Presented By: Paul A. Hummel, B.S.M.E., M.E.M., Ed.D.

Date: September 13, 2014

At: New Heart Worship Center Church

Professional:

• Recovering Engineer• 25+ Years in Manufacturing• Manufacturing Consulting• 7 Years as College Dean• Semi-Retired (and loving it)

Personal:

• Happily Married• Father of 3• Grandfather of 3• Have Lived Most of my Life in

Northern Illinois

Psalm 1:3

And he shall be like a tree planted by the rivers of water, that bringeth forth his fruit in his season; his leaf also shall not wither; and whatsoever he doeth shall prosper. (KJV)

User of Talents

Inventors vs. Entrepreneurs

Are You an Inventor ? A person who invented a particular process or device or who invents useful products or services as an occupation.

Are You an Entrepreneur ?A person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so.

Maybe You are Both !

Characteristics Inventor Entrepreneur

Creative Yes, Exceptionally Yes

Technical Savvy Yes, Exceptionally Possibly

Problem Solver Yes Yes

Self-Starter Often Yes, Definitely

Risk Taker Possibly Yes, Definitely

Business Savvy Possibly Almost Always

Sales Skills Possibly Almost Always

Inventors vs. Entrepreneurs

An entrepreneur tends to bite off a little more than he can chew hoping he’ll quickly learn how to chew it.

Roy Ash

Have you heard of the entrepreneur bragging to his grandchildren: "I started out with nothing, and I still have most of it left."

© Copyright Mark W. Lund 2005

A Couple of My Favorite Entrepreneur Quotes

http://www.entrepreneur.com/personalityquiz

Quiz: Do You Have What It Takes to Be an Entrepreneur?

1. Unexpected surprises don’t usually irritate me.2. I am comfortable even when there is drama in my

workplace.3. I am good at adapting to changing circumstances.4. I do not stress-out easily.5. I get bored very easily.6. I hate doing the same thing repeatedly.7. I am comfortable making long-term commitments.8. I keep my promises.9. I am comfortable with taking risks.10. If something isn't working, I fix it.

Is This You ?

The Biggest Mistakes Entrepreneurs Make

We Asked Owners About Their Biggest Goofs - and What They Learned From Them

By BARBARA HAISLIPAugust 25, 2014

Don't Forget Your Spouse: Matthew K. Stewart says he

overlooked something crucial while building his construction company: his wife's feelings.

Understand Your Clients: If Zach Clayton could do it all

over again, he would get to know his clients better right from the start—by working for them.

It's OK to Spend Money: Bob Bernstein, founder of

Bongo Productions LLC, tried to go the cheap route when opening his first cafe in Nashville, Tenn., in 1993.

Don't Sweat the Small Stuff: Before Clifford Holekamp

founded his St. Louis-based chain of podiatric medical centers, Foot Healers, he had thought through how to run a better shop. He was wrong. So, he decided to focus only on the big stuff, such as revenue metrics and customer satisfaction.

Trust but Verify: When Natacha Beim, founder of

Canada's CEFA Early Learning schools, hired a general contractor to build her first school 17 years ago, she went with a company recommended by a large developer.

Sell, Sell, Sell: Saad Shah forgot something in the early

days of starting Metric-X LLC, a custom-software developer in Rochester, Mich.: "Sales is the lifeblood of the business. Always sell."

The Top 10 Horrible HabitsAccording to Hummel

Hummel’s Horrible Habits

Based on my experience, here are more mistakes made by inventors andentrepreneurs.

No, make that …

No. 10 - Lacking Business Savvy

“All that I need to be concerned with is my product/service. I have a better mouse trap so the world will beat a path to my door.”

No. 9 – Not Understanding Why Investors Invest

Investors invest in you. They don’t care about your product or service. They care about your ability to make it happen.

No. 8 - Going it Alone

You almost certainly will need strategic partners.

No. 7 – Not Being Realistic

“The world will beat a path to my door. Sales will double each year, and that’s a conservative estimate.”

No. 6 - Insisting on Doing It YOURWay

Insanity is doing the same thing over and over but expecting different results.

Attributed to Albert Einstein

No. 5 - Unwillingness to Share Control

“Nobody else is going to cash in on my idea!”

No. 4 – Failing to Plan

“If you fail to plan you are planning to fail.”Attributed to Benjamin Franklin

No. 3 - Making Decisions Without Market Input

“I know what they want and need. In fact, I know it better than they do!”

No. 2 - Not Knowing What You Don’t Know

“On yah, I know how to market and sell. And of course, I am an expert when it comes to my goods/services.”

20 Areas Requiring Expertise

My No. 1 Horrible Habit of Inventors & Entrepreneurs

No. 1 – Just Being Plain STUPIDYikes! No cure for this one!

Sorry, no help for this one, but …if you are not stupid help is available.

One place you can get help is at a Small Business Development Center.

IllinoisSmall Business Development Centers

Celebrating 30 Years of Small Business Success

The U.S. SmallBusiness Administration

The U.S. Small Business Administration (SBA) was created in 1953 as an independent agency of the federal government to aid, counsel, assist and protect the interests of small business concerns, to preserve free competitive enterprise and to maintain and strengthen the overall economy of our nation. The SBA helps Americans start, build and grow businesses.

SBDC Free Services Include:

• One-on-one business advice and management assistance.

• Assistance developing business plans.• Help accessing market information and

the development of marketing plans.

SBDC Services Also Include:

• Assistance with accessing business financing programs.

• Financial planning assistance.• Access to business education and training

opportunities.• Specialized Technology, Innovation and

Entrepreneurship Services (T.I.E.S.)

More About This Later

• College of DuPage• College of Lake County• Elgin Community College• Harper College• Joliet Jr. College• McHenry County College• Rock Valley College• Waubonsee Community

College

Illinois Small Business Development Centers

SBDC’s at Northern Illinois Community Colleges:

T.I.E.S. Provides:

Free consulting services for start-ups and existing businesses that are technology-based.

T.I.E.S. Centers Offer Some or All of These:

• Assistance with IP - Patents, Copyrights & Trademarks

• Assistance forming legal business entities –C-Corp, S-Corp, LLC, etc.

• Assistance with Business & Financial Plans• Rapid Prototyping• Business Incubators• General Technical Assistance• Referrals – Universities, Service Providers, etc.• All other SBDC Services

• Bradley University• Champaign County• Rock Valley College• Southern Illinois

University• University of Illinois,

Chicago

Technology, Innovation & Entrepreneurship Specialty Centers

5 Locations in Illinois:

For those of you in the Aurora area.

Contact Information

Illinois SBDC at Waubonsee Community College18 S. River St.Room 268Aurora, IL 60506630/906-4143Contact: Harriet Parker

Illinois SBDC at Rock Valley College605 Fulton Room E108Rockford, IL 61103815/921-2081Contact: Brian McIntyre

Col 3:23

What ever you do, work at it with all your heart, as working for the Lord, not for men. (NIV)

I will be glad to stick around and try to answer any questions.

Thanks !