Category: Uncategorized

 

Interview with Iuliia Kruk

 

– At SRDB Law, what are your everyday roles?

I am partner of SRDB , which represents a group of lawyers and specialists, and me among them, with extensive experience in advising large international corporations with their most complex issues.

My everyday roles are to advise French, English and Russian-speaking clients on different international corporate and contract law issues in various fields of international private and public law, including the negotiation of international contracts and searching the most reliable business countries for international commerce and foreign investments.

From the other side, the business development role, which consists of the maintenance and development of a large network of business partners in different countries, which allows me to efficiently assist my clients in M&A transactions.
– What attracted you to practicing international business law?

It is a job that attracts and makes many people dream, especially young people who are looking to choose their future job.

My choice of private international law was based on its rigor, its logic, the ability to provide solutions or defend a cause in situations of international level.

Yet being a lawyer in international business law is primarily a legal professional. But unlike the classic lawyer, I do not often plead in court (only in case of litigation), my primary mission is to defend with passion the interests of my clients (businessmen and economic actors) in case of litigation, and to advise them legally in mergers, disposals, investments or seeking financing.

And this daily challenge attracts me a lot and needs to be extremely versatile and excel in several areas by accumulating specialties, namely: in addition to being specialized in commercial law and corporate law, the lawyer of a private international law must master financial and tax law, real estate law, banking and securities law and intellectual property law.

Moreover, this practice requires mastery of the language of Shakespeare and other foreign languages ​​which is also part of my passions.
– In your career so far, what was your biggest success?

Any success of the project represents success with the specificities that characterize it.

The variety of my assignments is enriching and vary which allows me to touch several specialties and to have unique expertise in different sectors of activity.

One of my most proud successes was when I assisted my client in the development of a new product in the field of electric yachting on the Monegasque market by advising them on the corporate and financial structure that allowed them to implement the marketing of a single product to public and private customers in this luxury country.

Other important successes that come to mind are all the projects of foreign investors in the Ukrainian market, where my origins are from, which allow me to put my knowledge and my expertise in favor of trade and to participate in the development of this great market in the numerous fields, among others the renewable energy, catering, raw materials industry, international trade, real estate.

 

 – When negotiating international contracts, what are the biggest challenges?

 To create the necessary conditions for the synergy of the interests of the actors with the different objectives, the experience, vision while respecting the norms of foreign legal orders and the liberties of the parts.

For that, the challenges are:

– To know the habits and customs of the different countries in terms of negotiation (Anglo-Saxon countries, Latin countries, China, Japan …)

– To master the different techniques of negotiation and drafting of contracts while applying essential clauses

– To prevent the difficulties of execution and the risks of litigation

– Make cultural differences an asset in the negotiation to guarantee the good execution of its contracts

– Manage serenely situations of tension.

– Identify the negotiator’s pitfalls by proposing the solution for the successful outcome

 

 –  How do you navigate through the foreign investment process? 

An investment is a capital investment for future earnings, so interest must be present for all participants.

With the process of globalization, foreign investment has begun to experience a period of expansion, limited only to times of economic crisis.

Globalization includes the free flow of capital, the lifting of customs and tax restrictions, the movement of people and goods, and other features that help foreign investment.

My role is to organize and manage the existence of such consequences.

 

On the one hand, the foreign investment gives rise to the creation of new jobs and generates revenue for the host country. However, these recipes return to the country of origin. In addition, it is worth mentioning that, very often, projects driven by foreign investment cause environmental damage that can harm the local community.

These are the risks and issues that are part of my duties as part of the due diligence project and the legal consultation on the best way to proceed with the realization of the project. In short, we are again talking about the synergy of interests.

– In what ways do you assist international investors? 

My mission is to advise them on all legal aspects of their investment project to contribute to its success by providing them with all the useful information and by assisting them in all their legal steps (choice of corporate and financial structure , Due Diligence, Legal Advice on Funding Opportunities and State Support Programs for Foreign Investments etc.).

My assistance is to check whether the business environment in the market in question is very secure, clear and favorable to foreign investors.

Also,  in the framework of SRDB the micro-business bank, SRDB Alliance, was created bringing together experts from different fields to offer investors the many investment opportunities after the legal and economic audit made by SRDB experts including I am proud to be a part.

Also, I am a member of international business associations and unions, namely AFJE, Business Club France-Luxembourg, France-Ukraine, France-Belgium and others which allows me to facilitate the exchanges and the relationship with “right” persons and decision-makers.

 – What types of investment do you enjoy to work with?

 One of the types of investment I am often involved in is Capital Development, which involves providing capital to support and accelerate growth, whether it involves development in new markets, the acquisition of one or more companies or the increase of production and / or distribution capacities.

Also, real estate, because this type of investment offers one of the best risk/return ratios. It is an asset that tends to appreciate over time and that resists fairly well in times of financial instability. During these projects, I am led to discover the countries from the point of view of the beauty of nature.

And of course, artificial intelligence. This sector is very dynamic. After the Internet of Things or robotics, data and artificial intelligence make the next industrial revolution.

– In your opinion, how could investment be made easier between former USSR and EU countries? 

