When black enterprise announced its decision to have its 2009 Entrepreneurs Conference + Expo in Detroit, the move raised more than a few eyebrows. After all, if the nation was in a recession at the time, surely Detroit must be in a full-fledged depression. The automotive industry—the city’s lifeblood—was facing its worst business climate ever, prompting massive layoffs, restructurings, and, in General Motors’ case, bankruptcy. The city, which was struggling prior to the events in the auto industry, had to contend with high rates of unemployment and poverty as well as real estate values that had plummeted to the point where a significant portion of the population found their mortgage balance exceeded the value of their homes.
Tag: recession
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Stick With Your Core Values in Good Times and Bad
Although some economists claim the recession is over, it certainly doesn’t feel like it for most entrepreneurs. Despite signs of a rebound, a number of businesses must fight to keep the lights on.