In the News

CNN/Money takes lessons from Detroit

Thursday, November 04, 2010

Related Tags

Entrepreneurship, Oakland County, Wayne County

CNN/Money magazine takes a look at entrepreneurship in Metro Detroit and how the down economy has prodded people toward that career path. It also alludes to the idea that the region should make entrepreneurship a real option at all times, not just when the economy is performing poorly.

Excerpt:

When Paula Batchelor took a buyout last year -- figuring she was likely to be laid off if she didn't -- she wasn't worried about landing another gig. Having worked 11 years as a graphic-design project manager for a health insurance company downtown, "I knew I had skills," she says.

But Batchelor, a single mother of a 6-year-old, quickly realized just what it meant to live in one of the worst job markets in the country. By year's end, the resident of Royal Oak -- a suburb north of the city -- still had no work and couldn't make her mortgage payment. "I was feeling the pressure," says Batchelor, who's now 55.

Months of financial struggle followed. Then, in June, her older sister, Karen, an attorney who'd gone into life coaching, had a proposal. She'd used social media, including Facebook, to market her own biz; Paula had skills in project management and graphic design. Why not combine their talents and help small businesses with social-media marketing?

The firm they founded, Color Me Social, had $1,500 in sales in August, a promising, if modest, start. While the money isn't coming in fast enough for Paula to save her home from foreclosure -- she and her daughter are moving in with Karen -- Paula is hopeful that this is the beginning of her turnaround. "You have to stick your neck out and take a chance," she says.

Read the rest of the story here and more here.

Signup for Email Alerts