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  • 8/4/2019 Jewish Business News - October 2011

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    In This Issue:

    Israel - A Market for

    Your Goods & Services Connects Thousands o NetworkersLocation, Location...

    Relocation?By Andrea D. Storz

    Page 3

    By Moshe Klein

    Page 8

    By Mira Temkin

    Page 12

    By Jodie Jacobs, Page 4

    Chicago Festival of

    Israeli CinemaBy Mira Temkin

    Page 6

    AmericAn compAnies

    Doing Business in isrAel

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    CONTENT FROM THE PUBLISHER

    3 EMPLOYMENT

    Location, Location...

    Relocation?

    By Andrea D. Storz

    4 COVER STORY

    American Companies

    Doing Business in Israel

    By Jodie Jacobs

    6 ENTERTAINMENT

    Chicago Festival of Israeli Cinema

    Connects Israel with the Windy City

    By Mira Temkin

    8 IN MY OPINION

    Israel A Market for Your Business

    Goods and Services

    By Moshe Klein

    9 FEATURED NETWORKERS

    9 BUSINESS ETHICS

    Obligation of Payments

    Republished from the Business Ethics

    Center of Jerusalem

    10 SMALL BUSINESS FORECAST

    The Economy - What Can

    We Expect?

    By Jewish Business News Staff

    12 THE BUSINESS EVENT RECAP

    The Business Event ConnectsThousands of Networkers

    By Mira Temkin

    14 JOBS BOARD

    On the cover:

    Photos courtesy of iStock Photography & KosherStock

    Publisher: Shalom Klein

    Editor: Mira Temkin

    Contributing Editors: Moshe Klein

    Contributing Writers: Jodie Jacobs, Andrea D. Storz

    Creative Director: Michael Borkovec

    Advertising/Sales Coordinator: Leah Alpert

    Advertising Sales: Janis Mason

    Distribution Coordinator: Levi Gottlieb

    Check www.thejewishbusiness.comfor updates.

    2011 Jewish Business News. All rights reserved.

    Reproduction in part or whole without permission

    is prohibited. Editorial, publishing and advertising

    ofces: 3564 W. Dempster St., Skokie, IL, 60076,

    Phone: (888) 477-4466.

    Dear Reader,

    There are very few things that impact my life and busi-

    ness affairs quite as much as serving on advisory boards,

    director level positions, and other leadership roles - in both

    not-for-prot and government organizations. To friends and

    family, it is a frequent joke that the best way to locate me

    on the average night is to look at the community calendar. In August, I was invited

    to participate in President Obamas symposium on job creation, a unique honor and

    opportunity to connect and represent my community with others from around the

    country in Washington, DC.

    In this months cover story,Jewish Business News explores the growing trend of

    U.S. companies that are doing businesses with Israeli companies or forming impor-

    tant partnerships with Israeli businesses. In this day and age, it is more important

    than ever to be well networked and connected to communities outside of your own.

    Regional chambers of commerce, ethnic networking organizations, and other com-

    munity groups are great ways to stay connected, so that your job search or small

    business is not insular in your own tight-knit world.

    For the very rst time, the Village of Skokie played host to The Business Event,

    a free business and employment expo that brought together 2,700 people from all

    walks of life and set the tone for the way business can and should be done. Id like to

    thank everyone who participated -- our elected ofcials, vendors, volunteers and our

    networking partners. SO, my words of encouragement are get involved! Find local

    opportunities to volunteer, serve, and network!

    To Success,

    Shalom Klein

    Jewish Business News Welcomes These New Businesses:

    SpotHero, Mark Lawrence and Jeremy Smith

    www.spothero.comProviding online pre-paid parking for sporting events, concerts and theatre.

    Jewish Sports Foundation, Roy D. Kessel500 Lake Cook Road, Suite 350, Deerfeld, IL 60015www.JewishSportsFoundation.comThe JSF utilizes the power of sports to connect Jews around the world, to strengthen and

    maintain their involvement with Judaism and build their Jewish identity.

