May 2002 Newsletter
demonstration by representatives from the Young Inventors, followed
by a presentation by Deb Hess, President of The Minnesota Inventors
Congress. Hess will discuss the Inventors Resource Center and
other resources available to entrepreneurs and inventors.
Congress, Hess serves on the advisory council of the Inventors
Resource Center. Founded in 1958, The Minnesota Inventors
Congress ("MIC") is a nonprofit, volunteer organization dedicated to
serving inventors through the encouragement of invention and
innovation, and the provision of information, assistance and support
at all phases of the innovative process. The nonprofit Inventors
Resource Center provides professional staff to respond to inventor
inquiries.
7:00 PM — Demonstrations by the Young Inventors, followed by Deb
Hess, President, The Minnesota Inventors Congress
9:00 PM — Post Meeting Networking at Patrick McGovern’s Pub &
Restaurant at 225 W. 7th Street in St. Paul.
“Intellectual Property Issues
Facing Emerging Stage Entrepreneurs”
LLC, will discuss intellectual property issues facing emerging stage
entrepreneurs.
senior intellectual property counsel for 3M from 1972-1996, and spent
four years with Schwegman, Lundberg, Woessner and Kluth, P.A.,
before launching his own firm. While at 3M, Litman was the primary
attorney for five business units with annual sales exceeding $1 billion.
Throughout his career, Litman has prosecuted more than 1,000
patent applications in the United States and more than 4,000
internationally.
the Minnesota Business Academy Wabasha & Exchange Streets-
Downtown St. Paul. Educational Seminars begin at 6 PM & the
Keynote Presentation begins at 7 PM. Upcoming meeting dates are:
Tuesday, July 9, 2002
Tuesday, August 13, 2002
Tuesday, September 10, 2002
Tuesday, October 8, 2002
Tuesday, November 12, 2002
Tuesday, December 10, 2002
Tweaking.
11th, you will:
B. Create meaningful networking encounters and connections.
http://www.netweaking.com/
meeting seminar vs. the monthly meeting presentation. Your Board
of Directors has taken the initiative to streamline this process!
Attend both meetings for the price of one! The educational
seminar and the monthly presentation and membership meeting will
be packaged as one for the price of $20 advance registration, $25 at
the door for non-members. MEI Members will be able to attend both
sessions at no charge, as part of their membership dues.
Meeting times will change slightly. We will
schedule the educational seminar to begin at 6:00 PM, followed by
the keynote presenter and monthly program at 7:00 PM. Registration
and informal networking will start at 5:30 PM. So, keep this in mind:
6:00—9:00 PM Monthly Program
Educational Seminar, Keynote presentation, Networking opportunities
This offers you 12 months of programming for only $10 a month! You
will no longer have to pay for the educational seminars separately.
So, if you’ve considered joining or want to renew, do it now for only
$79. After June 1st, the dues will be $120—still a bargain,
considering both programs are now rolled into one package—where
else can you get 3 hours of camaraderie, inspiration and education
for only $10???
(Yes, YOU!)
Committee or Serve on the Board of Directors!
joining one of these committees:
Development (Fund-raising, etc) - Maria Kannankutty, Chair
Education—Christy James, Chair
Finance—Slava Thaler, Chair
Legal Advisory—Roger Zahn, Chair
Marketing—Eric Strauss, Chair
Membership—Bill Lehnertz, Chair
Program—Matt Boettner, Chair
Technology—Joe Betz, Chair
Board Members or Committee Chairpersons.
dozens of publications available on FOR FREE on its web site. Many
can be viewed online in PDF format or ordered in hard copy. Topics
include, A Guide to Starting a Business in Minnesota, A Guide to
Intellectual Property Protection, An Employer’s Guide to Employment
Law Issues in Minnesota, and An Introduction to Franchising. For
more information on these publications and others, go to
http://www.dted.state.mn.us/searchframe.asp?url=00x04.html.
September. Educational seminars will take you through each step in
developing your business:writing a business plan, marketing,
obtaining funding, and so on!
Profits Journal subscriptions (print magazine or on-line news service)
as well as a discount at any future Profits Journal events. Email your
request for additional information to: info@mn-entrepreneurs.org and
IBP Meeting Exchange:
into an agreement with MEI to offer a $5 discount on meeting fees.
The following is information on their upcoming meetings:
University of St. Thomas/Minneapolis, Room 250, 1000 La Salle Ave.
