Sharing his experience of business development and investments in international markets, John Christodoulou, Chairman & Owner of Yianis Group, spoke at the 17th Limassol Economic Forum.
In the discussion titled “The Entrepreneur’s View: Where to Take Risk and Build Value in an Uncertain World,” moderated by journalist Emilia Papadopoulou, Christodoulou addressed how entrepreneurs identify opportunities, manage risk and create long-term value in times of uncertainty.
In the view of the Cypriot entrepreneur, excessive bureaucracy and delays in decision-making are a brake on growth, because if a leader does not move quickly, they lose their competitive advantage in the market.
As Christodoulou explained, business is by nature a risky activity, and taking responsibility is an integral part of it. In his view, many people do not sufficiently appreciate the business world, which puts everything on the line every day, prays, makes an enormous contribution, pays taxes and employs staff who support their families. He said that if it were up to him, he would propose that the ten leading companies of scientists share the cost of new investments and ideas equally with the state, as current decision-making is extremely slow and, unless this pace changes, the market will be left out of the game.
In a detailed account of his personal experiences, Christodoulou shared the major difficulties he faced during the Covid-19 pandemic. According to his own statements, he personally lost income of around €110 million from the ten hotels in his business - a loss that could not have been anticipated in any budget.
As the entrepreneur noted, when his management team proposed asking the banks for a one-year grace period or suspending interest payments, his conclusion was to continue operating as normal, knowing that Covid-19 would not last forever. In his view, when a business maintains an impeccable relationship and meets its obligations during difficult times, it gains enormous credibility with the bank’s credit committee for the future.
At the same time, Christodoulou revealed a disagreement he had at that time with the management of a hotel property. According to him, the hotel approached him proposing that all employees be laid off and the hotel closed — something he categorically refused to do, choosing instead to continue paying their wages and asking for patience until they could reopen.
In his assessment, finding the right people in the labour market is extremely difficult, and retaining them is of vital importance. Christodoulou also expressed his deep disappointment that some of his associates had spread falsehoods that he intended to carry out layoffs, stressing that when relationships based on lies are exposed, they must be ended immediately.
In the view of the Cypriot tycoon, entrepreneurship requires a strategy built for the long journey. As he noted, it is extremely rare and limited for anyone to achieve a 100% return within a single year. By contrast, if a strategy has a seven-to-ten-year horizon, it can absorb changes in the market, whether a war or fluctuations in interest rates.
As Christodoulou argued, his own business activity is based on long-term investments, because people will always need somewhere to stay, eat and travel. Concluding, he stressed that the recipe for great success lies in strong conviction, self-confidence and simplicity, as entrepreneurship is not a science but faith in one’s own abilities.