    Congratulations to Carey Smolensky, President of North ShoresPremiere Mobile Music Interactive EntertainmentVoted the 2011 DJ of the Year by BizBash Chicago Readers Choice Awards.

    www.cspworldwide.com

    2 Jewish Business News - A publication of Jewish B2B Networking, Inc. www.thejewishbusiness.com

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    With unemployment hitting record highs, more of us are consider-

    ing job opportunities out of city and/or state. Drastic times call for

    drastic measures, but knowing some of the key steps for making this

    life-altering decision may help.

    Deciding to relocate is a blend of personal, nancial, practical and

    emotional considerations, and every detail of this major step requires

    some in-depth thinking. Todays economy might be a serious moti-

    vator to relocate, but there are additional challenges that come with

    this choice. Can you incur the costs of maintaining two residences?

    Will your spouse nd work in another city? Are you willing to com-

    mute during the week and come home on the weekends? How will

    this affect your family? Is your family

    willing to uproot?

    Keep these few strategies in mind when

    applying for a job in another state. After

    determining a location, check for the

    states local listings. Some cities and

    states have their own job sites, which

    immediately expands opportunity. High

    level positions are more likely to consider

    out-of-state candidates. Because of the

    number of people seeking middle or lower

    level positions, locals will be the focus,

    which ultimately makes the employers

    job easier and more cost effective.

    The cover letter can denitely be a strong

    tool while applying for out-of-state posi-

    tions. When a recruiter contacts you, the

    key is to be upfront and exible. If youre

    willing or able to pick up the travel costs

    for an interview, let the potential employer

    know. Revealing personal reasons for a

    move is not appropriate. Instead, stress the

    fact that youve done your research on the

    company and city, and feel relocating is

    denitely worth it. You will always have

    a stronger chance with employers whohave a history of recruiting out-of-state

    employees.

    Identify the top 20-30 businesses in your

    professional area or other industries

    that can realistically use your skill set.

    Contact hiring managers and/or recruit-

    ers in your eld. Network as much as you

    can with residents of the city you choose.

    Do your research. Investigate incomes,

    property and sales taxes, schools list the pros and cons. Having

    the employer pay for your move, temporary housing and travel is

    no longer a given. You must have a plan in place to pay for these

    expenses.

    Finding a new job in a new location can be very exciting and re-

    warding, but it can also be quite stressful. Do your homework, talk

    to professionals in the location of your choice, and take it one step at

    a time. Good luck!

    LOCATION, LOCATION. . . RELOCATION?By Andrea D. Storz

    In addition to being the Job Counselor/Coach for the ARK and a Jewish homeless

    shelter, Andrea Storz owns a successful job counseling business. She teaches

    clients how to utilize tools for a more productive job search. 847-917-4141.

    Formerly of the Doobie Brothers

    TICKETS ON SALE NOW!

    To purchase tickets, please call

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    Saturday, November 19, 2011

    North Shore Center for the Performing Arts

    Presented by:

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    TO BENEFIT THE CHILDREN OF KESHET

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    Jewish Business News - A publication of Jewish B2B Networking, Inc.www.thejewishbusiness.com

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    By Jodie Jacobs

    When the bottom line seems stagnant or youre seeing very fewup-ticks, think about Israel as an additional market. Economists,

    resource agencies and companies who do business in Israel say the

    economy there is growing and the country is a good trading partner.

    Midwest company exports to Israel

    I absolutely recommend looking to Israel for almost any company

    reaching abroad, says Peter Carlson of Minneapolis-based

    AgMotion. Carlson is in charge of the companys organic specialty

    grains division, which processes the grains purchased from farmersand sends them to overseas customers, including businesses in

    Israel. They are good international traders, he says, explaining that

    customers in Israel will guide their U.S. business connections through

    the process so they comply with Israeli customs.

