Taras Panasenko

IMD Business School

Age: 35

“Entrepreneur, Co-founder of the Avrora chain of stores, impacting society and 6+ million unique Ukrainian customers.”

Hometown: Dnipro, Ukraine.

Family Members: daughter – Christine 12, wife(not Christina’s mother) – Alona 32, mother – Alla 70, father – Yura – 71, brother – Anton 40, sister – Natali 38. 

Fun fact about yourself: I enjoy jokes and appreciate humor, even in the most challenging situations.

Undergraduate School and Degree:

• In 2008, I completed undergraduate studies at the National Metallurgical Academy of Ukraine (Dnipro).
• In 2009, I graduated from the National Metallurgical Academy of Ukraine (Dnipro) with a Master’s degree in Metallurgical Engineering.
• In 2020, I earned a Program for Executive Development (PED) diploma from the International Institute for Management Development (IMD) in Lausanne, Switzerland.
• In 2023, I completed an Executive Master of Business Administration (EMBA) at IMD in Lausanne, Switzerland.

Where are you currently working? Avrora chain of stores (www.avrora.ua ), the CEO and Co-founder from day 1 till now(12+ years).

Extracurricular Activities, Community Work and Leadership Roles:

• Co-founder of Mistohub. Mistohub is the first impact investment project in Poltava, Ukraine, and serves as a convergence point for socially responsible individuals.
• Co-founder of Avrora Sport We promote sports and a healthy lifestyle among our company’s employees and the wider community (more than 2,000 members).
• Donor to Poltava Platform NGO, a volunteer center that supports military personnel, primarily focusing on protective and medical needs
• Donor and ambassador to Diia.Business NGO. The Diia.Business hub promotes entrepreneurship by providing education and support for entrepreneurial endeavors among Poltava’s population.
• I have received numerous certificates of honor from volunteer organizations, military units, and state authorities.

Which academic or extracurricular achievement are you most proud of during business school? My studies were interrupted in February 2022 due to the Russian war against Ukraine. Despite being in Ukraine throughout the invasion, experiencing frequent light and heat outages, and enduring missile attacks, I returned to the EMBA and successfully completed my studies.

What achievement are you most proud of in your professional career? After graduating in 2009, I worked as a project manager for constructing high-voltage lines and electrical substations. In December 2010, at the age of 22, I took a bold step and joined a startup. With an initial investment of $10,000, we opened a 40-square-meter store in Poltava in 2011, where I took on roles such as cashier, accountant, driver, buyer, and many more. Over the course of 12 years, my team and I successfully built a business with a turnover of $450 million in 2022. In 2021, we also managed to attract a private equity investment fund Horizon Capital (the leading investment firm in the region, with fund investors including five governments: the U.S., Germany, France, Denmark, and the Netherlands, as well as over 40 institutional investors) for joint business development.

Most importantly, in 2022 after the invasion, I stayed in Poltava (HQ here), Ukraine. Our team also remained, and our business quickly adapted, becoming stable support for over 7,000 employees, more than 6,000,000 customers, and the government. We ensured the payment of over $45 million in taxes during the war year, even while under barrages of missiles.

Who was your favorite MBA professor? This is a very difficult choice, and I really can’t say who my favorite professor is. It’s challenging to compare Professor Karl Schmedders—perhaps the most passionate person in finance I’ve ever met—to Professor of Leadership Ben Bryant, who turned my life around by guiding me towards a better understanding of who I am and why I do what I do. Of course, there is Professor Vanina Faber, who fostered an incredible group dynamic of mutual assistance, respect, and development among our entire cohort. I have something unique to say about each professor. I think the EMBA program at IMD is a constellation in which all subjects and professors complement each other, forming a holistic and valuable product for your development.

Why did you choose this school’s executive MBA program? I chose IMD after a thorough analysis. The quality of learning, student feedback, the convenience of the schedule, and the atmosphere of the educational institution itself were essential to me. Initially, I did not enroll in the EMBA, but started with a separate 3-week Foundations for Business Leadership (FBL) course, which is also the EMBA starter module. Then, developing my business leadership became an urgent need for me, and I enrolled in the Transition to Business Leadership (TBL) program, receiving a PED diploma upon completion. After some time, once the acute phase of COVID had passed, I gathered my thoughts and dared to embark on my journey through the EMBA Mastery Stage in 2021. By that time, the choice of IMD was already determined and evident to me, as I fully embraced IMD’s values and learning atmosphere.

What is the biggest lesson you gained during your MBA and how did you apply it at work? I received many A grades, but gained the most knowledge from REDO. It was a group project working on a startup, where we pitched our idea to real investors from Silicon Valley. In our opinion, we performed perfectly, but receiving a “redo” made it difficult to contain our emotions and disappointment. However, winners are not those who never fail, but those who never quit. Embracing this opportunity to rethink our approach, we discovered new potential and ultimately succeeded with better knowledge. So, in business, when despair or great doubts beset me, it means something good is waiting for me ahead.

From a practical standpoint, I worked on a case assignment with my peers, focusing on the development of digital and e-commerce in Avrora. I am proud to say that our work on the assignment became the foundation for the implemented e-commerce in Avrora, launched in November 2022. Additionally, my Strategy B assignment laid the groundwork for Avrora’s expansion into Romania, which we are now successfully implementing. I can confidently say that every subject and every experience gained has been useful to me in real business to varying degrees.

