The recent Russian invasion of Ukraine is by no means the first event to put the economy of Ukraine in jeopardy. The country has faced many challenging times and, although there have been optimistic periods of improvement, it is nonetheless a challenging location to be an entrepreneur – opportunities with longevity are hard to find.
A Man With Many Ideas
Oleg Prokofiev – born and raised in Ukraine – always had a bright entrepreneurial spirit, and began experimenting with projects from a very young age. He planted vegetables on his parent’s land and paid his sister to sell the produce at the local market. During his time at summer camp, he acted as the group photographer during fun activities and then developed photos at the local shop to sell to the other children. He even gathered berries from the forest near his home and sold them to a friend’s mother who made jam. Entrepreneurship came very naturally to him, which drove him to complete his Bachelor’s degree in Economics & Business Administration, and then his Master’s degree in Business Management.
For his first professional business venture Oleg decided to focus on cell phones, as they were a new and hot commodity that he was excited to build a business around. In the beginning, he found a supplier with wholesale prices and sold the devices via newspaper ads. Business was going so well that he opened a cell phone retail shop and added cell phone accessories to the business model. Unfortunately, cell phone scams and fraudulent activity had become very common, so he decided to stop selling the devices themselves. To help differentiate his accessory shops, he had the brilliant idea to become an executive distributor for a very popular brand. Thanks to Prokofiev’s innovation and perseverance, the accessory business was thriving, leading him to open six more locations and then eventually, with a partner, a wholesale company as well. Through the wholesale business he made some valuable connections with Chinese suppliers, sparking his interest in the manufacturing industry.
This led to his second business, IRS (Intellectual Radio Systems), which would later become Cyphrax. The company – which temporarily shut down business in February due to the current state of war – develops and manufactures access control systems with special software and supplies them to professional installers. Thanks to his past experience and connections in engineering and security companies, the business has been very successful.
In Love and In Business
Having learned from his retail experience, Oleg got involved in his wife’s cosmetic business selling a large variety of brands, and negotiated to be the executive distributor for all of Ukraine for a highly reputable big cosmetics brand. Oleg’s Chinese factory contacts were essential to the negotiation. After just six months, they were able to successfully build a chain through all of the major Ukrainian cities.
Sadly, in the days of the internet, it was far too easy for other vendors and individual customers to bypass their exclusive distribution rights by connecting with the manufacturer directly. As a result, it was impossible for them to maintain the pricing and guarantees for their purchasing partners. It was a heavy pill to swallow, but they were able to turn the loss into a gain as it sparked their next brilliant idea – to create their own cosmetic brand with all rights belonging to them. This was a significant move in their journey, as it gave them a lot more control over their business and flexibility to work with different factories. Business was booming and things were really looking up for the Prokofiev’s, until the events of 2014 sent the Ukrainian economy into crisis.
Go Where the Grass Is Greener
When he realized how fragile the economy truly was in Ukraine, Oleg started to reconsider his long-term goals. He was a proud Ukrainian, but saw that giving his family a sense of security would be unlikely without relocating somewhere more stable. After three years of thorough research, he came to the conclusion that the United States would be the best option for their future and moved his family to Southern California.
Bringing his entrepreneurial talents to the US, Oleg purchased a fine-dining Italian restaurant under the enterprise Rich Cat, LLC. Prokofiev was excited about the opportunity to master a new industry, as well as the opportunity to help provide much-needed jobs for the US population. At the time of acquisition, the business was struggling and had a poor reputation. He needed to find a way to turn things around.
Success in the US
After rebranding the restaurant as Testo Pepesto Italian Restaurant, Oleg poured his heart and soul into the business and gave it new life. Thanks to his dedication, strong management skills, affordable pricing and outstanding customer service, he has successfully turned the reputation of the business around completely. He reworked the classic Italian menu to be more healthy and wholesome, as well as added vegetarian, vegan and gluten free items in order to accommodate a wider range of dietary needs. He managed to keep the restaurant afloat during the COVID-19 pandemic, and is a stronger and better business owner thanks to the skills he developed through the process.
His approach to the restaurant business has caught the attention of other entrepreneurs and he has garnered interest in the launch of a franchise. While Oleg is excited to run with this new idea, he is taking a slightly different approach than Testo Pepesto. His first restaurant is a fine-dining establishment, but his business know-how tells him that something more casual will be best suited to the franchise model.
Once again, this serial entrepreneur is excited about developing his skills and expanding into yet another market. The first location for his franchise will be in Arizona. His business plan is bold and ambitious, as he has another five locations set for sale by the end of 2026. Undeniably, he is hopeful of giving his family a stable and happy life. However, the other driving factor of his mission is to give back to the country that has become his new home.
The original location of Testo Pepesto currently staffs 12 employees. This year he plans to bring on 16 more full-time positions, and envisions a total of 34 employees by the end of 2026. In addition, each franchise location will provide at least 10 more jobs for the American people. According to Oleg, two of his top priorities are to:
- Create meaningful and sustainable jobs for restaurant workers across America, a sector highly impacted by the COVID-19 pandemic.
- Create opportunities for entrepreneurs by providing a franchising system that promotes investment and job creation.
Clearly this is a man with a huge heart who is fundamentally working towards the greatest good for all. And when business owners operate from their heart and not just from their pocket book, the world becomes a little bit brighter. America is lucky to have Oleg Prokofiev on their side.
Members of the editorial and news staff of the Daily Caller were not involved in the creation of this content.