    International business is not extremely difcult, but a mistake could

    be extremely costly. Its OK as long as one does the proper research,

    Carlson said. He also recommends attending trade shows to nd

    overseas customers.

    The America-Israel Chamber of Commerce (AICC) Chicago

    Connects Businesses

    The AICC, a not-for-prot trade association founded in 1958, develops

    business relationships between U.S. and Israeli companies. It connects

    members ranging from wholesalers and retailers to manufacturers and

    distributors with venture capitalists, investment bankers and service

    providers. The organization is a good place to start for help in locating

    customers and learning how to export.

    According to AICC Chicago Executive Director Michael Schmitt,

    the volume of trade from the U.S. to Israel is increasing. His ofce

    received 145 Certicate of Export requests between January and June

    2011 compared to 84 requests in the same period in 2010. Of those

    requests for certicates, 32 came from different companies in 2010

    and 52 from different companies in 2011.

    AgMotion is among the companies who have requested a Certicate

    of Export. The export certicate, which documents country of origin,

    is needed to move exports from other countries smoothly through

    Israeli customs.

    The volume has picked up. They have been exporting here, but the

    export market between the U.S. and Israel has been under the radar.

    Companies here dont always think of Israel when exploring new

    markets, Schmitt says.

    His ofce is also familiar with the United States-Israel Free

    Trade Agreement, so he helps companies both import and export.

    Established in 1985, the agreement lowers some barriers in trading

    specic products. We help them work through the process, he says.

    Indeed, shipping companies often suggest businesses call AICC for

    aid with exporting to Israel. I just received a request for help from

    a company in Ohio that manufactures orthopedic implants, says

    Schmitt. He explains that the U.S. business will be exporting to a

    particular company in Israel, so they already have a customer; they

    just need help with documentation procedures.

    The company was recommended to us by UPS. When a company

    calls UPS with export to Israel issues and questions, UPS will often

    recommend they call us, he said.

    Israeli trade connections have also beneted U.S. companies who nd

    the countrys products are a good mix with their own.

    Local company imports from Israel

    North Suburban plant grower Shlomo Danieli has a farm in Beloit,

    Wisc., but also imports from Israel, Thailand, Chile and Columbia

    to supply his retail customers with owers and greenery for every

    season.

    He added his Israeli Herb division in 2009 to provide customers

    American Companies

    Doing Business in Israel

    Illinois Governor Pat Quinn visited the Israel ofces of Illinois-based global telecommunications

    rm Motorola Solutions in Airport City on Sunday, July 24, 2011.

    Pictured from left to right: Shimon Dick, President & General Manager, Motorola Solutions Israel

    Ltd.; Member of Illinois delegation; Governor Pat Quinn of Illinois; Seth Vogelman, Director of

    Trade, Illinois Middle East Ofce; State Senator Ira Silverstein.

    Photo courtesy of State of Illinois and Motorola Solutions

    4 Jewish Business News - A publication of Jewish B2B Networking, Inc. www.thejewishbusiness.com

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    superior products year-round. His Alon HaGalil division ar ranges for

    fresh owers and greens to be directly shipped from Israeli growers

    to his U.S. customers.

    Danieli, who grew up in Israel, already had contacts there. So when

    the time was right, both from the standpoint of importing from Israel,

    and when his own plant business was ready to import, he was familiar

    with Israel products and sources.

    The owers from Israel are top in the world in quality, says Danieli.

    He agreed to sit on AICC Chicagos board two years ago to help

    other businesses work through import and export procedures. They

    wanted people who have Israeli contacts, he says.

    AICC Works Bilaterally

    Suggesting contacts, but also arranging

    events to meet potential customers and

    gather information, is also part of AICC

    Chicagos task, according to its president

    Dan Shure.

    We encourage businesses to look to Israel,

    says Shure. Our entire mission is bilateral

    trade. We work in both directions. Not only

    do we help Israeli businesses sell to Chicago,

    but as the America-Israel Chamber, we help

    companies here sell their products in Israel,

    he says.

