#3-How Entrepreneurs Are Surviving the Financial Crisis
Entrepreneurial skills are good ones to have, especially during a slow economy. This series focuses on the top survival tips from successful entrepreneurs on getting through the crisis. In this post we feature Marty Janis President & CEO, Atlantic Services Group (www.AtlanticServicesGroup.com). The company provides valet, transportation, garage management, and maintenance services.
Marty encourages entrepreneurs as follows: “Focus on the type of business you go after so you are not chasing money. Work with businesses that are sustainable through tough market conditions. Stay on top of receivables. If you’re not calling clients, you may not be getting paid. In terms of cash, we are putting away more than in the past. Because the FDIC limit at a bank is $250,000, we separate our cash and put it at two different banks for protection. ”
1. Financial literacy. Have students look up the FDIC limit to which Marty is referring. What does it mean?
Extra: Actually speak with someone at a bank about FDIC guarantees and discuss their conversation with the class.
2. Review slides in Module 3 in the free EITC curriculum which have to do with “interacting with agencies” (slides 54-59). Do entrepreneurs interact with the FDIC? Explain.
Extra: Have students comment on the range of agencies with which they would interact as a small business owner.
Stay tuned for our final post in our series around How Entrepreneurs are Surviving the Financial Crisis.
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