Fast Cars and Lasting Success The CEO of a jewelry business talks about mastering timing for buying and selling.

By David Meltzer

entrepreneur daily

Opinions expressed by Entrepreneur contributors are their own.

David Lee is the CEO of Hing Wa Lee Jewelers in Southern California and a prolific Ferrari collector. In this episode of #ThePlaybook, he talks with host David Meltzer about when to buy and sell, perseverance through challenges and patience when starting a business.

Lee discusses his strategies for investing in his business and car collection, which includes understanding the market, knowing supply and demand, avoiding panic and seeking opportunities in a down market. He says, "If you can make [your business] work during a recession, you can make it anytime."

Lee also talks about buying "treats" like exotic cars for himself only after years of hard work and once he's taken care of his business and family. He suggests young entrepreneurs develop resilience and have patience if they wish to be successful as making money takes time.

Related: Being Kind and Hungry

David Meltzer

Co-Founder of Sports 1 Marketing, Speaker, Author and Business Coach

David Meltzer, co-founder of Sports 1 Marketing and host of Entrepreneur's podcast, “The Playbook”, is a Top 100 Business Coach, global public speaker and three-time international best-selling author who has been honored by Variety as “Sports Humanitarian of the Year”.

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