    Companies range from pharmaceuticals

    and technology partnerships to baby

    products. No matter what you do, were here

    to serve you, says Shure.

    Among the ways AAIC assists U.S.

    companies is to sponsor programs every few

    months that tie into visiting trade and economic ministers from Israel

    and trade shows in Chicago.

    We did that for the Restaurant Show and will do it for Radiology

    Show in November, he says. Companies here and in Israel shop for

    partners. We help businesses nd good partners.

    Networking and seeking venture capital

    Finding a good partner and obtaining expert advice is very important,according to Kellogg School of Management Professor Lloyd Shefsky.

    The Clinical Professor of Managerial Economics and Decision

    Sciences, Shefsky teaches Successful Entrepreneurship.

    A believer in networking, Shefsky recommends setting up initial

    informal meetings with contacts in Israel that will eventually lead to

    a working relationship.

    Someone knows someone who knows someone else. Its seven degrees

    of separation, he says. He particularly advises that businesses here

    become familiar with how things are done there. Its a guild society

    Meet with the associations. Know the culture. He adds, Getting the

    right partner is critical.

    Another option Shefsky recommends is working with venture capital

    companies in Israel. There are over 2,100 venture capital companies

    there with portfolios of companies to partner. He also suggests says

    that nding a partner in Israel means not having to open an ofce

    there.

    Among agencies that offer capital is Bi-national Research and

    Development, known as BIRD. They provide venture capital grants

    from both countries. BIRD helps fund the endeavor.

    Shefsky explains: Say you have a marketing company here and

    they have a tech company there, BIRD can

    help put the joint venture together. You get

    everything you would if you opened an ofce

    there, only better. It can be very valuable.

    State of Illinois Trade Ofces Offer

    Assistance

    Another place to go for help is Illinois trade

    ofce in the Thompson Building, downtown

    Chicago. The State of Illinois has trade

    ofces throughout the world, including

    Israel.

    We are matchmakers. We introduce

    companies in Illinois to companies here in

    Israel, says Sherwin Pomerantz, director of

    the Illinois Ofce of Trade & Investments

    Eastern Mediterranean Regional Ofce.

    Pomerantz works out of the Illinois ofce inJerusalem, but is frequently at the Chicago

    ofce.

    He points out that his ofce is used to assisting small and mid-sized

    businesses. As an example, his ofce worked with Decatur, Ill.-based

    Lincoln Diagnostics, a mid-sized allergy skin testing company that

    distributes globally and is now adding Israel to its list.

    An Abbott or a Kraft doesnt need our assistance, he says of two

    Illinois companies with an extensive global reach.

    Pomerantz denitely advocates looking to Israel to do business. Ithas one of the best economies in the world.

    Jodie Jacobs is a Chicago journalist who has contributed to the Chicago

    Tribune for more than 20 years. Her articles have also appeared in Crains

    Chicago Business, Lake County Business Journal and Whats Happening.

    [email protected]

    America-Israel Chamber of Commerce, 500 Lake Cook Road, Deereld, IL 60015, Suite 350,

    847-597-7070 http://www.americaisrael.org/

    Illinois Ofce of Trade & Investment, Department of Commerce and Economic Opportunity, James

    Thompson Center 100 W. Randolph St., Chicago, IL, 312-814-2828 www.commerce.state.il.us/dceo

    Bureaus/Trade/ and Eastern Mediterranean Regional Ofce in Jerusalem 972-2-571-0199www.atid-edi.com

    Federation of Israeli Chambers of Commerce (FICC), Tel Aviv, 972-3-563-1020

    www.chamber.org.il/content.aspx?code=7129&cat=0

    Ziviel Ofce Building in Tel Aviv

    Jewish Business News - A publication of Jewish B2B Networking, Inc.www.thejewishbusiness.com

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    Chicago Festival of Israeli Cinema

    Connects Israel with the Windy CityBy Mira Temkin

    Almost like an invisible cultural bridge from Israel with love, the

    Chicago Festival of Israeli Cinema (CFIC) brings a deeper, more in-

    depth understanding of the Israeli experience to Chicago. This years

    lm festival runs from Oct. 26 - Nov. 6 in three city venues and

    suburban AMC Northbrook Court theatres. The festival, which has

    been operating independently since 2005, offers the largest showing

    of lms, outside of Israel.

