Over the past 50 years in the shoe trade, I have had my fair share of failure.

The biggest lesson I learned, at the start of my career, is not to devote time and energy to a business or project that has little chance of success. This might sound obvious, however sometimes you are so involved in the detail of the day to day running of the business that you don’t stand back and question the future viability of what you are doing.

I was a women’s shoe manufacturer in London in the 1980s. If I had looked at the big picture I would have seen that the future of manufacturing in the U.K. for low technology, high labor content businesses like footwear manufacturing, was unsustainable. Most of the production was moving to Asia where costs were much lower and the quality was excellent. It took a v

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