You have a Masters degree in International Relations; do you think a strong educational background is important to business success?
I grew up in a family where education was seen as the route to success. So for me, attending university and then going to graduate school at a top university was the way to fulfill whatever potential I had. My master’s degree prepared me for a career in the diplomatic service, so I’m a good example of studying what you love, and then figuring out what you want to do for a job. I speak with a lot of young people and they seem obsessed with being educated for one job or profession.  Most people have many different careers during their lifetime. Try to create an educational background for yourself that stretches your brain, helps you to be analytical and to express your thoughts clearly, both in written and spoken form. If you have those attributes you can do anything.

When did you start becoming interested in business particularly?
My dad is a businessman, and I worked at his company for summer jobs. I have always enjoyed the practical nature of business; that you can establish a plan then figure out how to make it work, see the results and then go back and change and develop it.

While working at British Airways you set up the no-frills airline Go for them from scratch, were you ready for the challenge?
No, not really.  I was keen but had no idea just how difficult it was to create a successful airline.  But I was eager to get my teeth into something and had joked with the CEO of BA saying that I wanted to run my own business. Obviously in a big company like BA that is a difficult aspiration, so when they came to me about writing the low cost airline business plan, I jumped at the chance. My response was: “Sure, but only if I can run the business too.” That was a little bit daring, and a little aggressive, but on the other hand I was concerned about busting a gut on the business plan only to have them give the top job to one of the trusted old boys. So I struck a fair deal, which worked really well for me. I was ready and eager for my first CEO role.  It was as if I had received a magic wand – it makes you very, very powerful. I like to tell people it can be a magic wand that sprinkles goodness and power on people to enable them to do their jobs, or it can be a lightsaber like the one from Star Wars that can cause harm and knock people down. I learnt to hold my magic wand with great care after a few missteps. You have enormous responsibility when you start up a business. Employees put their lives and their livelihood in your hands; investors give you large amounts of money expecting you to do something constructive with it. I don’t begrudge entrepreneurs who make a lot of money when they’ve taken on a lot of risk.  I take my hat off to them because I know how lonely and stressful it can be. There are moments when you think, ‘Have we done the wrong thing, are we going to fail, are all those people going to lose their jobs because of me?’

Do you enjoy the early stages of setting up a business?
When a business starts it needs to be crafted, it doesn’t arrive perfectly formed. Those early stages are exciting but stressful because everyone is also learning their own jobs and looking to you for direction.  Sometimes you are not sure what to say.  You are afraid of making mistakes.  And you will.  But in due course it becomes a lot easier because other people begin to understand the DNA of the business and of the product or the service that you’re offering. The company becomes more than just the founders; it becomes stronger with more hands to share the load.

Is there anyone is particular who taught you a lot about business?
I spent several years at British Airways being the bag carrier for the chairman, and every time he came to the US I met him off the plane and watched and learned. Colin Marshall, then the chairman of BA, had routines that put employees at ease. Every time he arrived at JFK airport, he would always meet baggage handlers and customer service people to ask their opinions and about their concerns.  His behaviour indicated to the rest of the organisation what was important. I learnt a lot from carrying his bags. It was funny, too, because my being a woman, it made him uncomfortable to see me grab his bag; so we would have a tussle and then joke about it. I think when women are in roles that are traditionally held by men, humour is a lovely route through those embarrassing and awkward moments. I don’t think most older men intend to be sexist, they are just a little uncomfortable at the changed positions.  But humour can break the ice, allowing you to then get down to business.

What do you think is most important for anyone looking to set up a business?
Developing the pathway to becoming profitable very early on is important. Without constant detailed attention to all areas we would not have been profitable in three years. Because we built the company from the ground up we understood every bolt, every route we flew on, every aircraft we took on, every employee we hired, but we did make mistakes. I would not believe anyone who said they started a business and it all went exactly to plan. We were a very good team at Go; the skills and experiences people brought to the table were invaluable.  When we hit a bump in the road there was always someone who had a perspective or experience that allowed us to move on. We didn’t spend a lot of time figuring out who to blame for the mistake. Most successful people are covered with bruises.  If you start looking for blame it causes the people around you to be fearful. As soon as fear takes hold, people worry about themselves and they’re not worried about the business problem. Move on.  Try to imprint on the rest of the organisation that it’s ok to make mistakes, and that if you work quickly most mistakes will not be fatal, they will only be a bump along the road to success.