The question is quite political because the political decisions influence often the business.  The political will should be very strong in this issue.

However, I will give my vision of some important points:

Firstly, reliable due diligence of all main aspects

Secondly, good contact on the governmental level

And absolutely, to be assisted by an experimented legal advisor.

– Which skills are most important for your profession?

 Firstly, to be bilingual or trilingual: in this profession I am frequently required to travel abroad, to communicate and to draft contracts or other official documents in English. The perfect command of this language, especially with regard to legal, commercial and economic vocabulary is essential

Second, be meticulous: have a developed sense of organization. Indeed, all information relating to each file must be studied and used thoroughly. Discretion must also be part of ethics.

Likewise, to be a pedagogue: the international lawyer must know how to explain the various technical and legal terms to his clients.

As well as the speaker: to convince and demonstrate trust and confidence, a good sense of persuasion and great strength of character.

And for the end, be on the lookout for the slightest evolution in law and in business: we must conduct a continuous watch in the field of European and international law and the business community to avoid confusion in case of changes in legislation.

– Do you have a motto in life?

 I have several, for my professional life I really like the quote of one of my favorite writers, Antoine d.

In life there is no solution, there are forces on the move: you have to create them and the solutions follow.

All steps I make based a simple analysis of the subject by asking me 5 times a simple question “Why” and its 5 answers determine the choice and make it succeed.

Munia El Harti Alonso is a very talented international lawyer currently based in Paris. She has worked in large organizations, such as the EU council, EU delegation to the UN and more. She has played an important role by assisting and advising in the legal process of free trade agreements and investment treaties.
She very kindly agreed to an interview with Eurobizweekly.

 

When part of the EU delegation to the UN, what were your main roles and objectives?

When you join the European External Action Service (EEAS) just as when you join a Ministry of Foreign Affairs your main roles are to represent the entity you work for in my case it was towards the UN System and UN member states, and secondly to report back to the Head Quarters. You are the liaison. In the EU Delegation to the UN we are dealing with multilateral diplomacy, your objectives are to mainly negotiate resolutions as the European Union, while coordinating before with our 28 member states. We aim for consensus on all UN Resolutions.

From a legal perspective, what is most important when negotiating trade agreements?

Nowadays most agreements come in the form of combined trade and investment agreements, such as the well known TTIP, from a legal perspective the most important thing is to maintain a balance between regulation and liberalism, the way each article is written will determine the life of the Treaty with implications such as who can be protected by the Treaty and claim it falls under its protection rationae personae so the scope has to be carefully determined.

How did you successfully help to achieve EU objectives, as an advisor?

First off I had great guidance from the lead negotiator from the Macro-economic section of the EU Delegation, as a junior it is key to have a mentor, especially in diplomacy when it is not only your technical knowledge but also your knowledge of the savoir faire of diplomacy that will allow you to achieve your objectives. My technical skills in business law and trade allowed me to report back to Brussels with exactitude, but it was my previous experience at the Spanish Ministry of Foreign Affairs and the Minister Counsellors mentorship at the EUDEL that helped to construct a strategy for the EU 28 member states in macroeconomic resolutions, as well as to maintain consensus among all UN Member States.

In basic terms, how can legal framework protect against corruption?

Laws are inefficient if not combined with political will, and the equation is synallagmatic, both go hand in hand. Some governments have the will, but not the legal framework which is essential. You cannot act against illegality if it is not considered illegal either because there is no law or no law enforcement. Transparency International in that regard works on the ground with national chapters so that countries can develop capacity building, it achieved tremendous advancements especially in North Africa. At an international level, the United Nations Convention Against Corruption and the OECD Anti Bribery Convention have helped to foster political will at an international scale.

You have worked for many international organizations, how did you successfully adapt to the different international legal frameworks?
In the future, what are your biggest ambitions?

I think I adapted because of my international background: I studied international law, and international law as one of my Professors Judge Bennouna said is something you have to live, so I got out of my comfort zone very young, left my household in Brussels when I was 18 to study in France, then I saved some money and decided to spend a semester at UCLA. Sacrifice is something inherent to an international career, and you have to integrate soon and make a choice. I also believe the fact that I acknowledge with pride that my diversity, as half Moroccan half Spanish, allowed me to connect with people from very different horizons.
As to my biggest ambition, younger I said to myself I want to be a lawyer, a diplomat and an entrepreneur at the same time, I want to have an impact on the world in a meaningful way and those are three ways. I mentioned Judge Bennouna earlier because I had him as a Professor during a course at the Peace Palace, and he is the person that touched me the most professionally speaking. He was a lawyer, he started his career in France and reconnected with Morocco after, he then became the Ambassador for Morocco to the United Nations, he was also the Director to the Institute of the Arab World in Paris, and now Judge at the International Court of Justice. Envisaging law practice with diplomacy and social entrepreneurship by promoting the Arab World and the EU: building bridges, I would say is my biggest ambition.

Do you have a motto in life/career?

Be passionate.

