My investment: Andy Steele, director at 360 Chartered Accountants

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What was your best investment?

Definitely the time and money I invested in my current businesses 360 Chartered Accountants and 5Four Payroll Services.

Are wise investors born or made?

Most successful individuals are so thanks to a combination of their upbringing, education and life experiences. I can’t imagine there are many ‘wise investors’ who haven’t had their fingers burned at some point.

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

No, I think it’s always been difficult although, in many sectors, there is probably less competition around from badly run businesses at present.

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

I was involved in a business previously that was slow to adapt to a changing marketplace and technologies.

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

Research the opportunity thoroughly and don’t rush into any major commitments.

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

The service sector always does well during buoyant times and I’ve got my eye on one or two tech companies too.

Are there any sectors you feel should be avoided?

With oil prices tumbling then this is obviously one volatile sector where caution is needed.

What lessons did you learn from your worst investment?

To keep businesses lean and mean and to invest in a business’ most important asset – its people

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

If a business isn’t generating cash, it isn’t a business.