My investments: Tony Passmore, managing director of Passmore Group

Time, certainly in my early years of business. And it appears to be paying off, with our company celebrating its 50th anniversary this year.

Are wise investors born or made?

Definitely made – it takes a certain type of individual to step out of the crowd and invest something precious, be it time or money.

Do you believe it’s become harder for entrepreneurs to make prudent investments since the crash of 2008?

No, the same rules apply as they always have – do your research, analyse the risk, triple check the numbers, make sure you can afford to lose.

What’s the worst investment you’ve ever made?

A life insurance policy with a three year term taken out at the age of 22.

What advice would you give to entrepreneurs looking to make a major investment?

Having done your research, analysed the risks and assessed alternative opportunities, sleep on it before making the final decision. And take counsel from others who have a vested interest in your success.

Which sectors are likely to offer handsome returns for business investors?

Any sector has the potential to offer a good return as long as you do your homework.

Are there any sectors you feel should be avoided?

Purely speculative sectors, unless you have plenty of resource to risk of course.

What lessons did you learn from your worst investment?

Never trust a pushy salesman or invest in anything you don’t really want or need.

What was the best piece of investment advice you’ve received?

Don’t risk what you can’t afford to lose.