 

Bożena Głowacka is a partner and legal counsel at Aria Legal, previously Head of Legal and Compliance at Pramerica Poland (part of Prudential Insurance Company of America), currently is a supervisory board member at Glob Polska S.A., previously also at ATM Next S.A. and SARE S.A., board member at Monger One Sp. z o.o. Pro publico bono in human rights cases, supports small and medium organizations within ZPP. She has a vast knowledge of financial and corporate law, and is a proven success. It was very interesting to read her insight into her legal career.

At Aria Legal, what are your regular duties?

Being a partner in a law firm requires not only excellent knowledge of law, but also entrepreneurial skills, business experience and excellent management skills. From building and retaining a Client base (sales), through managing the operation and it’s day to day affairs, whilst making sure you motivate and hire the best people, your duties are demanding and a wide range composed of the above. It’s a regular business.

From your experience, what are the largest regulatory risks facing financiers and bankers?

The financial sector in general is a huge responsibility laying on the regulators, so the list is very long and growing with time and new products. Making sure people who save their money, sometimes throughout a lifetime are not deprived of their funds by being too trustworthy and yet allowing them to make profit on their assets by taking cautious risks (if this contradiction is at all possible) is a thin line of assessing all shades of grey. How do you regulate what is a good investment that can turn into high profits, the projects, companies and businesses deciding through rules and regulations between the good, bad and ugly. Regulators hypothetically are not there to ruin an honest business, but to protect the unexperienced investor so in my opinion cooperation is the solution between regulators and the financial industry, learning from each other and understanding the business, not only overregulating the sector. I think also education is key, you need to learn before you drive a car, you should also learn before you start investing your hard earned money.

For start-ups, which legal problems regularly arise?

The most common problem for startups is their legal structure. Many of them run their operation initially without a formal entity. Once they start making money startups usually tend to look for the cheapest solution available – most often a sole proprietorship or a limited liability company. This is understandable, but if they will be looking at finding an investor in the near future, setting up a stock company is amongst the best solution but at the same time one of the more expensive. This form of company allows startup partners keep a big chunk of their business while gaining access to financing. They do not have to go to the stock market to access capital, but in most legal environments allows them to keep control of the company at the same time infusing it with capital. The stock market comes with time and business expansion. So if your company is starting to grow and you need investors, this is the way to go. Remember to hire an experienced lawyer to make sure the investment secures your position in the deal and last, but certainly not least, hire a good accountant. Knowledge in this field and flexibility will make your business thrive, bad accounting will limit your options, make you miss opportunities and add extra work to your day to day operations, which already is demanding on your schedule.

What has made you successful when negotiating contracts with major companies?

Certainly the answer depends on what the contract is for. Assuming it is your business, don’t be afraid to negotiate, that is the fundament of success in business. The fact that you are negotiating with a major company doesn’t change the fact that you need to articulate clearly what your expectations are in return for what you will be supplying. Start with defining your goals for the cooperation, what is the minimum you expect to be satisfied with the deal, make sure you communicate clearly to the other party what you are willing to accept and what is a deal breaker. Better to leave the table early in the negotiation than waste time to find in the end you cannot meet in the middle. Unless you want the contract no matter what for some reason (the deal will give you a boost in your business reputation, good pr etc.). Make sure you know what you want from the cooperation and stand firm by it, assess what you can compromise and what parts of the deal you can’t budge on. Assure the contract protects your interests. The other party will respect you for that and see you are competent and mean business. At the same time make sure you are flexible with your demand, some things are not worth fighting for in the bigger picture. Remember, business is about two sides achieving their goals.

In your career so far, what has been your proudest achievement?

I have several, but the top 3 would be: One – Heading the Polish Legal Department of one of the largest global financial institutions without any regulatory fines. Second – participating in the successful lobbying and passing through the government legislation a ZUS (social security) abolition for small entrepreneurs (caused by different interpretation of the law through the years); and Third – lobbying a beneficial change in the polish civil code (insurance).

How did your legal and finance knowledge make you successful as a board member?

Apart from knowing your business, the basics of success is law and finance. Well, that is if you are running a legitimate business and by the books. Knowing what legal grounds you are treading on in your operations as well as making the project work financially is essential. It’s a lot about common sense, having the background means I do not need to hire so much outside counsel for support. If you have a mixture of the above knowledge and experience, you can assess projects and risks much faster mostly with high rates of success.

Speaking in general about your personal characteristics, what has made you successful?

Hard work, determination and most important, believing in what I do and believing in myself. No one is perfect, no one knows everything, but success is about trying, failing, getting up and working hard to achieve goals, learning from mistakes. I always look to work with people who are better, smarter and/or more experienced than me. At the same time, I had several very successful projects come out of working with young graduates with no experience, with a fresh approach who turned my attention to opportunities which I would have never seen myself. Being open minded is a huge attribute in business. I also make sure I find balance in my life, time to do things that make me happy and drive my motivation.

Do you have a motto in life?

Small steps bring you to achieve big goals. Don’t rush things.

Maria Kozyrnaya is the Managing Partner of Protege group, a Ukrainian marketing and promotion company. It has hosted many luxury high class events throughout Eastern Europe. She runs the company along with Anna Gvozdiar. Protege Group has been very successful, and it was very interesting to read Maria’s thoughts.