    Because Israeli lms are so good (nominated for Academy Awards

    three out of the last four years) and their edu-tainment value so high,

    were greatly expanding our outreach efforts to those who want to

    learn more about Israeli culture, travel to Israeland possibly do

    business with Israeli companies, said the coordinator of the CFIC,

    Cindy Stern.

    Chicagoans cant always grasp the nuances or dynamism of Israeli

    society from what they read or from what others tell them, says

    Stern. So we bring Israelin the form of the latest feature lms,

    short lms and documentariesto them. Its a little like buying a

    ticket to Israel for $11, instead of $1100.

    The theme of this years CFIC is Entertainment Israeli-Style.

    The Opening Night gala takes place Wednesday, October 26th, at

    the Chicago Cultural Center. Partnering with the Chicago SisterCities International program and several local autism organizations,

    the CFIC will screen a drama by Guy Nattiv called Mabul (The

    Flood). Mabul, starring Israeli star Ronit Elkabetz, tells the story

    of a young man who comes home to l ive with his younger brother and

    parents after the institution in which he lives closes.

    Stern continued, The CFIC gives people who want to do business

    in Israel deeper insights into the culturethe ethics, sensibilities,

    values, humorthey wouldnt otherwise get from a wide cross-

    section of the population, even with a guided personal tour within

    the country.

    On Thursday, October 27th, the screening will be held in conjunction

    with Columbia College at the schools Film Row Cinema with

    a special appearance by Director Ibtisam Maarana and her

    documentary, 77 Steps. On Saturday evening, October 29th at

    the AMC 600 on Michigan Avenue, audiences can see some of the

    most internationally-celebrated Israeli lms of 2010-11, including

    Restoration, a hit at Sundance, about small businesses and

    fatherhood; Intimate Grammar, about coming-of-age, around the

    Six Day War.

    From Sunday, October 30 through Sunday, November 6, screenings

    will be held at the AMC Northbrook Court. Films include: Article

    of Hope, about Israeli astronaut Col. Ilan Ramons ill-fated journey

    on the Columbia space shuttle mission and Strangers No More,

    about a K-12 school in Tel Aviv that educates k ids from 48 different

    countries as well as other lms. Both of these documentaries were

    made in Israel by American companies.

    Strangers No More, produced and directed by Simon & Goodman

    Picture Co., NYC, brought an American crew over to Israel for

    lming, editing, cinematography and used Israeli lm experts for

    location and translation services.

    Israeli lmmakers are always looking to partner with other countries

    for venture capital or production. Many of the companies team up

    with studios from the US, UK and France to create their lms, said

    Cindy. The Israeli lm industry really is international in scope.

    Tickets are $9 before 5 p.m. and $11 weekends and after 5 p.m.

    For more information and the complete schedule, visit www.

    chicagofestivalosraelicinema.org. Tickets are also available at

    fandango.com and movietickets.com.

    Mira Temkin is a Highland-Park based copywriter with both advertising and

    editorial expertise. She can be reached [email protected].

    The lm Mabul will open the Chicago Festival of Israeli Cinema.

    6 Jewish Business News - A publication of Jewish B2B Networking, Inc. www.thejewishbusiness.com

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    Better Business Bureaureferrals save you time

    and money.

    Start here. .ogb e t t e r b u s i n e s s b u r e a u

    Jewish Business News - A publication of Jewish B2B Networking, Inc.www.thejewishbusiness.com

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    With Israels booming economy, it makes good sense for some businesses

    to consider creating a market for their products and services in Israel. The

    US economy is expected to be stagnant at best for the foreseeable future.

