How Mamuka Khazaradze made his first million
18 December, 2014
How Mamuka Khazaradze made his first million
Just recently, Mamuka Khazaradze was named “Entrepreneur of the Year,” and very soon he will compete for the title of “Worlds Entrepreneur of the Year.” His path to the top began approximately 23 years ago, with several failed attempts at business, followed by many successful ones. Today his name is associated with huge Georgian businesses such as TBC Bank and Borjomi. has invited Mamuka to share his experiences and talk about processes currently occurring in the business world, as
well as his plans for the future. We offer you a segment from his interview, in which he tells the story of earning his first million.

"For me, what matters in business is the process, not the results. I do not know if this is good or bad, but that’s how I like it."

– Do you remember your first business profit?

– Yes, it was a million Russian rubles from a business operation with beer. Back then, we didn’t even realize what such a sum was worth. But this profit has a long story preceding it. The beer was brought to Georgia from the US, through Russia. It arrived in shipping containers, but the containers couldn’t be unloaded because there was no technology for this in Georgia back then. So we decided to take the beer out, batch by batch, and deliver it by train.
The shipment nearly overloaded and closed down the Didube railway hub. This immediately prompted higher-ups in the government to scream about this being sabotage – how we could have shipped in other products instead of beer. Upon seeing all this unfold on TV, I decided to call my friend in St. Petersburg and ask him if they needed beer over there. He didn’t even ask me what beer it was – all he said was, “If it’s in cans, then I’ll take it.” Back then, in the 1990s, during Perestroika, what mattered wasn’t the drink, but the package.
Long story short, my friends and I sent the beer back to St. Petersburg – about 1.3 million cans. It was the last train to leave Georgia before the Samtredia blockade in 1991 took effect. However, our cargo was stopped in the St. Petersburg port, where it fell into the mafia’s hands. My cousin and I were forced to go there to sort the matter out.
We were about 25 years old back then. Upon arriving at the port, we overheard a bunch of dockworkers talking to each other, complaining that they weren’t being paid enough. We felt sorry for them and gave them 25 rubles out of the 50 rubles that we had. One of them asked if we were looking for beer that was stationed in the port. We said, “yes,” and they simply handed over our cargo without saying a word to their bosses. We immediately sent it on to our client.

"Our cargo was stopped in the St. Petersburg port, where it fell into the mafia’s hands. My cousin and I were forced to go there to sort the matter out."

– But back then you didn’t know the basics of business, so what drove you? What made you tick? Was it the thrill of risk-taking or maybe your instincts?

– A desire for novelty, which I always had. I had it in school, I had it in university and I have it now. I was always active and lively. If there was some student event, you could bet on me getting involved. After it all went down in flames, I realized that it was every man for himself. By that time I was already a grown man, and my parents’ salary of 310 rubles wasn’t enough for anything – especially considering the hyperinflation that was beginning.
I came to the realization that business was the only field, which could grant me self-fulfillment without any superiors ruling over me. I would become my own master, which I wanted most of all. Besides, business was something that few people knew the intricacies of back then.
First I opened an art saloon, then an art studio. When we went to St. Petersburg to sell the pictures, we thought ourselves accomplished businessmen and art dealers. However, reality quickly brought us back down to earth. Despite selling 15 works of art at Astoria Hotel, we barely had enough money for a return trip.
For me, what matters in business is the process, not the results. I do not know if this is good or bad, but that’s how I like it.

