Family owned jewelry stores

Family owned business statistics

Approximately 92 percent of all jewelry stores are independently owned. Unlike many retail industries, family owned businesses are a very common form of ownership in the jewelry industry.

Here are some eye-opening statistics about family owned businesses:

• 35% of Fortune 500 companies are family owned businesses
• Family owned businesses account for 60% of the nation’s employment
• Family owned businesses generate 64% of the US Gross Domestic Product
• Family owned businesses create 78% of all new jobs
• Of CEOs due to retire in the next five years, 55% have not yet chosen a successor*
• Only 37% of the same CEOs have a written strategic plan.

* Arthur Anderson survey

Thoughts to ponder

The following quotes are directly applicable to doing business in the jewelry industry:

• “It takes many good deeds to build a good reputation, and only one bad one to lose it.”
  – Ben Franklin
• “It’s fine to celebrate success but more important to heed the lessons of failure.”
  – Bill Gates
• “It is not the strongest of the species that survive, nor the most intelligent, but the one most responsive to change.”
  – Charles Darwin
• “There is no royal, flower-strewn path to success. And if there is, I have not found it. For if I have accomplished anything in life, it is because I have been willing to work hard.”
  – C. J. Walker
• “Success is the ability to go from failure to failure without losing your enthusiasm.”
  – Winston Churchill
• “Anyone who has never made a mistake has never tried something new.”
  – Albert Einstein
• “Some people dream of success—while others wake up and work hard at it.”
  – Unknown
• “A winner is someone who recognizes his God-given talents, works his tail off to develop them into skills, and uses these skills to accomplish his goals.”
  – Larry Bird
• “The dictionary is the only place where success comes before work.”
  – Arthur Brisbane