The Recursive Podcast How to Build a Profit-First Mindset with Serial Entrepreneur Ruslan Leteyski
Our guest is only 27 years old but he already has several successful ventures in the e-commerce industry. Ruslan Leteyski founded his first company while still in high school.
He’s the founder of CheckOutX and Vanga AI, e-commerce solutions for Shopify & WooCommerce that help merchants increase their revenue.
His current project TimeCraft is a platform for providing session-based digital services.
Ruslan Leteyski is also an active angel investor. Some of the businesses he supported include CloudCart, Klear, Puzl Coworking, and CoLiving Semkovo.
In this episode, we follow his journey in building, scaling, and exiting profitable businesses in the e-commerce industry - from CheckOut X becoming the industry's top checkout alternative to being rejected by Shopify, through the challenges of transitioning to a WooCommerce ecosystem.
The episode is packed with actionable insights on:
The balance between validating a product idea through development and user feedback;
The challenges of receiving feedback and managing imposter syndrome (while feedback is valuable, it's essential to filter and assess its relevance);
Lessons learned from failure in building a lean startup
In his conversation with Irina, Ruslan Leteyski introduces his latest project TimeCraft, a platform designed to streamline and support various session-based services such as coaching, therapy, and teaching. Leteyski aims to empower individuals to monetize their time effectively and to provide freedom for service providers.
Ruslan Leteyski is also a prominent critic of the prevalent startup culture's fixation on fundraising and the misconception that raising capital equates to success. He advocates building a solid business model and addressing real market needs rather than solely chasing investment rounds. And urges the media to cover and recognize the stories and potential of bootstrapped companies more often.
*This episode of The Recursive Podcast is released in partnership with the European Bank for Reconstruction and Development. As part of their mandate to support small and medium-sized businesses, The EBRD’s SME Finance and Development Team provides knowledge, network, and skills to help emerging businesses innovate, thrive, and succeed.
Time Stamps:
0:00 Introduction
01:17 Curiosity Fuels Entrepreneurial Journey
03:39 Building a Profit-First Mindset
8:56 E-commerce Disruption: The Rise and Fall of CheckOut X
12:00 Navigating the Shift from Shopify to WooCommerce Ecosystem
18:15 The Product Validation Journey: Balancing Vision with Customer Feedback
26:56 Vanga AI: Lessons Learned From the Transition and Exit
32:15 TimеCraft: Redefining Session-Based Services in the Digital Era
43:11 The Digital Nomad Lifestyle and the Future of Remote Work
52:12 Why Startup Success Shouldn't Revolve Around Investment Rounds
59:10 Outro