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What has been your favorite event that you have organized so far?

One of the biggest and most profitable projects for Protege Group was the organization of shooting for the Final part of the 3rd season of the Ukrainian “Bachelor” reality show as part of the Mauritius island promotion campaign. We put all our efforts to make this project possible: 6 months of negotiations, 40 days on the island and a fruitful work of more than 50 people, led to a top rating show with a beautiful product placement for the best hotels of Mauritius, DMC Company and the island itself.

All of Ukraine watched it, and every travel agent wanted to know the secrets of the shooting process and the location where the romance took place. So we came up with a special event where we invited the chosen couple with chosen couple and the director of the show. Our guests could address all their questions personally to the main hero and to the director. I love surprises and I always try to impress people in a pleasant way, so this surprise event was definitely my favorite!

Marketing and tourism are very competitive, how is your business unique to other companies?

Marketing in tourism is indeed a very specific business, where you need to understand every single detail of advertisement, media, travel companies and hotels. My business partner used to work as a sale director in an international hotel group and I started my career in business advertisement and media. So together we had access to all decision makers to start our business, much of whom we had already worked with. Main secret of our success is the trust of our partners, who believe in Protege Group, and of course our enthusiasm and willing to make innovative and quality travel advertising in the Ukraine.

 

You have organized many high class events, what is the key to success in organizing them?

Organizing high class events is not very complicated if you have the budget and know the companies you trust in (catering, sound, printing, etc.) The main complication in such events is to invite the right guests interested in your clients. Therefore, we usually organize B2B events, so we don’t need to persuade busy professionals to come after their working hours to an event where we will discuss about work again. This community of people is not big, especially in the luxury travel business which is our main focus, and it is pretty “closed”, so time is needed to become part of it. We are always trying to stay in touch with the community, to arrange meetings not only to set up invitations, but also to ask how the business is going, and sometimes even to help. That way strong business relationships are built which get stronger every year! You won’t attract such guests just with good restaurants or entertainment only; you need gourmet food, stunning venue and smart timing to make an event successful. A professional photographer for photo call is always needed, if there are no nice pictures from the party – there was no party!

Describe your idea of a perfect employee…

It may sound strange a for company owner, but I don’t like the word “employee”. I don’t like when somebody “works” for me. When we have a project – we are all inspired with one idea and we all work as a team to achieve one big goal. I can personally call to invite guests to our events, or even send invitations from my personal email, since for some guests it is important to receive personalized invitations. As for people working in our team, I want them to have strong communication skills, to be easy going and definitely to have a nice sense of humor. I also want people who I can rely on – just like I can rely on my business partner – who can handle any situation even when I am in a plane unavailable for more than 12 hours. In our business , we prefer hiring professional outsourced people for every single project, and to pay them a monthly salary even for a week long project, but to insure the best result. Our business doesn’t allow for any excuse and everything should be as perfect as possible. International Luxury brands with a long history of excellence entrust us with their image; there is therefore no place for mistakes!

How do you inspire/motivate your employees?

I guess we are lucky since our business is an attraction in itself. The most common “motivators” are found in the internet such as websites about travelling to islands, and other paradisiac places all around the planet. When I chose my profession, the hotel and restaurant business attracted me in its capability of providing a chance to help people pursuing their dreams. Motivation should come from the inside and I will never accept in my team a person who is not driven by motivation or who only dreams about money. Every job gives you a lot of opportunities, not only financial ones. When I started working as a marketing director in a tour operator, I didn’t earn the appropriate salary for such a position and level of responsibility, but I earned more: The opportunity to travel – even though on business trips – since travelling has always been the dream of my life. To conclude, my secret of motivation is to make my coworkers believe that impossible is nothing and to help them to pursuing their dreams.

In your opinion, what are the most important characteristics to become an Entrepreneur?

I’m sure their must be a “risk” gene in your DNA! You definitely have to be brave, confident and a bit crazy, since everybody around you will tell you to think twice, reminding you of stories about unsuccessful start-ups…. And for sure there will always be some of negative energy around, because none of your competitors want you to become successful; you therefore have to be strong to go through it. In my case, I would have never started my company without my soulmate and my business partner Anna. She was the first person to believe in the idea, to believe in us as a team! Through her the idea became a company.

Do you have a motto in business?

On my graduation, my teacher high school teacher said: “She sees the goal – not the obstacles” and her words become the motto of my life!

 

 

Viktorija  Čeplikė is the owner of the Lithuanian luxury fashion company “VIKE”. Her family heritage is renowned in the fashion world, and from this heritage, Viktorija created a new company. However the company was founded during  economic difficulties, which made this a big challenge. Despite this adversity, VIKE became a very successful and well known brand. VIKE JSC operates in Kaunas.

Viktorija had to work harder than ever to make VIKE a success, and now it is paying off. VIKE’s dressmaking skills are becoming famous, as she has many international clients. The use of great quality materials are very attractive to her customers. The company has many functions; it designs, tailors and even finds fabrics. Viktorija says the hardest business decision she had to make was how much time to spend away from family.

