70 PSYCHOLOGIES MAGAZINEAPRIL 2020
O
ne of the most inspirational businesswomen
of her generation, designer, innovator, public
speaker and parliamentarian Michelle Mone,
author of My Fight To The Top (Bonnier Books, £8.99),
started life in the humble East End of Glasgow with
few resources. She built a hugely successful career and
business empire after starting out as a bra designer
and, after being made redundant, founded global
lingerie brand Ultimo in 1996, which
she sold in 2014. In 2010, she was
awarded an OBE for her outstanding
contribution to British business.Psychologies: What achievement
are you most proud of?
Michelle:Women loving the
products that I designed. I think
people forget that I am not just an
entrepreneur – I’m an inventor and
designer. I have 17 inventions, from jewellery to bras!Psychologies: In your opinion, what is the main
mistake entrepreneurial leaders make?
Michelle: Don’t forget that you’re in business to make
money. Don’t sell yourself down the river with retailers,
because they will want everything. They are traders and
they are good at getting the deal they want. At the end
of the day, you need to make a profi t. Also, don’t spend
all your profi ts and splash out on fancy o ces. Business
can be up and down, so you have to plan for times of
uncertainty. Growing up, my mum and dad taught me
to save money for a rainy day. Thank god for that advicebecause I was able to ride the storms – when factories
didn’t make things on time or they made products of an
inferior quality so we couldn’t sell them; you can lose a
big chunk of turnover because your lead time [the time
between the initiation and completion of a production
process] is 10 months. Thank goodness I didn’t go out
and spend, spend, spend. It’s so easy to do – you want
better things for your family, a better house or car, but
don’t go crazy in the early days, even
if you’re extremely successful.Psychologies: What other words of
wisdom did your parents give you?
Michelle: Treat people as you want to be
treated. It would be easy to walk around
with my nose in the air, but you need to
treat everyone with respect; don’t think
you’re above anyone. My parents also
instilled a strong work ethic. I’ve been
ill with a bug this week, but I turned up to do a live TV
show regardless. I’ve never had a sick day. I’ve got an
incredible life but I never allow myself to become
complacent. I still don’t feel as if I’ve made it.Psychologies: Who do you turn to in di cult
times when you need support?
Michelle:My mum and dad, and my future husband,
Doug. [Mone is marrying businessman Doug
Barrowman after splitting from her fi rst husband,
Michael Mone, with whom she had three children.]
During my divorce in 2011, I turned to my coach. It’s
good to have a shoulder to cry on and to help you ask“Treat people as
you want to be
treated; with
respect. Don’t
think you’re
above anyone”PHOTOGRAPH: GETTY IMAGES“Life is not a
dress rehearsal”
Baroness Michelle Mone left school at the age of 15 with
no qualifications. The founder of Ultimo lingerie is now
one of the UK’s most well-known entrepreneurs. She
chats to Suzy Walker about resilience and successdress rehearsal”
Dossier