Dragon’s Den Entrepreneur Peter Jones joined Chris Evans on BBC Radio 2, where he was asked what his worst decision ever in business was. His answer? Refusing Credit Insurance.

Here is a transcript on the interview:

Chris: Tell us about your worst decision in business. What have you really messed up on? Give us all some hope here…

Peter: Well, I was 28 and running a business, doing really well and I had everything and somebody came to me and said ‘do you know what? You should take out credit insurance’, and I said, ‘credit insurance? I don’t have businesses that go out of business, I’m doing alright. I manage my business, it’s all good’. For twenty five or thirty thousand pounds I could have taken out credit insurance, within 12 months of that decision at 28, I lost everything. I had seven of my largest accounts go bust owing me millions and I lost the business and I ended up literally sleeping in a warehouse for four months. Without a house, without a car, everything finished. So I know what its like to build up, have nothing, literally, and then start again at 29. So… is that sad enough?

Chris: Its a good answer!

LISTEN TO PETER JONES TALK CREDIT INSURANCE