‘The Cost of Making Mistakes Is Small, While the Experience Is Invaluable’

Ekaterina Leibel

© Start a Business with Moscow

For the second year in a row, the Moscow Chamber of Commerce and Industry has held the Start a Business with Moscow international business school for students of Moscow Universities. Last year, Wang Yue, an HSE University student from China, became the winner of the project. On June 16, 2025, the finalists defended their projects and business ideas in front of business representatives and potential investors. This year, six students from HSE University made it to the finals. Ekaterina Leibel, second-year student of the master’s programme ‘Science of Learning and Assessment,’ whose project took third place, and Md Yeashin Arafat, first-year student of the master’s programme ‘Business Analytics and Big Data Systems,’ talk about their studies, project presentations, and future plans.

Ekaterina Leibel

Ekaterina Leibel

© Start a Business with Moscow

I am currently completing the master’s programme ‘Science of Learning and Assessment’ at the Institute of Education. As part of my thesis, I focused on a longitudinal study of self-regulation in fourth- and sixth-grade children. We studied how the level of self-regulation correlates with academic performance and how it changes during the transition from elementary to secondary school. For this research, I needed a knowledge of psychometrics and statistics, which not only aroused my interest, but also helped me acquire important skills for productive research.

Participation in the School of Entrepreneurship

I have been interested in learning more about entrepreneurship and how to create my own business for a long time.

I associate business environment with risks, difficulties, and limitless opportunities at the same time

When I saw the announcement of the School of Entrepreneurship, I immediately submitted an application, which required a project overview. The main mission of my Skill&Pass Academy project is to prepare children (starting from fourth grade) and adults for English and Chinese language exams. An analysis of competitors has shown that currently no online school specialises in preparing for language exams (except for standardised OGE and USE), although there is a demand for it. Both children and parents want knowledge to be measurable and I think it’s right, because assessment provides important feedback and confirms the result.

In addition, research in psychology and education, as well as my personal experience, show that exams cause stress and uncertainty. The systematic approach that we offer at our school will help reduce anxiety, and the use of AI tools and an interactive platform will make the learning process not only productive, but also exciting.

As an active English teacher with experience in various educational organisations, I have long been thinking about establishing my own school. First it was more an ambition to do everything the way my colleagues and I think is right. Then I noticed how the students were suffering because of the exams—their conversations were often accompanied by anxiety. As a schoolteacher, I also perceived exams as something that you needed to ‘get by.’

However, studying for a master's degree changed my understanding of tests: I saw how they work

Initially, the project was conceived as an online English language school, but later we added Chinese language and preparation for the HSK exam. I found a partner who is also passionate about effective Chinese teaching, and we decided to work on this idea together. Networking in entrepreneurship turned out to be a key factor in the project’s development.

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Project Stages

For me the most difficult stages were market analysis and financial modelling, as I had to quickly master new tools, study competitors, and predict demand. It was also difficult to determine the optimal pricing policy—it was necessary to take into account the audience's ability to pay, the cost of lessons, and profitability. However, these aspects helped me to build a full-fledged system, both for myself and for investors. The most interesting stages for me were networking and hypothesis testing.

Meetings with experts, mentors, and potential clients helped to ‘revitalise’ the project and fill it with new meanings

I received many useful tips from the mentors, but I especially remember the words of one of the experts after the first stage of school. He said that a business project should be based on a mission to solve an important social problem. As a teacher and student, I feel that our mission is to help student learn languages for exams effectively, reducing anxiety and following the trends of modern education.

Project Defence

The process was both interesting and exciting: I worried that I wouldn't have time to tell the audience about all the important aspects of the academy's concept. But surprisingly, this tension and adrenaline made my presentation truly lively and emotional!

The most memorable moment was the lively discussions after the presentation. I still fondly recall the enthusiasm with which the members of the committee asked questions and shared their ideas and experiences with online education. Their professional comments not only helped me to look at some aspects of the project from a new angle, but also inspired me for further development.

After the presentation, we received a lot of constructive, positive, and inspiring feedback

It was my entrepreneurial debut, and the audience's reaction was very supportive, inspiring me to pursue new achievements.

On International Perspective and Development

Since the core of the project is online exam preparation in English and Chinese, it can be deployed anywhere in the world. However, now we see the academy as a small child who first needs to learn how to walk, and only then to speak, go to school, and then university. We are ready to give the project time to grow and support it at every stage. We are currently working on a methodological framework (the range of exams is wide, and we need a lot of materials). Next, we will adapt them to the online format on the platform and proceed to the launch.

I can say that the School of Entrepreneurship gave me valuable experience and showed me that I can start a business in Moscow

Previously, I couldn’t even think of it due to my lack of knowledge and contacts. Now I have a basis that supports me.

Advice for Other Students

Everyone has their own way in entrepreneurship: some need to think about an idea for a long time, while for others it’s important to implement their idea quickly. The main thing is to understand yourself, see the problem in your field, and offer a solution.

Look for like-minded people and opportunities for development

Don't be afraid to participate in projects: the cost of making mistakes is small, while the experience is invaluable.