The company has 30 employees, and when asked what makes a good leader and how she motivates her employees, she said “The main reason why employees are happy to be a part of VIKE team is respect for people from the owner’s side.

The VIKE factory is based in Kaunas

Fashion is something that Viktorija has always had a passion for, and that combined with good business sense is the perfect recipe for success. She now has a large factory in Kaunas, and would like to expand even more.
VIKE is Viktorija’s first business venture, and she must have had a big talent and work ethic to have performed so well in its early years. The fashion industry is notoriously difficult to have success in, and therefore it is a huge achievement to have made the VIKE brand so strong.

This story shows that it is absolutely necessary to have a passion for the business you are in, but also have the key skills that make a good businessperson. The personal characteristics that have made Viktorija a perfect business woman are optimism, persistence, curiosity, sociability.
It truly is an inspirational story, and will hopefully encourage others in the future.

Mojca Perić, from Slovenia, is the Head of Corporate Communications at a big international company based in Slovenia. She has proven to be very successful in Strategic management, and has been awarded with the prestigious Fenix award.

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What has made you successful in strategic management?

Great mentors and some of a very experienced people that unselfishly shared their knowledge with me, and of course my desire to learn, the ambition and proactivity.

In your opinion, which are they key aspects to good communication?

First you need to understand the person or a group you are addressing, secondly you need to have a clear picture about the goals and key messages you want people to understand and thirdly, you have to pay great attention to details, one word or a synonym can make a huge difference in a meaning of the message and in it’s understanding.

So far in your career, what has been your proudest moment?

I cannot expose the specific situation but my proudest moments are when I see that people can be “moved”, no matter how challenging the communication is. I have been working for companies where the motivation of people was on a very low level or they were almost apathetic. I am very proud when I recognize a change in that kind of environments, knowing I am a part of that positive improvement.

How did your project achieve the Feniks award?

Association for management consulting grants the award for a great contribution to the development of a client, to the development of consultancy activities and consulting methodologies as also for the contribution to the development of the environment. We received Feniks award as a team, project leaders on the customer’s side and two consultants, for a strategic transformation of a company.
I would say the most important thing is that as a consultant, you understand the company, its business, culture and its team of leaders and decision makers. Therefore you can choose the appropriate combination of consulting approaches, models and methodologies to achieve goals. To do that, you need to have a lot of knowledge but also a feeling for people, a sort of an instinct and a capability to adjust fast. Creativity and new, fresh ideas also play an important role in such a successful project.

Which characteristics do you have that make you a strong leader?

When you say a “strong leader” I think of a person with a lot of knowledge, who is confident and proud but not arrogant, responsible, trustworthy, intelligent, stable and with great manners. I am striving to become that person one day.

In the past you assessed businesses, what were the key things you were looking for?

Business assessors look for a “balanced excellence” through a great number of indicators. In short, we look for elements such as acuity – the ability to detect business opportunities and risks better than competitors, agility – the ability to react fast and effectively to adapt to changes in unpredictable business environment and alignment – the ability to provide the resources needed to achieve strategic goals. We also look at how key factors: leadership, people, strategy, products & services, partnerships & resources are aligned and balanced in the company and how this brings sustainable results. Results must always be evaluated based on three views: realization vs. plans, trends of at least 3 years and benchmark.

How do you like to motivate the people around you?

By being ambitious and hardworking, positive but realistic, and also – with a kind word and a simple smile.

Kamila Zárychtová is the owner of the Business For Breakfast Czech Republic Master franchise, and she has successfully managed to lead the BforB franchise in Central Europe. BforB is a referral marketing and networking franchise, that has proven to be very popular! It already has more than 40 groups operating in the CR.

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There are many BforB franchises in the CR, how did you create such a popular success?
At the moment, me and my team look after more than 40 BforB business clubs with more than 450 members. How did I create this? More than 6 years ago, there was a very important decision. I used to live in England and was about to get back to the Czech Republic. And I wanted to be part of the business environment, where people help each other to be successful, inspire each other and refer each other and all together are getting stronger on the market. And BforB was answer to that. I did not waste time, got back to the Czech Republic and on the 14th of September 2009 launched the very first business club with very new principles to the Czech business environment – KNOW-LIKE-TRUST.
And then, I never gave up and even when almost no one believed I could succeed, I never gave up. I woke up every day and worked towards my target. BforB is for my new life, new journey that is the destination.
I have to work hard on myself and prove my knowledge and abilities and change. This is good about doing business. It is very common in business what worked before, does not work now anymore, so you have to level with change and “upgrade” yourself very quickly too. And that is a challenge you need to face and manage.
I succeed because I believe in BforB so much and I know it helps business people to get new business through referrals. And now after more than 5 years on the market, I not only believe, now I know.

How do you ensure that your franchises are successful?
Our franchise is a great business opportunity in the Czech market. In this business sector is no better opportunity than BforB at the moment. So every franchisee has got unique opportunity to be special and do very special support for local business people, for local economy and is part of the team, who is changing the business environment in Czech Republic for better. So the topic is so strong, so inspirational and motivation of my franchise team is really huge.