    Entrepreneurs need to consider market factors to properly determine

    growth potential. While Americans and Europeans are tightening their

    belts, many Israelis are taking advantage of the strong shekel vs. the

    weaker dollar to import like never before.

    With a GDP in 2010 of $225 billion, the Israeli economy is compact

    and agile. In spite of the most recent recession, the Israeli economy has

    already seen substantial consistent growth since January 2009, making it

    one of the fastest recovering developed countries in the world.

    Roughly 40% of Israels 7.5 million people are concentrated in the greater

    Tel Aviv metropolitan area, Israels commercial and financial center.

    Another major population concentration is in the Haifa metropolitanarea (15%), a major port city and center for the petrochemical and

    high tech industries. Almost all goods are imported through Israels

    two Mediterranean ports, Haifa in the north and Ashdod in the south,

    and through Ben Gurion International Airport. These ports offer good

    transportation links to the rest of the country. While most companies

    are headquartered in these areas, a growing number of firms maintain

    branches, showrooms, or service facilities in Jerusalem and Beer Sheva.

    Consumer malls and shopping centers are popular in Israel. Many

    American specialty shops, chain stores, and franchises have outlets in the

    200 malls and shopping centers now there. Key to success is offering an

    increasing variety of new products and services to the Israeli consumer.

    For first-time exporters to the market, its important to note that distinct

    cultural differences in Israel may in some cases dictate changes in

    selling, advertising, and marketing. Although many strategies used by

    U.S. firms can be equally effective in Israel, U.S. companies should not

    assume that selling in Israel is the same as selling in the domestic U.S.

    market. Companies should carefully research promotional activities prior

    to their implementation in Israel.

    Partnering with a local representative who has good industry contacts,

    proven reliability, technical skills and after-sales service capabilities is

    important for selling and maintaining a continued presence in Israel.

    U.S. businesses interested in establishing an office in Israel are required

    to register with the Registrar of Companies at the Ministry of Justice. The

    business must file a copy of documents certifying that it is incorporated

    in the United States and other information. If these documents are in

    English, they must be accompanied by a Hebrew translation. There is no

    requirement for the company managers or directors to be Israeli citizens

    or residents. However, U.S. representatives assigned to manage the Israel

    office must first obtain work permits from the Employment Service

    Division of the Ministry of Industry, Trade & Labor. Authorization from

    the Ministry and, if applicable, the Investment Center, is necessary before

    the Ministry of Interior can issue a visa. U.S. businesses establishing an

    office in Israel are advised to consult with a local accounting or law firm.

    Doing business overseas is not for everyone. However, think about all

    options when charting a growth course for your business. In the Chicago

    area, the America Israel Chamber of Commerce is a great place to start

    if youre considering doing business with and in Israel.

    Israel A Market for Your Business Goods and ServicesBy Moshe Klein

    Moshe Klein is an accountant and small business consultant. His rm, Moshe

    Klein & Associates, Ltd. is based in Skokie and services clients throughout the

    United States. To respond to his column, write to: [email protected].

    8 Jewish Business News - A publication of Jewish B2B Networking, Inc. www.thejewishbusiness.com

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    Obligation of PaymentsQ: Do I have to pay someone who did work as part of the

    interview process?

    A. Paying workers fully and promptly is a high priority in Jewish

    tradition. A number of Torah verses warn us about this. Here is a

    verse from the book of Leviticus (19:13):

    Do not [unjustly] withhold that which is due your neighbor. Do

    not let a workers wages remain with you overnight until morning.

    Here is a passage from the book of Deuteronomy (24:14-15):

    Do not withhold the wages due to your poor or destitute hired

    hand, whether he is one of your brethren or a proselyte living in a

    settlement in your land. You must give him his wage on the day it

    is due, and not let the sun set with him waiting for it. Since he is

    a poor man, and his life depends on it, do not let him call out to

    God, causing you to have a sin.