Other Stories
Inovative and reliable online shop in Georgia -
Status of Georgia as a business and tourism interesting country is growing from year to year.
Tbilisi TV Broadcasting Tower – Better than the Eiffel Tower?
It is planned to renovate the Tbilisi TV Broadcasting Tower, one of the landmarks in the capital.
Georgian Fusion Menu by The Biltmore Hotel Tbilisi
5,895,914 international visitors have visited Georgia between January and August of 2018. Compared to the previous year the number has increased by 12.2 per cent.
Advertising of gambling and lucrative games may become banned in Georgia
Advertising of gambling and lucrative games may become banned in Georgia. Those who violate the new rule would be fined GEL 10 000.
Lebanese café-lounge Beirut opens in Tbilisi
What is necessary to organize an unforgettable event? – Fun, emotions, lots of surprises, good music and delicious menu.
Georgia second among the fastest growing tourist destinations in Europe
Georgia is among the fastest growing tourist destinations in Europe. The data is published by the UN World Tourism Organization.
Bitmain launches world digital mining summit in Tbilisi, Georgia
Bitmain CEO Jihan Wu and Roger Ver, CEO of Head Speaker List featuring Circle, and Genesis Mining when Digital Mining Leaders Convene In Tbilisi on September 21-23
TBC Bank and Gazelle Finance have teamed-up to support Medical City, a leading healthcare provider in the western region of Georgia to launch the Western Regional Center Of Modern Medical Technologies.
Equiavlent to buried treasure – resources that are underused in Georgia
For 2018 the IMF Commission has forecast an annual economic growth for the Georgian economy of about 5,5%.
Does the quality of Georgian wine increase and how the export affects it
If we look at the data collected about modern Georgian wine, we will find out that the Georgian wines produced between 2015-2017 are much better in terms of their quality and Oenologic features rather than the wines produced between 2009-2011.
Japan simplifies the visa requirements for Georgian citizens
Diplomatic and economic relations between Georgia and Japan are now moving to a new phase. Recently Japan has decided to simplify the visa requirements for Georgian citizens.
M&S (Marks and Spencer) and H&M collections to be produced in Georgia
Garments manufacturer MGMTEX will start production of the M&S and H&M trendy collections from this September.
The World Digital Mining Summit to be held in Georgia
The summit is scheduled to take place between 21st-23rd September in the Hualing Hotel, Tbilisi, Georgia.
Galt and Taggart - Tourism Boom Continues in Georgia
Tourism has become one of the key drivers for the Georgian economy. Galt and Taggart has recently published research about the Georgian tourism sector in the first half of 2018.
"The worst dream for Putin is that Russians want to live in Georgia"
This year, visitors to the Adjara region would notice that there is a boom in construction in and around Batumi.
Underground gas storage facility to be built in Georgia
KfW, a German government-owned development bank signed a EUR 150 million promotional loan with the state-owned Georgian Oil and Gas Corporation (GOGC) for the construction of the first underground gas storage facility in Georgia.
New gambling rules for Georgia
Georgian lawmakers are preparing a new draft law relating to online-casinos and gambling that will seek to curb gambling addiction in Georgia.
How expensive is it to visit Georgia?
The Georgian Lari (GEL) is the official currency of Georgia and is the only legal means of payment in the entire territory of Georgia.
Trade with the EU and the Commonwealth of Independent States (CIS) has grown significantly
Trade with the EU and the CIS has grown by 26% and 33.5 % respectively, says GeoStat, the Georgian National Statistics Office.
The unemployment rate decreases in Georgia
The unemployment rate decreased in Georgia by 1,9% and amounted to 12.1% in the 2nd quarter of 2018 compared with the previous quarter,
Memorandum of Understanding to be signed between Georgia and Malaysia
According to the Georgian Ambassador to Malaysia Nikoloz Apkhazava, Georgia plans to sign a Memorandum of Understanding (MoU) with Malaysia.
“Blauenstein Georgia” due to expand in Georgia
“Blauenstein Georgia” is planning to open more shops in Georgia. It is an agriculture company that sells meat products, meat and convenience food.
The amount of Direct Foreign Investment rises in Georgia
According to the information of the National Statistics Office of Georgia, the amount of direct foreign investment in Georgia has risen
It’s going to get  harder for foreigners to get residence permit in Georgia
It’s going to get harder for foreigners to get permit of residence in Georgia.
Mziuri Park in Tbilisi to be renovated soon
It was the dream of prominent Georgian writer Nodar Dumbadze that when the original Mziuri park was constructed and opened in 1892 that it should be a park for children,
Exchange Rates
GEL Exchange Rate
Other Stories
Recently Toyota rolled out Global Campaign under this slogan that reflects the Olympic and Paralympic Spirit of Encouragement,
A couple from Switzerland combines Swiss tradition and technology with Georgian products. Their cheese is made in the Georgian mountains and sold in local stores and hotels.
It has been more than five years since the residents of Lilo village, near Tbilisi, cannot open their windows.
63 000 GEL was received by the Georgian Agro Export Group which is just a small part of the European Neighbourhood Programme for Agricultural and Rural development.
Georgian entrepreneur Guka Tavberidze, who runs his own business in the UK and does it quite well, has been invited by BBC
The grand opening of 7-star The Biltmore Hotel Tbilisi took place in Georgia’s capital on July 31.
DUSHETI, Georgia – The Georgian government and the World Bank will allocate USD 5.6 million (12 million GEL) to fund
A new Georgian clothing brand named Person has emerged in Georgian market.
Georgia is in the midst of an economic maelstrom, Euronews reports.
Situation at Georgia’s mineral water market is interesting: over the last year, the volume of export has grown by 56 percent. According to “GeoStat”, over $114 million worth of mineral water was sold
GEL Exchange
November 2018
Mon Tue Wed Thu Fri Sat Sun
1 2 3 4
5 6 7 8 9 10 11
12 13 14 15 16 17 18
19 20 21 22 23 24 25
26 27 28 29 30