Would you like to spread the franchise further into Central Europe?
Yes, I already helped with getting a new Master franchisee on board in Slovakia. It was fantastic work and I found not only a new business colleague, but friend. For the future I would like to help with finding, getting ready and supporting new colleagues especially in Poland, Germany, Austria, Ukraine and Hungary. Lets get BforB bigger and available for as many as possible entrepreneurs so they help each other to get more business through referrals and get more successful and stronger.

In your opinion, what makes the perfect employee?
Well, I am wrong person to ask I guess. I do not have employees. I work with entrepreneurs. But if I had an employee, I would want him to understand what we do, why we do it and wanted him to be part of it. I believe if employee is part of the project and understands that his work has very big impact on success of the company, that employee knows why he works and wants to be good worker.

You are very inspirational, how do you motivate your business team?
Inspiration and Motivation sound very similar but really, there is huge difference between Inspiration and Motivation. Motivating people is not very difficult. You can motivate people in positive way and negative ways and both work and bring results. But if you want to inspire people, that is different and you have to give them something that makes sense for them, agree with it and want to be part of it. Then, you do not need any outside motivation. People are motivated from inside. And that is real power. So really I believe that my vision of business environment where people help each other to get business through referrals, be more successful and stronger in the local market is so strong and good for business that people want to believe in it and want to be part of it and want to support it. Because then when more business people will do business this was, we will be part of the environment where is great thing to do business.

What are your personal characteristics, that have made you successful?
Well, I am Aries and maybe just that gives me good assumption to be successful Because Aries is so stubborn and doesn’t give up. I am also very focused, disciplined and I want to succeed no matter of what. If something doesn’t work, I seek for other ways. I work on myself very much and maybe that is the hardest job I ever done. I am very positive and always believe everything happens for good reason. The most important thing – I believe so much in what I do. It just is right and makes sense and I love it.

What has been your biggest achievement at BforB?
When I think about this question, I cannot figure out what achievement from all those was the biggest one. I experience success every day in BforB. There is always a good thing that shows me that it’s worth to do BforB. I plan things and I achieve them every day, step by step, month by month, year by year. I have going plans and goals, but I cut them into small pieces and then I achieve them, so I experience the achievement. If I would not do it, my goals are so big that maybe I would never achieve anything.

Katina Stefanova is the founder and board member of Accordance Technology. 

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Accordance Technology was founded this year, has it been successful so far?

Accordance Technology is an expression of my partners and my desire to make the asset management space more transparent and better managed which is good for investors.  I have written a lot about the issues in the asset management industry including lack of adequate transparency for investors, misalignment of incentives between the investment firm and the ultimate investors, outdated technology. (See How to Disrupt the Investing Business? and Why Taxes and Trading Costs Kill Investment Returns?).  As a result of helping address these issues,  Accordance has been incredibly successful.  We have attracted top-notch talent with both deep asset management experience and technology knowledge.  We have also caught the attention of the asset managers themselves who are trying to solve the problem of how to manage client money more responsibly and transparently.  Accordance provides insight into the Chief Investment Office, the CEO/COO or Board in some cases on whether each portfolio manager invests responsibly and consistently with internal investment strategy requirements, client guidelines and ultimately regulatory requirements. To build Accordance, our team has applied the same lessons that I have learned from my experience at Bridgewater Associates (Top Three Entrepreneurship Lessons from Ray Dalio), such as how to think about the problem I am trying to solve systematically, build an exceptional team and remain flexible.  Thinking about the problem systematically in the case Accordance meant finding a business problem that clients need solved.  Being flexible is a must as the Accordance management team had to evolve the strategy a few times until we struck a business model that clients were excited about.  Above all, the key to success is creating a team of leading experts including the CEO, Chuck Dooley, a repeat entrepreneur; Steve Yatko, one of the most advanced technology advisors in investment services; Ken Tremain and Michael Rose, risk and asset management veterans and Michael Krimm, a top performing Bridgewater alumnus.
I am a believer that an A team can transform a B idea into an winning strategy but a B team will miss the opportunity of an A idea.

How much has investment technology changed since you first started out in M&A?

Investment technology is on the verge of tremendous disruption.  Most technology innovation happened in the consumer space due to the growth of such behemoths as Google, Amazon, Facebook.  These companies found technology solutions on how to learn and manage huge amounts of data in an intelligent way.  Financial Services, burdened by legacy technologies and systems that were difficult to replace, was slow to follow.  However, there are now multiple factors that are creating an impetus to change in asset management – tightening regulatory requirements, a more educated investor base, greater competition among asset management firms and concentration of assets in the larger players, and the availability of data management technology, machine learning, flexible user interface solutions.  Accordance which spun out of Oktay Technology started as a strategic technology advisor to the financial services firms, large banks and asset managers and then started to productize the solutions we were advising on.

What has been your biggest challenge so far with Accordance Technology?

All challenges in a start up are large and equally critical.  Once one challenge is resolved, another one pops up.  Start ups are incredibly sensitive to making mistakes because all resources, money, time and talent are scarce and limited. The challenge that I spent most time on and constantly think about is whether we have the right team in place to execute what needs to be done.  My lesson learned at Accordance and historically as a manager is never to compromise on the people I bring in.