    But of course these passages cannot tell us when in fact the

    worker is due his wages in the rst place. But there can also be

    an obligation to pay which doesnt stem from agreement at all.

    The benet provided by the workers actions can itself obligate

    payment.

    Even when there is no agreement at all, when there is a benet

    provided, the beneciary is required to pay some reasonable

    approximation of the value of the benet. (In the common lawsystem, this corresponds roughly to the doctrine of unjust

    enrichment.)

    Even if you never offered to pay your workers, they would have a

    justied expectation of getting paid the going wage for the kind

    of work that they are doing. Given that the benet provided is

    itself a source of obligation, even a simple disclaimer (Im not

    offering any payment) would probably not be enough. That

    would be enough to negate any wage agreement, but not to negate

    any benet. Obviously any benet can be waived, but a rather

    detailed waiver would be called for in this case.

    Furthermore, in the light of the underlying law it would seem

    that the arrangement you describe is not fair. Your criterion for

    payment is totally subjective whether you want to keep the

    person on; it is not directly dependent on whether the person does

    a good job or not.

    Locate these and other business networkers and create your own prole online at

    www.jewishb2bnetworking.com/directory

    Becky AdelbergManager, Kehilla Program - JCCMy motto: Dont leave any door unopened.

    My work: Connect Jewish young adults to

    community through a variety of meaningful

    shared experiences.

    What sets me apart: I am a community builder:

    I engage people of varying backgrounds to oneanother.

    Abbie Weisberg

    Keshet, CEO/Executive DirectorMy motto: I love the children of Keshet like theyare my own.My work: I oversee Keshet, a not for prot thatprovides year round programs for individualswith special needs.What sets me apart: I do not consider what I do ajob, it is my passion.

    Audrey S. BehmEmployment SeekerMy motto: I do my best and forget the rest.My work: Skilled in ofce management, admin-istration, organization and meeting planning.What sets me apart: Superior customer serviceorientation, resourceful and trainable withreadily transferable skills.

    SOURCES: (1)Babylonian Talmud Bava Metzia 83a (2) Babylonian

    Talmud Bava Metzia 101a

    The Jewish Ethicist is a joint project of Aish.com and the Business Ethics

    Center of Jerusalem and is reprinted with permission. To nd out more

    about business ethics and Jewish values for the workplace, visit the

    Business Ethics Center of Jerusalem at www.besr.org

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    The Economy What We Can Expect?By Jewish Business News Staff

    The odds of a renewed recession over the next 12 months,

    already one in three, will increase if stock prices continue to fall,

    according to Mark Zandi, chief economist for Moodys Analytics.He said the economy must grow 2.5 percent to 3 percent a year

    to add jobs fast enough to keep the unemployment rate stable --

    something that wont happen anytime soon.

    Moodys now expects real gross domestic product to grow at an

    annualized rate near 2 percent in the second half of this year, and a

    little more than 3 percent next year. That compares with its earlier

    projection of 3.5 percent in the second half of 2011 through 2012.

    The Federal Reserve last month decided to keep interest rates

    extremely low for two more years, saying it expected the economy

    to remain weak for that period.

    The consensus view among Federal Reserve board members is thatthe unemployment rate will be in the 7.8 percent to 8.2 percent

    range by the fourth quarter of 2012.

    While commodity prices soared in late 2010 and early 2011,

    theyve declined recently on global growth worries. Core ination,

    (excluding food and energy prices), appears to have bottomed out in

    contracts and has actually accelerated over the past year. Most core

    ination measures are now just below the Feds implicit ination

    target of around two percent. This is particularly important because

    it remains a key metric used to gauge inationary pressure in the

    future.

    Its important to remember, however, that food and energy prices

    have skyrocketed over the past year and they have a direct and

    immediate impact on consumers as well as small businesses.

