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?

a. Listening to the teacher and other pupils in the class

b. Reading text books and help sheets

c. Doing an activity with a hands on approach, e.g. computer work

d. A combination of all three

(3) When put in a team, what role do you usually take?

a. Sit back and not contribute… there’s other people to do the work

b. Input some ideas, but without much enthusiasm

c. Take control and start delegating jobs to the rest of the group

d. Take part, but you prefer to have people telling you what to do

(4) What are your favourite school subjects?

a. Maths & Science – you enjoy working out solutions and finding out interesting facts

b. Art, Music and D&T – you enjoy being creative and expressive

c. History & English – you enjoy looking into a lot of depth and description

d. PE – you enjoy being fit and healthy

(5) What qualities do you look for when making friends?

a. Friendly and approachable

b. Calm and quiet

c. The life and soul of the party

d. Trusting, reliable and supportive

(6) When making an important decision, do you?

a. Act impulsively on your own instinct

b. Consult with friends and family

c. Do research on different options

d. Pass on the decision to someone else… it’s too hard to decide!

(7) If the school was on fire, what would you do?

a. Panic

b. Jump out of the window

c. Leave the classroom in an orderly fashion

d. 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?a. Fred Smith – he’s not always punctual,

but would work hard. Is a team leaderb. Joe Blogs – he has lots of new ideas but

is a poor planner and decision makerc. Megan Jones – she is good at making

decisions & can work as part of a team, but cannot work under pressure

d. 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?a. Watching TV and listening to music

b. Doing homework and revising for future tests

c. Going out and partying with your friends even on a school night!

d. Doing lots of sport and other activities

(10) What do you think enterprise is?

a. Being innovative and working hard

b. Having lots of good skills

c. Something to do with star trek

d. 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

What is the difference between invention and innovation?

Activity 1

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.

Innovation

Why do you think it will sell?

Would customers want this product?

Is there another company doing

this product?

Do customers need this innovation?

What methods will you use to sell it?

Is the design functionable?

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

2. CopyrightCan 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 cookingQuite 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

Question 1

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.