Asigkrit Yakovlevich Balin, known as a shark of the textile business, started with small amounts but eventually became the owner of millions. He left his children 10 million rubles and a network of factories called 'Partnership of A. Y. Balin's Manufactory.' How did he achieve this?

The future entrepreneur was born in 1816 into a merchant family of Old Believers in the Vladimir province. His parents gave him the rare name Asigkrit in honor of an early Christian enlightener. From childhood, he helped his father in trade. As an inheritance, Asigkrit received a small workshop where he produced and dyed fabrics himself. He aimed to sell all the goods, while the leftovers were given on credit. Success did not take long, and soon his income significantly increased.

With the profits, Balin expanded his business in the Ivanovo province, engaging in the production of calico and muslin. In 1865, he acquired several factories in neighboring provinces, modernized them, and installed new equipment. This happened during a difficult time when cotton supplies were reduced due to the Civil War in the USA. Balin understood the importance of reorienting to other markets and successfully switched to Asian cotton. The production volumes and income of the factories constantly grew.

Balin paid special attention to the professional development of employees. Engineers were sent for internships in England, and the training of specialists began in school. Free lessons were conducted for gymnasium students, and those who excelled received scholarships. Housing, hospitals, schools, and libraries were built for workers. Asigkrit Yakovlevich passed away in 1885, but his legacy was continued by his descendants, who elevated the factories to a new level. However, with the arrival of the Bolsheviks, the factories were nationalized.