When you first started out in Mergers and Acquisitions, what was the first important thing you learned?

When I started as a young manager at IBM, Mergers & Acquisitions in London, my first challenge was rather unexpected.  I expected to be challenged by learning the market or how to deal to international execution, or new technology.  Instead my most notable challenge was learning how to manage people, specifically men and older than me.  In particular I remember having to manage a male colleague who was a few years older then me and who had been in the company longer.  I had a hard time getting him to cooperate and was quite frustrated.  I shared my experience with my direct manager at the time, who was a wise Cambridge educated gentlemen who had spent 20 + years at IBM after serving as a monk in the Catholic Church.  I was fortunate to have a manager and a mentor like him.  He basically told me that this is a challenge I will encounter  my entire career.  In fact, the better I do the more pronounced that challenge will be.  So I have to get over it and not wish it to go away but learn how to deal with it.  He also shared some suggestions on how to build my confidence, align incentives and at times just ignore some of the more petty issues. I share this lesson because I think it would be useful to other young women starting their career.

You have had a very successful career, but what do you feel is your best achievement?

I am grateful for the opportunities given to me, because I come from nothing and moved to the United States when I was 18 years old with only a few hundred dollars in my pocket.  I have not had a typical career path and have both worked in small start ups, as well as large established organizations. (Katina Stefanova Linkedin)  I still have big dreams and goals that I would like to accomplish and think that my biggest career accomplishments are in front of me. However, by far the most valuable achievement in my life has been creating meaningful and lasting professional relationships and friendships which have carried me over from one business challenge to the next. I would not have been able to accomplish what I have accomplished in life without an extended network of amazing colleagues, friends, mentors and family members. I am blessed to be surrounded by people that are greater than me in many ways. I have shared some of my thoughts on the importance of relationships in the article: Why Every Woman Needs a Mentor. Life is a long journey and it is impossible, as well as a lot less fun, to be travelling alone.

In your opinion, what has made your leadership so effective in strategic management?

There are many things that lead to success, but I believe that virtually everybody can reach their goals in business or personally.  I credit some good personal habits to my success – setting goals and writing them down, designing a team and the business model to achieve these and above all not giving up when I encounter failure.  Almost everything that I have accomplished in life, I first failed at and tried again and again until I succeeded.  The key is to learn from ones mistakes and to adapt ones approach.  The biggest deterrent to success is fear.  Ask yourself what would happen if I fail?  Most of the time, you would see that the downside of failing while trying to accomplish your dreams is less than the downside of not trying at all.

Do you have a motto in business or life?

If by R Kipling exemplifies my philosophy in life.

Gintarė is the General Manager of Amber Tours,  a Destination Management Company, based in Vilnius (Lithuania), focusing on  the leisure and business travel  into the Baltic states and beyond.

She started the company 6 years ago and now Amber Tours became one of the TOP 3 incoming tourism operators in Lithuania. Amber Tours delivers high quality services to the customers from more than 16 countries around the world and is growing every year. The company has been awarded 3 times by the Lithuanian tourism department among the best tour operators in the country.

As director of Amber Tours, what are your main tasks?

Well, the main task is to build- up a strong company, leader in the region, to guarantee top service for the clients and to have motivated and happy team. It’s very important to have long term goals and to implement the necessary strategic steps to reach the goals, only by doing that movement forward and growth can be achieved.
After strategic planning and development I am also involved in sales and search of new markets, development of new products. I travel with my colleagues to the main tourism trade shows around the world, where I present our products and services, meet the clients and learn new trends in the changing tourism industry.

What inspired you to get into the tourism business?

Tourism was always my favorite field, because of its diversity and undiscovered potential. I am from a small and very beautiful country – Lithuania. We are independent state since 1991, so for the rest of the world it is still undiscovered destination with plenty of possibilities in all economic sectors as well as tourism. I found it very challenging yet interesting to present my country and all three Baltic states in different continents, to persuade tour operators, travel agencies and individuals to come and discover our region and to start selling tours to our destination.

The tourism industry is very competitive, what has made your company so successful?

Big ambitions, good strategy, professional team and hard work!
I started company in the crisis, back in 2008 and it was hard time for any business, but together with the team we were able to create the platform for the future success! We started 6 years ago and now we have tripled our turnover, added many new markets, got 3 awards in 2010, 2011 and 2013 from the Lithuanian tourism department as one of the best and the best incoming tour operator in Lithuania.
Hosting around 15 thousand tourists every year we became one of the TOP 3 incoming tourism operators in Lithuania.

During your career, what has been your biggest achievement so far?
Amber Tours, of course!

What are your characteristics that have made you very successful?

I am ambitious, goal- oriented, determined and patient, if I know that in the end I will reach my goal. Of course I am devoted to my job and I enjoy it!
I love challenges and I am not afraid to leave my comfort zone. I am ready to travel and search for new markets and new clients, because they don’t come themselves (unless you sell Iphones ). I believe, that hard work makes you successful and if not, it means, that you must try harder!
Volere e potere!

