1. Invention and Innovation
1.2.3

2. 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?

3. (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

4. (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

5. (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

6. (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

7. (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

8. (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!

9. (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

10. (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

11. (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

12. (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

13. 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

14. 0-50 points
You have poor planning, decision making, risk bearing and budgeting skills – You must try to improve!

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

16. points
You may become a millionaire with your entrepreneurial skills – well done!

17. Video Clip

18. 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

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

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

21. 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?

22. Innovation

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

24. 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

25. 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

26. Activity 2

27. 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

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

29. 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%

30. 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.

31. 1.2.6 Homework Are you an entrepreneur? Quiz Go to:
Click on number 1 - Activities For Edexcel GCSE Business Studies
Click on section 2 then Other important enterprise skills
Print screen the summary.

32. Creative Problem-Solving Quiz
Are you a professional? This short quiz will help you understand your thinking style better.

33. 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.

34. 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.

35. 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.

36. 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.