I prefer to read business-oriented books and draw parallels: Edgar Avetisyan, CEO of "PROFAL GROUP"

Mr. Avetisyan, what is the role of books in your life, and how do they contribute to your success as a businessman and leader?

Overall, I highly value reading as it cultivates one's mind, broadens perspectives, and enriches one's worldview. While I find value in various genres, like detective, non-fiction, or autobiography, I particularly prefer business-oriented literature. Emotionality is not so much my thing, I rarely approach fiction books. I prefer to browse, learn, remember, and apply business-oriented books. The books in my library reflect my world, and as I read, I constantly draw parallels between our business, our company's management policies, and international practices. While there are often differences, I've found numerous similarities as well. Sometimes, I pause at the end of a paragraph or a phrase to analyze its relevance and effectiveness in our company's operations.

You studied abroad, which book from those years had a great impact on you and do you associate it with those years?

During my studies as an economist at the Halt International Business School in San Francisco, followed by a four-month management course at Stanford University, books became my constant companions. From the outset of my education abroad, I delved into professional literature recommended by our esteemed professors. These mentors imparted invaluable insights into business management and economic development, often assigning readings to supplement our learning.

I vividly recall one such task assigned by our professor early on. After a class, we were tasked with reading "The Five Dysfunctions of a Team" within a mere two days, followed by an exam on its topics. Initially, the urgency and brevity of the assignment seemed surprising. However, it soon became evident why such a challenge was presented. The content of the book proved immensely captivating, and the tight timeframe served as a test of our ability to swiftly absorb and apply key concepts. In addition, we soon began to do very intensive teamwork. That book was a wonderful example of teamwork, harmonious working style and business thinking.

To this day, "The Five Dysfunctions of a Team" remains a staple in my library, serving as a valuable resource in managing our company and strengthening our business capabilities so that "PROFAL" becomes one complete team, the foundations of which are quite strong. The book masterfully depicts the crisis of a large company and the imperative need for swift recovery to avert catastrophic failure. One of the company's owners convinces the others to hire a female manager, whose first step is to organize out-of-office training for top management and to form direct contacts in an informal environment. The unexpected strategy of the female leader quickly restores the company's gaps and contributes to its progress. She evaluates the abilities of each employee and makes the right conclusions during the short meeting.

Which book would you recommend young people to read?

First of all, the book "Why Nations Fail" by our compatriot Daron Acemoglu. We have to read. Thanks to that book, the new generation can understand why nations fail or succeed. The perception of the world changes significantly after this book. The presented parallels between North and South America, and North and South Korea fully demonstrate the causes and consequences of the failure.

In the realm of business, decision-making and crisis management are perpetual demands. Can literature offer assistance during such critical junctures?

I have experience in crisis management for a long time. That's how it turned out. When I joined the "PROFAL" team, I can say that it was not the best time for the company. Problems were arising and deepening. We did a great job as a team on the way to bringing the company back from the recession and then ensuring stable development. The first attempt was solved without the help of books, thanks to the correct assessment of the situation, calculating the risks, and taking drastic steps. To get out of the next difficult situations, of course, education, knowledge, and books - the professional base - helped.

A good book is like a good wine that you always want to enjoy. Is there a book that you read all the time?

I refrain from revisiting books I've already read. Unlike some of my friends who find value in rereading, I prefer to extract the best ideas, tips, and rules from each book and transcribe them into my notebook. Within its pages, you'll find snippets from various texts that I frequently peruse. My last post is from Elon Musk's book, where he is asked how important education is to success, and Musk answers: "No, in order to succeed in business, it is not necessary to graduate from a famous school, you can educate yourself and get back to the top of the pyramid. The sources are open, available, and the desire is enough to get useful and important knowledge. Then he goes on to say that the top managers of big companies tend to attract students from the best schools, because those people do the same thing for years, consistently and tirelessly, developing willpower. And in that process, it is very important not to be disappointed, not to be afraid of difficulties, and to overcome them, which will later bring results in business.

Volitional qualities are important, but higher education is very important, which I can confirm from my experience, has given its desired result. In the educational process, assignments and deadlines are constantly set, which you cannot violate. This is where the ability to properly manage your time becomes extremely important. Set reasonable deadlines and implement them days in advance. It seems that this is a well-known saying but we all face this problem all the time. Equally important is flexibility in negotiating, in allowing the team to work, to achieve more. Motivation is an indispensable factor in business.

Have you found your character in any book or in the plot of which book would you like to appear?

I've frequently envisioned myself as a member of the business team depicted in "The Five Dysfunctions of a Team," particularly in the scene where the newly appointed female manager assesses the capabilities and contributions of each team member. I've often pondered how she would evaluate my performance and whether I would remain part of her team, perhaps even in a more senior role.

Which literary hero or author would you like to have lunch with?