Invention and Innovation 1.2.3

Lesson Objectives Can I explore the questions that entrepreneurs ask? Can I differentiate between invention and innovation? Can I explain the term “Taking a calculated risk”? Can I review my creativity – Quiz?

(1)If you had £100, what would be the first thing you do? a. Go out on a shopping spree and blow it all in your favourite shop b. Treat all your friends to a posh meal c. Put half of it in the bank and spend the rest on yourself d. Put it all in the bank

(2) When in a lesson, how do you learn best? Listening to the teacher and other pupils in the class Reading text books and help sheets Doing an activity with a hands on approach, e.g. computer work A combination of all three

(3) When put in a team, what role do you usually take? Sit back and not contribute… there’s other people to do the work Input some ideas, but without much enthusiasm Take control and start delegating jobs to the rest of the group Take part, but you prefer to have people telling you what to do

(4) What are your favourite school subjects? Maths & Science – you enjoy working out solutions and finding out interesting facts Art, Music and D&T – you enjoy being creative and expressive History & English – you enjoy looking into a lot of depth and description PE – you enjoy being fit and healthy

(5) What qualities do you look for when making friends? Friendly and approachable Calm and quiet The life and soul of the party Trusting, reliable and supportive

(6) When making an important decision, do you? Act impulsively on your own instinct Consult with friends and family Do research on different options Pass on the decision to someone else… it’s too hard to decide!

(7) If the school was on fire, what would you do? Panic Jump out of the window Leave the classroom in an orderly fashion Run screaming from the classroom

(8) If you had to employ someone to work for your business, which person would you choose from these 4 people? Fred Smith – he’s not always punctual, but would work hard. Is a team leader Joe Blogs – he has lots of new ideas but is a poor planner and decision maker Megan Jones – she is good at making decisions & can work as part of a team, but cannot work under pressure Emma Taylor – she isn’t bothered about her work appearance but is a risk taker and a good people person

(9) What do you spend most of your time doing at home? Watching TV and listening to music Doing homework and revising for future tests Going out and partying with your friends even on a school night! Doing lots of sport and other activities

(10) What do you think enterprise is? Being innovative and working hard Having lots of good skills Something to do with star trek A business idea that involves not being afraid to take risks

Your scores!! Q1 Q3 Q5 Q7 Q9 a.0 a.0 a.10 a.5 a.10 b.5 b.5 b.0 b.0 b.15 c.10 c.10 c.5 c.15 c.0 d.15 d.15 d.15 d.10 d.5 Q2 Q4 Q6 Q8 Q10 a.5 a.5 a.15 a.15 a.10 b.0 b.15 b.10 b.0 b.10 c.10 c.10 c.5 c.5 c.0 d.15 d.0 d.0 d.10 d.10

0-50 points You have poor planning, decision making, risk bearing and budgeting skills – You must try to improve!

51-100 points Halfway to being a great business person. You are enthusiastic and innovative, but there is still room for improvement!

101-150 points You may become a millionaire with your entrepreneurial skills – well done!

Video Clip http://www.bbc.co.uk/learningzone/clips/innocent-start-up/12854.html

The Questions That Entrepreneurs Ask Questions help entrepreneurs to: Sort out issues, explore alternatives and plan for the future Identify what is working and should stay the same and what isn’t and needs to change Continuously evaluate their activities

The Questions Why? Why Not? What? How? Where? When?

What is the difference between invention and innovation? Activity 1 What is the difference between invention and innovation?

Lesson: Invention & innovation Invention is the discovery of new products or new ways of doing or making something. Innovation is the process of transforming an invention into a product that customers will buy. It may be a different application of something that already exists, something that adds value or differentiates a product. Can you think of an example?

Innovation

Activity 2 Using the picture you’ve been given, you need to demonstrate an understanding of innovation. You have 4 mins for this

Protecting Business Ideas 1. Patents Right of ownership of an invention that is registered with Government UK Patents –are for 20 years International Patents are more expensive 2. Copyright Legal ownership of material Given for IPR such as films, books and music. Gives the right to copy, produce and control material. Copyright protection is longer than patents. E.g Books for lifetime + 70 years after death 3. Trademarks The symbols, signs or features of a product protected in law Examples include Coca Cola, Lego, BBC & Scrabble

2. Copyright Can you think of any examples of things that can be copyrighted? Literary works including books, poems and publications Motions pictures and dramatic works Computer software and animations Songs, song lyrics, sound recordings, and music Photographs, graphics, images, pictures Web pages Works of art including paintings, sculptures, architecture, and computer graphics Educational materials including texts and tests

Activity 2 http://www.businessstudiesonline.co.uk/live/index.php?option=com_content&view=article&id=2:staffam&catid=3:gcse-business-activities&Itemid=5

3. Trademarks can be: 1. Logos McDonald's double arches Apple Computer's Apple 2. Pictures or drawings Corning's Pink Panther MSN's Butterfly

Trademarks can be: 3. Combination of letters and a design: 4. Slogans 5. Product Shape

Taking a calculated risk Calculated risk is about putting a numerical value or probability on the risk. It is the chance of something negative happening. Examples: The risk of losing your premises if you don’t pay your rent Very high =100% Risk of a child getting burnt whilst cooking Quite high =50%

Checking Learning Give two reasons why a successful patent is likely to lead to high profits for the inventor (2) Can a brand name like ‘The Body Shop’ be patented? Why? (2) Innovation can be expensive, for example, L’Oreal’s stream of new product launches. Why is it vital, therefore, that innovative products should have high added value (2) What is the best statement of the difference between invention and innovation: a. Inventors think of new ideas, but only innovators show how they could work. b. Innovators think up new ideas, but only inventors show how they could work. c. Inventors think up new ideas; innovators bring the new idea to the market. d. Innovators reject all existing inventions and come up with something original.

1.2.6 Homework Are you an entrepreneur? Quiz Go to: www.businessstudiesonline.co.uk Click on number 1 - Activities For Edexcel GCSE Business Studies Click on section 2 then 1.2.6 - Other important enterprise skills Print screen the summary.

Creative Problem-Solving Quiz Are you a professional? This short quiz will help you understand your thinking style better. http://www.creativityatwork.com/articlesContent/creativity-quiz.html

How do you put a giraffe into a refrigerator? Question 1 How do you put a giraffe into a refrigerator? The correct answer is: Open the refrigerator, put in the giraffe and close the door. This question tests whether you tend to do simple things in an overly complicated way.

Question 2 2. How do you put an elephant into a refrigerator ? Wrong Answer: Open the refrigerator, put in the elephant and close the refrigerator. Correct Answer: Open the refrigerator, take out the giraffe, put in the elephant and close the door. This tests your ability to think through the repercussions of your actions.

Question 3 3. The Lion King is hosting an animal conference, all the animals attend except one. Which animal does not attend? Correct Answer: The Elephant. The Elephant is in the refrigerator. This tests your memory. OK, even if you did not answer the first three questions, correctly you can surely answer this one.

Question 4 4. There is a river you must cross. But it is inhabited by crocodiles. How do you manage it? Correct Answer: You swim across. All the crocodiles are attending the Animal Meeting! This tests whether you learn quickly from your mistakes. FACT: Around 90% of the professionals they tested got all questions wrong. But many preschoolers got several correct answers.