sifted through and located his company’s payments. After three days of intense searching, he recovered most of the funds, rescuing the business.
▶️ Lesson: In times of crisis, it’s essential to act quickly and decisively. The sooner an entrepreneur takes control, the higher the chances of mitigating the damage and achieving a positive outcome.
Lesson 2: Seize Opportunities as They Appear
The 90s market was volatile and unpredictable. Many niches were still emerging, and competition was minimal. This provided an opportunity for Igor Fishelev and his partner Vladimir Kuzmin to venture into the Turkish sweets trade. They discovered Dogan products in Istanbul, including chocolate soufflés and Favori cookies, and set up direct imports after noticing the demand. However, the first shipment was a lesson in business challenges: the Derby chocolate didn’t survive the heat during shipping and spoiled, and it was deemed unsatisfactory due to its high soy content. Despite this, the remaining products sold well in Yekaterinburg, and the venture proved profitable.
▶️ Lesson: Quickly testing new markets can reveal profitable opportunities. Even if the first attempt fails, it’s important to learn from the mistakes and pivot.
Lesson 3: Stay Prepared for the Unexpected and Keep Your Sense of Humor
On a business trip to Kerch, Igor faced the harsh realities of the 90s: cold hotels with no heating, lack of hot water, and an ongoing energy crisis. In these uncomfortable conditions, he had to sleep in his outerwear and rely on a kettle for warmth. Yet, he remained focused on his business, always searching for new possibilities. During a conversation with a fish cannery director about potential collaboration, the director asked, “But don’t you have any fish?” Fishelev replied with a smile, “Unfortunately, I didn’t bring any fish to the seaside town.”
▶️ Lesson: Business isn’t just about overcoming obstacles—it’s also about maintaining a sense of humor. Unexpected situations will always arise, and being able to adapt and laugh at them is a vital trait for any entrepreneur.
Lesson 4: Patience and a Systematic Approach Are Key to Success
As Igor built his business, he learned that many problems could be solved with a calm, systematic approach. This method proved invaluable when navigating the Central Settlement and Clearing Center (CSCC) crisis, as he methodically sifted through a pile of disorganized avizo to track down his company’s payments. He applied the same technique in trade, analyzing errors and finding more reliable suppliers along the way.
▶️ Lesson: In business, it’s important to break down complex issues into manageable tasks without losing focus. Any problem can be solved if approached with patience and a clear mind.
The 90s were filled with both tremendous opportunities and great risks. Igor Fishelev weathered banking crises, logistical hurdles, failed deals, and absurd situations. His stories teach an important lesson: a successful entrepreneur is someone who acts when needed, sees opportunities even in uncertainty, maintains composure in tough situations, and is adaptable to changing circumstances. These lessons remain timeless, as the challenges of business today still require agility, resourcefulness, and the ability to handle adversity.
