Pin 16 is a power input for the logic level of the IC.
Connect it to a 5 volt power supply, and make sure that the grounds of that power supply is connected to the ground of the power supply of the Arduino.
In case you'd decide to use the Arduino as power supply the grounds are already connected of course.
Whether or not it's a good idea to use the Arduino as a power supply depends on the load of that power supply (like how many LEDs and such do you have connected to it).
@raschemmel:
If you're replying to my reply, i didn't follow your link, thought you were linking to 1n4001 of your preference.