The Mental State of the Industry

Many jewelers I talk to are burned out, fed up, and frustrated with the jewelry business. I predict an explosion of store closings in the next few years, not because of shrinking margins, not because of the Internet, and not because of Wal-Mart or Jareds, but because many lack a positive mental attitude and action plan in the face of difficult and changing times. The pace of the crew is the pace of the leader. Many store owners today simply have run out of steam and lack the intestinal fortitude needed to stay in the game. More than capital and inventory, it takes a lot to get through each day; an untold amount of physical, mental, and emotional strength. It takes an open mind and the courage and conviction to try something new. It takes humility and it takes failure. (We learn more from our failures than from our successes.) It takes analysis, investment, reinvestment, and, most imp

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