    Analysts now say that the recession of the last decade was deeper

    than initially estimated and the recovery from it weaker than

    thought. The massive stimulus program unleashed by the Federal

    Reserve in the form of Quantitative Easing (QE) did not lift jobs

    and promote growth as much as expected.

    The odds of the economy going back into recession are at least one

    in three, if nothing new is done to raise demand and spur growth,

    according to former Treasury Secretary Lawrence Summers.

    The staff at Jewish Business News cautions readers to remain

    conservative in forecasting their sales and business growth for 2012.

    While conditions vary greatly from market to market, the overall

    negative outlook, lack of jobs and debt reduction in the economy

    overall dictates that consumers and small businesses should brace

    for more difculty ahead. JBN Magazine will continue to monitor

    economic conditions to provide guidance for planning, budgeting

    and forecasting critical to small business stability and long term

    growth.

    10 Jewish Business News - A publication of Jewish B2B Networking, Inc. www.thejewishbusiness.com

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    The Business Event is one that certainly lived up to its name. Last August, more

    than 2,700 people came together at the Holiday Inn, Skokie to look for job leads,

    meet potential employers and talk to small business vendors. Spearheaded by

    Shalom Klein, founder of the Jewish B2B Networking and publisher ofJewish

    Business News, and also sponsored by the Small Business Advocacy Council,

    the event showcased the importance of face to face meetings.

    This was an excellent turnout for the rst year of an event. It provided our

    company with a lot of visibility and we met a lot of qualied candidates,

    said Michael Gluck, Director of Marketing for GCG Financial, who was there

    primarily to recruit nancial advisors.

    Carla Cenker, Aac representative and full time rabbinical school student at the HebrewSeminary of the Deaf, came to network. She felt the nancial sector was very well represented,

    mixed in with entrepreneurs, which she felt was very creative. It exceeded my expectations.

    Breakout sessions led by industry experts were presented throughout the day. Seminars

    about job searching, networking techniques, LinkedIn, resume reviews and more assisted job

    seekers in their quest.

    Local Elected Ofcial Show Strong Support

    State and federal elected ofcials like U.S. Congressman Robert Dold, U.S. Congresswoman

    Jan Schakowsky and State Representative Louis Lang were among the elected ofcials who

    attended and came away with the message of we need jobs. Skokie Mayor George Van

    Dusen who has attended other Jewish B2B Networking events in the past, was impressedwith the turnout as well as efforts being made to ll the vacant storefront of the citys busiest

    thoroughfares.

    In fact, at the Village of Skokies August meeting, Mayor George Van Dusen recognized the

    efforts of Shalom Klein in helping to stimulate small business and economic development by

    issuing a proclamation that declares August 25, 2011 as The Business Event Day.

    A Real Networking Event

    At its core was a day of meeting people and reaching out to others who needed a little

    encouragement and support.

    Recent law school graduate Cari Silverman who was there looking for a job said that she

    found that people were really helpful. They were willing to pass my resume around and

    make connections for me.

    Rick Glickman, Dream Kitchens commented, It was an honest and true networking event.

    People who were there really wanted to help. It was a great opportunity because people really

    need to be in front of each other.

    The next Business Event, which promises to be even bigger and better, is set for May 17,

    2012. Registration begins October 1, 2011.

    By Mira Temkin

    Connects Thousands of Networkers

    Mira Temkin is a Highland-Park based copywriter with both advertising and editorial expertise.

    She can be reached [email protected].

    Pictured from left to right: Shalom Klein, U.S. Congresswoman,Jan Schakowsky, Skokie Mayor

    George Van Dusen and Moshe Klein.

    It was a whole lot of hand-shakin going on!

    12 Jewish Business News - A publication of Jewish B2B Networking, Inc. www.thejewishbusiness.com

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    Jewish Business News - A publication of Jewish B2B Networking, Inc.www.thejewishbusiness.com

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    Find out more about these jobs and over 100 more online at

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    14 Jewish Business News - A publication of Jewish B2B Networking, Inc. www.thejewishbusiness.com

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