Which method do you find best to motivate your employees?

Firstly people, who work at Amber Tours must love their job and if they do, they are involved in decision making process and communication with clients. People have certain freedom in their daily work and that gives a positive motivation for them. Also it’s important to give to people understanding about their responsibilities and what expectations they can have from the company. Right communication is very important and we have many discussions on relevant issues, exchanging ideas and searching for the best solutions
together. I am very interested to motivate people, who are initiative and add extra time and effort for the better result. I always give the possibility to people to grow together with the company.

 

Ms. Anastasiya Stankevych, originally from Ukraine and now working in the Netherlands, Czech Republic and Switzerland, is the director of the Photon Energy Foundation.
She has impressively worked her way from Public Relations Manager to becoming a Director
in the short space of a few years. Her drive, dedication and ambition is truly inspirational.
Her commitment to sustainable energy is something to be admired, and encouraged amongst
modern business. Anastasiya is also Business Development Manager at Global Investment Protection AG.

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As director of the Photon Energy Foundation, what are your main roles?

Photon Energy Foundation is a generous initiative of our founders in Photon Energy aimed at those who are less privileged in life and cannot simply switch on the light at home when they return back from work or school. It is truly mind opening to experience complete darkness without a chance to enjoy all the technological advancements that we are so used to. Can you imagine a life with no socket to charge your mobile phone, to connect to the Internet, to watch the evening news, to light up the room where you read, cook or study?

These are some of the issues, which we in Photon Energy Foundation address and promote worldwide to spread the awareness.

What lead you into the sustainable energy business?

I have discovered my clear passion for and excitement about sustainability back in university. Although I majored in Media and Communications, as a part of general education classes I opted for a course in Environmental studies which involved lots of site visits, traveling to landfills, incinerators, infected national parks, water purification plants, etc. That was clearly more challenging than a regular hour in a classroom in front of a textbook. Nonetheless that gave me an immense insight into the nascent problems of our city and society, thus encouraging me to follow this path and try to influence the status quo by putting maximum of my efforts towards sustainable development.

What are your personal characteristics that have made you successful?

It is definitely my ability to multitask and run several unrelated projects in parallel. I can stay focused on multiple working lines at a time and not stop until they reach completion.
I am also truly devoted to my work, so much that sometimes I find myself engaged far beyond working hours, on weekends and during holidays. I do not differentiate between work and private life. Both are interconnected and keep me tuned and thinking all the time.
Finally, I am very responsible and disciplined. I do not make promises unless I am (at least remotely) confident I can deliver. And then having made them, I make sure I live up to them. That makes it an efficient, yet demanding life style.

How do you motivate people?

People need both guidance and freedom. Exerting pressure and a dictatorship-like attitude has not proved to be successful in my practice. I have noticed that my colleagues are much more motivated and excited about their tasks when they know they have certain space in which they can act, nonetheless at the end of the day it is them, who will stand up to present their performance and accomplishments. Yet, it is crucial that they feel there is someone who would support them in the moment of doubt and provide non-intrusive supervision.

So far in your career, what has been your biggest achievement?

Approximately 3 months after assuming my responsibilities in Photon Energy as a Public Relations Manager I was challenged by a task very new to me. The company used to participate in the largest trade fair in solar energy industry in Europe for several years and now it was my job to oversee the full scale preparation for it. At the point I still knew relatively little about the company and the specifics of the industry, let alone the peculiarities of making our corporate appearance on a European arena and presenting the firm in the best light (and in my slightly perfectionist understanding it meant – a better light than any year before). Nonetheless I did manage successfully and in time. Certainly not everything went completely smoothly, but I will never forget the words of appreciation and acknowledgement from the staff and the senior management that I had received. Being accepted in the new team and acquiring recognition for your skills at an early stage was of true importance to me. And will always be.

Do you have a motto in business/life?

If you have a spare minute, use it to the maximum benefit.

Never put things off, as circumstances change so rapidly and a few days delayed reply may for now be irrelevant, equally as an analysis done last month and submitted today may fail to include the latest findings.

Do not promise if you are not sure you will manage to fulfill it.
No doubt, there are times when things go wrong and having promised something, you may suddenly find yourself in a position that you are incapable of delivering. However never ever promise if you realize it will be hardly doable at that specific moment. There are elegant and delicate ways how to avoid making the promise yet phrasing your “no” in a non-offensive way.

You are very inspirational to others, do you have advice for people starting their career?

Always aim high regardless of your age, social background and current seemingly weighty disadvantages. From my own experience I have come to realize that
•    miracles do happen
•    it is possible to find the job of your dreams and love it full heartedly
•    if you believe in yourself and keep developing, your career may evolve sweepingly just as you have dreamed it

Just make sure you do something meaningful and enjoyable. As my professor used to say, “Now that you are graduating the university, try to find a job that you like. You only have next 40 years to be doing it”.
Finally, I believe in the following definition of the concept of “talent”: having decided to do something, one should ensure three components to be present:

•    enjoying it
•    being good at it
•    bringing benefit to others by doing it
So find you talent and pursue it. Believe in yourself and have role models to help you overcome the moments of weakness.