As businesses grapple with the unpredictable, one man’s journey from the athletic tracks of Turkmenistan to the global business stage stands as a testament to resilience and strategic insight. Cyprus National, Igor Makarov, founder of ARETI International Group, has consistently turned challenges into stepping stones for unparalleled success.
Makarov’s story is not an overnight success. Born in 1962 in Ashgabat, Turkmenistan, he first made a name for himself not in boardrooms but on the cycling field. A world-class cyclist from 1979 to 1986, Makarov’s athletic prowess saw him achieve the title of International Master of Sports. But as the USSR began its descent into history, Makarov’s entrepreneurial spirit took flight.
Starting with a business of producing clothes and souvenirs during a time of scarcity in the USSR, he quickly adapted to the changing economic landscape. When the newly independent Turkmenistan faced a dire need for food products, Makarov, leveraging his reputation, stepped into the challenge, marking the inception of his gas company, ITERA.
From this venture, Makarov’s business portfolio expanded, successfully built, and managed several other businesses, proving his strategic and adaptive leadership skills.
Turning Hurdles into Business Opportunities
Beginning his career, Makarov faced many challenges that would have deterred many. From his profound experience as a professional cyclist to the pivotal decision to sell ITERA due to unforeseen complications, the Cyprus businessman handled setbacks flawlessly and saw potential in every obstacle. He mentions, “Every challenge presents an opportunity. The key is recognizing and harnessing its potential.”
Rather than dwelling on unfavourable circumstances, Makarov quickly pivoted and launched a new venture, ARETI, and diversified its portfolio. ARETI, as an investment company, distinguishes itself from the Russian market and marks its presence across Europe, Canada, the US, Central Asia, and the Middle East.
With this mindset, Makarov’s business has grown exponentially, cementing his name as one of his time’s resilient and strategic business leaders. “In business, setbacks are inevitable. It’s not about avoiding challenges. It’s about embracing them and finding the silver lining. Success is determined by how you respond,” he stated.
Unceasing Adaptation to Change
In shifting business environments, the primary challenge for companies is the need to adapt to new technologies, market shifts, and evolving consumer preferences. For Makarov, the essence of business survival and success lies in seamless adaptability. He challenges, “Change is the only constant. Those who don’t adapt are destined to fall behind. As a leader, you set the tone. If you’re unwilling to learn and adapt, how can you expect your team to?”
Makarov’s strategy for thriving amidst these changes hinges on innovation and a proactive approach. Despite witnessing numerous economic shifts, business upheavals, and policy alterations since the start of his entrepreneurial journey, his business stature remains unscathed. His secret? A relentless commitment to adapting to change. “Complacency is the enemy of progress. The day you stop learning and adapting is the day you start regressing,” he asserted.
However, adaptability isn’t just about survival. For Makarov, it’s about seizing the opportunities that come with change. Change is also a fresh start. It’s a golden opportunity to reassess, recalibrate, and set new benchmarks for success. Whether integrating cutting-edge technologies into operations, testing new processes, or working with fresh, diverse teams, change enables entrepreneurs to see beyond and achieve more.
Philanthropy in Business
Standing out amidst thousands of businesses is a great challenge, with companies grappling with distinguishing themselves and leaving an indelible mark in their industry. Makarov says the answer to this challenge lies in intertwining business success with philanthropy. He perceives philanthropy as a moral endeavour and a strategic imperative for businesses to stand out and craft their unique legacy.
He explains, “Business transcends mere profit-making. It’s about comprehending the intricate socioeconomic principles and weaving your brand’s narrative. As businesses, we are integral community members that must give back.”
Makarov’s commitment to this philosophy is evident in his extensive philanthropic endeavours. From establishing and fully sponsoring his Swiss-registered professional cycling team, KATUSHA, to inaugurating a clinic for adults with autism at Mount Sinai Medical Center in Miami, leading the reconstruction and construction donations to churches, Buddhist temples, synagogues, and mosques worldwide, and other numerous charitable foundations globally, Makarov’s leadership extends beyond business to empowering communities.
He emphasises the symbiotic relationship between businesses and their communities, noting, “When you invest wholeheartedly in the community, it reciprocates by investing in you.” Through philanthropy, companies can build their brand reputation, uplift employee morale, and achieve meaningful business outcomes. For him, the essence of philanthropy isn’t grand displays but consistent, impactful contributions. It is measured not by the sum donated but by the lasting impact and change it created.
Going above and beyond the Business Realm
Makarov’s strategic approach proves the power of perspective, adaptability, and commitment. While his success is undeniable, his principles and values truly set him apart. As the business world evolves, Makarov’s strategies will continue to inspire and guide future entrepreneurs.
“In business, as in life, change is the only constant. Adapting to it, moulding it to your advantage, that’s the key,” Makarov mentions. For the Cyprus businessman, success is about the journey, the challenges to overcome, the lives to touch, and the legacy entrepreneurs can leave behind.