$15 advance registration for Minnesota Entrepreneurs members, $20
at the door. To Register: Contact Independent Business
Professionals: 612-741-5418 or visit: http://www.i-b-p.org
“Ready, Steady, Go! Starting a Business the Right
Way”
Co. P.L.L.P.
register@jjhill.org
student intern, to assist with our web site development! If you have a
situation where a student intern could assist you and your business,
call Ellen Paxton: 651-256-0488 or send an email to:
epaxton@mnba.org.
foundation, MN Connects. He has asked to pass this link along to
several people who may be interested. http://www.mnconnects.org
if you would like more information, contact Dan directly via email at
d_lars@mnconnects.org. The foundation has grant money available
and is looking for worthy projects to fund. You can find an application
at the web site.
HELP STAFF OUR BOOTH!!!
9, 2002 at the Minneapolis Convention Center. If you are a member
in good standing, and would like to help staff the booth, please
contact Eric Strauss at 612-374-0004.
“Entrepreneur of the Week” segment, airing at 6:20 AM on Tuesdays.
Our speakers are featured the week prior to and the week of our
events. This is a chance for you to get a “sneak preview” of what is in
store for our monthly keynote presentations!
Could a simple test tell you if you will
succeed as an entrepreneur? Is there an
entrepreneurial quotient? An E Q Test?
Something that would give you insight into whether or not you should
embark on the new venture you’ve been dreaming about? What is
the makeup of the “Classic Entrepreneur?”
shoes outside of several bars near East 25thStreet in Minneapolis for
10 cents. I was reflecting on that recently trying to imagine my
response if one of my grandsons came to me with a similar request.
Times have changed and today seven year olds do not belong
outside of bars shining shoes. The qualities for succeeding as an
entrepreneur are fully definable today. They are not a mystery. The
internal sense of accomplishment that comes from creating your own
income is perhaps the most fundamental of these entrepreneurial
qualities. The entrepreneur knows he/she can survive with his/her
own talents and skills, because at some point in their life they have
already done it. It was the first skill they learned and indeed, it was
thrilling.
author Chase Revel. They consume a lot of written material on an
ongoing basis. If you don’t like to read or study, it is a big
disadvantage. Entrepreneurs also have an incredible ability to deal
with ambiguities. That is to say, they do not go nuts when things
don’t add up, logically speaking. This characteristic gives them a
high tolerance towards stressful situations.
to me. Let’s call him Bob. He wanted to know what it was like to be
an entrepreneur. Bob asked: “If I do all these great marketing
businesses?” It is certainly easy to hang out a shingle that says:
“Bob’s Marketing Services Now Open For Business.”Obtaining a
steady revenue stream and making it over the long haul is another
issue.
support. In a large corporation, you benefit from many resources that
provide ongoing services to you. Once you are on your own, you
lose the benefit of those services. Then, YOU are the accounting
department, the payroll department, etc. At least until you are able to
finance your company’s growth beyond your own labor. Often you
will find that you have to build the department [i.e. accounting] first,
before you can use it. Set up the books, etc. This is tantamount to
crossing a bridge at the same time you are building it and very
difficult to do. The main alternative is to outsource the support areas
you cannot provide for yourself. This requires substantial additional
capital and is certainly a Business Plan option. Back to Bob.
profile test called the E Q TEST. You will find information on this test
online at http://www.eq.com. I was first exposed to the test in Victor
Kiam’s book “How to Succeed as an Entrepreneur.”I later studied
“The Fingerprint of the Entrepreneur” by Edward & Deborah Fasiska,
which Kiam introduced.
Entrepreneurial Aptitude Test can measure one’s entrepreneurial
ability – I mean in depth. This test really works … I know, I helped to
develop it. The reader is given personalized guidance based on
those results. Even I learned a few things.”Victor K. Kiam, CEO,
Remington Products, Inc.
took this test twice myself and I disagree. The results will provide
insight into your own makeup. It will show you where you are weak
and strong. Having such knowledge is very powerful as it gives you
the opportunity to take advantage of your strengths and the
opportunity to offset your weaknesses.
many projects I will leave up in the air. I learned that I was very
option oriented in many areas. In contrast, as the Director of Quality
[my last corporate job in 1985] – my task was to close off items as
fast as possible. Closure is a corporate management goal. It
involves being very judgmental on each task. Keeping your options
open [until right] is an entrepreneurial trait.”
Matrix as type ENTP. The corporate manager who uses
entrepreneurial skills may easily find himself or herself testing type
ENTJ. Study the qualities to learn more about the characteristics of
the Classic Entrepreneur.
You can even have prospective employees or partners take the test
for feedback on the degree of compatibility they have with your
personality. If you don’t have the qualities of the classic
entrepreneur, don’t worry. At least you will know who to hire to offset
your weaknesses IF you decide to take the leap. Bottom line? This
is yet another tool for your entrepreneurial toolbox. Go to
www.eq.comfor current information on this resource. Enjoy.
WEDS & THURSDAY
Business Expo being held at the Minneapolis
Convention Center. Come and visit us in booth #332
and learn about The Minnesota Entrepreneurs.
