We don't like to see businesses fail, but we know that they do. It's the nature of free markets. Consumer tastes change. Profitability changes. Prices and production costs change.
If that weren't enough, technology trumps it all. Try to buy an 8-track player, a cassette tape, an LP phonograph record, a typewriter eraser - or even a typewriter for that matter. Maybe from a collector, but that's about it.
We read with a little bit of sadness that Steuben glassworks is ceasing operations on November 29. They are a 108 year old company.
They have changed a little with the years, but the demand for their pricey heavy lead crystal cannot sustain them. They have been losing millions for years. Some people in their small work force of 60 may be able to find jobs with Corning, who sold the company in 2008 and will buy back the name.
Steuben may come back as a different type of company some day, but that's the way market forces work.
Maybe some of the other workers can use their skills to start their own businesses.
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Steve Hoffacker - Consultant, Coach, Author, Blogger, Photographer, Motivator, Podcaster, Teacher, & Strategist - for Realtors, Real Estate Sales Professionals, Home Builders, New Home Salespeople, Entrepreneurs, Small Business Owners, and Independent Sales Representatives.
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It's sad but true. If your fail, then you must still try and eventually you will succeed.
Steve
Businesses have to adjust to the changing market conditions to survive if they don't they won't stay in business.
Good luck and success.
Lou Ludwig
Steve - I'm saddened by another American company closing its doors. American free enterprise has expanded to global enterprise. Competing with foreign workers making pennies a day is likened to free falling.
Krista,
Failure leads to other opportunities. :)
Steve
Lou,
Yes, change is required. Even professional sports change their product occasionally. :)
Steve
Suzanne,
I initially was saddened also, but how many pieces of high priced glassware does the average person need or want? They could have repositioned themselves but chose not to. :)
Steve
Market demands, tastes, and buying habits change. If something isn't in fashion now, wait a minute, things often come back.
You also describe creative destruction pretty well too!
Change is a reality that we all must face but not necessarily embrace. Enjoy your day!
Evan,
For specialty businesses, part of their issue today is lack of market breadth. They have not developed a broad or deep market. Then there's the cost of materials and production which affect how well people can afford what they offer. :)
Steve
Jay,
Thanks. Many people mourn the passing rather than celebrating what was and looking forward to the next venture. :)
Steve
Wayne,
If we are alert to it, we can be out in front of the change. :)
Steve