Give us a story during your time as an executive MBA on how you were able to juggle work, family and education? As Professor and Dean Stefan Michel advised us, don’t make more than one significant life change during your EMBA. If you’re simultaneously mastering a new job or demanding role, moving to another country, deeply involved in family issues, or facing health problems, there’s a high chance your EMBA will suffer. In that case, it might be worth waiting another year. In my case, until the war began on 02/24/2023, I had only one of these factors – an incredibly high workload as we were making a deal with Horizon, leading to days and nights of work. However, after the war started, my EMBA studies temporarily lost meaning as security and adapting to the situation took priority. Nine months later, I got back on track.

In general, my system involved dedicating all of Saturday to studying and two hours every day except Sunday. When I fell behind schedule or faced overlapping assignments, I took days off or week-long vacations from work to study 24/7. It’s essential to be prepared for catching up at night, sacrificing sleep. For those working intensively, there’s no simple solution or magic button; be ready to sleep less and rely on the support of your colleagues and the patience of your family. I was fortunate in that regard.

What advice would you give to a student looking to enter an executive MBA program? The decision to pursue an EMBA can be compared to the decision to get married: it’s a serious, lifelong commitment. EMBA programs are very demanding in terms of attention and time. It will be challenging, incredibly interesting, and you will make real friends and experience personal growth. Plan your schedule, consider potential challenges during the learning process, and (if possible) visit the school(s) you plan to apply to, as there should be a certain “chemistry.” What I would not recommend is relying on mere formal participation. Be prepared to fully invest yourself, and I assure you, you will gain even more in return.

What is the biggest myth about going back to school? Perhaps the biggest myth for me was that the program would be boring and formal, with tasks for the sake of tasks, a lot of individual work, and limited networking since most of the training would be conducted remotely.

Surprisingly, it was quite the opposite. The assignments were based on my cases and my business, and the networking was fantastic. People were open and willing to share quality time and have fun, which I didn’t expect. Between the modules, there were Zoom meetings and chats, so I always felt connected and in touch with others.

What was your biggest regret in business school? I had no regrets regarding the school. due to COVID, we missed a discovery expedition trip to the US (we had a substitution), and I missed another one because of the war (I could not go). However, the school provided alternative ways to obtain the necessary credits by offering additional courses, and everyone was given the opportunity to go on an expedition to the US with the school after completing the program (voluntarily). I am delighted that our discovery expedition to Kenya took place, as it was incredibly insightful.

Which MBA classmate do you most admire? It’s a pity that I can only mention one person, as it may seem unfair to others who are equally deserving, and I genuinely believe that.

Erwin Oesterle stands out for his level of support, empathy, and sincerity, which serve as an example to me. As part of our small leadership group, we constantly supported each other to stay on track with assignments, discussed difficulties and joys, and talked about challenges in work and personal life. I could always feel genuine empathy from him.

Special thanks go to him for the time he spent caring for my sister when she had an accident in Germany while fleeing the war. His actions were an example of humanity and true friendship.

What was the main reason you chose an executive MBA program over part-time or online alternatives? I think that with a purely online program, it would be difficult for me to truly understand the depth of other people, and it would be hard to experience the spirit and atmosphere of the wonderful IMD and Switzerland. An online gathering after lectures can never replace in-person conversations over a glass of juice or beer at the Whitehorse bar or any other offline activity that we engaged in frequently. I believe the networking value accounts for at least 60% of the journey.

However, online is still a good alternative if you are restricted to travel.

What is your ultimate long-term professional goal? The external demand for leaders is now shifting towards social impact. It is likely challenging to motivate people with the goal of “we just want to be rich.” This approach may not work in Europe or the US, and it certainly won’t work in Ukraine. The emphasis on social purpose is gaining prominence. I am in agreement with this; by enhancing my social role, I can positively impact thousands of people, which aligns perfectly with my responsibilities as a CEO.

As for my specific professional goals:

– Avrora will become a public company by launching an IPO in 2026-2027.

– My goal is to make Avrora a successful Ukrainian company operating in multiple international markets. Specifically, we will enter the Romanian market in 2023 and then continue to expand further.

What made Taras such an invaluable addition to the Class of 2023?

“Despite facing the immense challenges of living and studying in a war-torn region, Taras has demonstrated exceptional resilience, determination, and an unwavering drive to make a positive impact in his community and beyond.

What sets Taras apart is his remarkable talent for transforming adversity into a powerful source of motivation. Beyond his academic achievements, he has tirelessly dedicated his time and skills to support and uplift others affected by the war. Through his philanthropic endeavors and leadership initiatives, he, and his company Avrora have become a beacon of hope and inspiration for those facing hardships in the region.

Taras’ ability to excel amidst adversity is truly commendable, he has embraced his role as a pioneer and advocate for change. His tenacity and determination serve as an inspiration not only to their fellow EMBA classmates and community but also to individuals across the globe, demonstrating that one’s circumstances should never define their potential.

His determination and commitment to personal and societal growth are a testament to his exceptional character. His inspiring story showcases the immense power of resilience, illustrating that even in the most challenging circumstances, one can transcend adversity and make a lasting impact. Despite facing setbacks that led him to pause his studies for a year, Taras emerged stronger and more determined. He fully embraced his learning journey, diligently applying the knowledge and insights gained from his EMBA program to his role as CEO. By inspiring his teams and carefully reviewing his company’s strategy to the new reality, he exemplified the transformative potential of continuous learning and transformative leadership. Taras’s unwavering dedication and proactive approach exemplify his exceptional leadership qualities and commitment to personal and professional excellence.

Taras represents the embodiment of strength, courage, and the unwavering pursuit of excellence.”

Maria Schmitt
IMD EMBA Cohort Director

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