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Dubai: Growing up in a house in Lviv, Ukraine, teenager Ivan Kuroshny always dreamed of one day working for himself and becoming self-sufficient. However, unlike many others of his age at the time, he immediately began his efforts to become his own boss, launching his first business selling computers at the age of 16.
“Growing up in a normal family, I started my entrepreneurial journey quite early. As a teenager, I looked at my parents and knew I wanted to build a different life for myself. “I wanted to be successful and make my family proud. I wanted to be free and independent,” he said.
“So I first sold computers and office equipment, which was in great demand at the time. Then I got interested in trading and started doing international currencies in 2005. A little later, I started actively trading U.S. stocks. After a few years of trading and doing business, I earned start-up capital.”
The serial entrepreneur co-founded 30 more companies in 19 countries in just under nine years. After relocating to Dubai in 2021, the 33-year-old billionaire last launched ‘last mile’ e-delivery startup ‘Eco Way’ in 2023, aiming to replace gas-powered delivery bikes with electric bikes. ing.
What is “last mile” shipping?
“Last mile” shipping is used to describe the transportation of goods from your local distribution hub to your final destination, such as your home or business.
30 companies in 19 countries
Mr. Kuroshny remotely manages a startup company he founded with business partners from around the world. His businesses include an online investment brokerage, a payment system, a major aparthotel in Prague, a UAE-based coffee shop franchise, and a consulting company.
“My first and more successful investment in the UAE was the Roasters Specialty Coffee House chain, which I opened in partnership with other companies.Currently, there are five coffee shops in the network, and by 2024 We also plan to open new stores,” added Kuroshnyi.
“When I moved to the UAE, I was already running a successful business in Ukraine with a trading company Gerchik and Co, an investment company in the Czech Republic and other projects. It is too early to share metrics.”
The latest startup operates 45 e-bikes in Dubai and has partnered with companies such as Talabat, Pizza Hut, Amazon, Deliroo, KFC, Hardee’s and Emirates Post. However, he said the delivery company is currently in a trial period and will not charge for its services to test e-bikes.
I grew up in a normal family and started my entrepreneurial journey quite early. As a teenager, I looked at my parents and wanted to build a different life for myself.
– Ivan Kuroshny
$20 million worth of personal investments
“Currently, my personal investments total $20 million (Dh73.5 million), and the annual revenue from all my businesses is close to $2 million (Dh7.4 million),” Kuroshny added, but for more information. He requested that the details not be disclosed. Some of his recent business expenses.
“We are self-financing the project as we have not brought in any external investors. Eco Way is currently in the pilot project stage, developing logistics and infrastructure. At this stage, we have 45 units. We have eco-bikes on the road and we plan to launch 30,000 electric bikes in the next three years.”
When asked why he started working in the power distribution field, Mr. Kuroshny explained how, through personal research, he learned that there was potential for further growth in this field. “After conducting a niche analysis, we found that the field of eco-transport in courier services is untapped.
“Research also shows how petrol-powered bikes contribute to pollution. As this market continues to grow, so does the number of bikes polluting the air. However, by switching delivery companies to eco-bikes, carbon dioxide emissions can be reduced.
“With a clear understanding of how this could be achieved, we were able to create a business model that was unique to the UAE. And the challenge was based on the fact that I was the only one in this business, not my partner. That meant we had to rebuild our business model and plan everything accordingly from scratch.”
Three steps Kuroshny follows when starting a business
1. Market analysis: “You need to have a clear understanding of what product you are releasing on the market, what kind of market this is, who your competitors are, and how you are different from them. ”
2. Pre-planning: “Before launching, I create a business roadmap and define Plan A, Plan B, and C – different hypothetical situations and how to act quickly in these situations. This approach helps us respond quickly and clearly to a variety of challenges.”
3. Partnership agreement: “We are very careful in choosing our partners. We need to be aligned in the same direction and have common contacts, principles and vision for the business. Of course, this part also includes the partnership agreement. Masu.”
Lessons learned from founding and managing a business
Mistake #1: Not signing a business partnership agreement
Kuroshny said that ideally, the startup and overall management of the business would be done in cooperation with co-investors and business partners, “to minimize any difficulties.” But for him personally, it turned out to be a “bad experience” when launching his first business.
“I was advised to check people more and not trust them implicitly. But I stuck to my position and believed that all people are good. At the time, I wish I had taken advice from more experienced entrepreneurs… But I’m glad I learned this lesson at a young age when I was just starting out.”
Later, Mr. Kuroshny realized that signing a contract with a business partner is one of the most important documents and one of the first steps a businessman should take. “I am grateful for the first time something like this happened early in my career as a businessman.
“Currently, all my partnerships are backed by contracts. This does not mean that I do not trust. On the contrary, when I do business, we completely trust. But, Contracts protect our interests and help us prepare for every possible scenario. Trust is good, but we still need control.”
Currently, my personal investments total $20 million (Dh73.5 million) and my annual revenue from all my businesses is almost $2 million (Dh7.4 million).
– Ivan Kuroshny
Mistake #2: Investing in unstarted projects due to poor technology
When asked about other lessons learned from business failures, Kuroshny recalled an example of investing in a project whose success depended on the quality of the technology. “But at first we started having problems. The software wasn’t what it was supposed to be for our business processes.
“In the end, the project was not launched. In the end we had to spend even more time and resources, but fortunately in the end we got the technical product we wanted and along the way I was able to overcome the difficulties.
“Currently, this project is working perfectly. If we had agreed to reduce our consent and use the original technology, or if we had given up after seeing the first obstacle on the road to success. , this would not have happened.”
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