Md Yeashin Arafat

Md Yeashin Arafat (left)

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I’m originally from Bangladesh and currently pursuing a Master's degree in Business Analytics and Big Data Systems at HSE University within the Graduate School of Business.

I’ve always had a strong interest in Business Management, which led me to begin studying business studies during my school years. I went on to earn a Bachelor's degree in Accounting and Information Systems, where I built a solid foundation in both financial principles and information technology. Currently, I’m advancing my expertise by pursuing a Master’s degree in Business Analytics and Big Data Systems, combining my passion for business with data-driven decision-making. I really like the courses taught by Petr Panfilov, Academic Supervisor of the Business Analytics and Big Data Systems programme; Seungmin Jin, Associate Professor; and Sergei Titov, Associate Professor.

Participation in the School of Entrepreneurship

To gain practical entrepreneurial skills and better understand the Moscow market, I recently participated in the 'Start Your Business with Moscow' project under the International Entrepreneurship School.

With my background in business operations, finance, and analytics, I aimed to learn from experienced professionals and build the skills needed to start my own business in Russia

These programmes also provide valuable opportunities to grow my professional network by connecting with local business organisations and entrepreneurs.

The Bookkeeper Project

Bookkeeper ERP is a smart and easy-to-use ERP system made for small and medium-sized dairy and agricultural businesses. Many of these businesses don’t have access to digital tools like ERP systems. Some companies do offer ERP software for SMEs, but those systems are often too complex and hard to use.

Bookkeeper ERP solves this problem by providing a simple, user-friendly solution that helps small businesses manage their work more easily and go digital without any hassle. I come from a small town in Bangladesh where many people, including my own family, are involved in agriculture, dairy, poultry, and fishing businesses.

I noticed that most small business owners still rely on pen and paper to manage their operations, even though many of them are well-educated

They are often unaware of simple digital tools that could help them run their businesses more efficiently. This personal experience inspired me to focus on creating easy-to-use ERP solutions tailored to the needs of SME businesses.

I had to adapt my idea during the programme based on feedback from mentors and interactions with potential users. Initially, my focus was only on accounting features for small dairy and agricultural businesses. However, I realised that many SMEs also need help with inventory management, sales tracking, and basic supply chain functions. As a result, I expanded the idea to include these features in a more integrated and user-friendly ERP system. This change helped make the solution more practical and valuable for everyday business operations.

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Project Stages

During the project, I faced several challenges. Firstly, I lacked strong IT skills and technical knowledge. Secondly, I did not know the Russian language well. To overcome these difficulties, I turned to two of my close friends for support. My school friend Komor helped me solve all the technical issues, while my dear brother and colleague Michael supported me with the language and presentation tasks. Michael worked with me throughout the entire project. I am especially grateful to both Michael and Komor for their valuable support and teamwork.

My university professors, Prof. Jin and Prof. Titov, provided useful guidance and a clear roadmap for how to approach the work

Additionally, I received helpful suggestions from a member of Michael’s family (grandfather), Mikhail Ananyan. I am truly grateful to all of them for their advice and support throughout the project.

The final project presentation went well, just as I had expected. Michael and I delivered a strong presentation on our ERP system. We received several questions from the experts, and we were able to provide clear and valuable answers along with meaningful insights. It was a great experience overall.

The final event left a very positive impression on me. It was well-organised, and the atmosphere was both professional and inspiring.

I found the presentations from other participants very interesting—each team had unique ideas and approaches.

It was a great opportunity to learn from others and see different perspectives on entrepreneurship and innovation

International Potential and Future Plans

I believe Bookkeeper ERP has strong international potential. Many SMEs in developing countries face similar challenges—limited access to affordable, easy-to-use digital tools. Our solution is simple, cost-effective, and designed for non-technical users, making it suitable for markets beyond Russia and Bangladesh. With localisation, it can help SMEs globally improve efficiency and move towards digital transformation.

I plan to improve the prototype based on feedback, run pilot tests with local SMEs, build a small team, and seek partnerships with agricultural networks. These steps will help make the product ready for the market.

Learning and Professional Growth

During the programme, I gained key skills like business planning, market research, pitching, and teamwork. I learned how to turn an idea into a practical model, analyse customer needs, present effectively, and collaborate with others. These skills boosted my confidence to move my project forward.

My experience helped me better understand my future goals. Working on Bookkeeper ERP showed me that I want to focus on creating practical digital solutions for SMEs, especially in underserved markets. It also confirmed my interest in combining business, technology, and social impact.

In the future, I see myself continuing in entrepreneurship or business analytics, where I can solve real-world problems and help small businesses grow through technology

I would like to further develop my skills in business analytics, and intelligent, digital product development, and data-driven decision-making.
At university or beyond, I want to focus on areas such as:

• advanced analytics and machine learning to generate deeper business insights
• data-driven product strategy to design solutions that truly meet user needs
• technology and innovation management to lead impactful digital transformation projects

Advice for Other Students

My advice would be: start small, but start. You don’t need a perfect idea or full confidence to begin—just a real problem you care about solving. Use the resources around you, like university programmes or mentors, to test your idea step by step.