Business Tips: 8 Qualities of Fearless Entrepreneurs: 8 Qualities of Fearless Entrepreneurs You know the type: They do things other business owners only dream of doing--and usually succeed. H...

If you want to get ahead of the game take a look at THIS presentation.

Invention and Innovation:

An invention is a new idea and the means of its accomplishment. the invention must have a use and be proven as workable, but to be an innovation it must also be replicable and at an economic cost that will satisfy a specific need. Only a few inventions lead to innovations because not all of them are economically feasible (an analysis to see if a proposed object will be profitable). 

Patent, copy right and trademark:

Invention and Innovation
Invention is the creation of new ideas. Innovation is the practical application of a new idea. an example of invention would be the toilet invented by Thomas crapper. This would also be an example of innovation as it is a practical application as well.

Patent, Copy Right and Trademark
A patent is a form of intellectual property that is given for a set amount of time. Copy right gives the owner of a certain thing exclusive rights to it. A trade mark is a sign that can be used by a single person or a business to show that the content comes from a unique source.

News about copyright

http://www.bbc.co.uk/news/technology-19869316
http://www.bbc.co.uk/news/entertainment-arts-20422388
http://www.bbc.co.uk/news/technology-20165657

Effect of protection of ideas
Protection of ideas can usually be a good thing but with every thing there is a bad side to it. If the person that owns the rights to something dies without telling someone of power who he would like to give it to when he dies the copyright is lost and anyone that wants the idea can take it and use it.
Copyright also means that if you give someone permission to use your idea but not in a formal manner. for example you just tell them they can. you could get into a lot of trouble

 Today's Lesson! By: Greg and Ana (hashtag... probloggers)

What were we learning about?
Today we were learning how to define the three main types of training and being able to explain the advantages and disadvantages to each type of training linking it to our previous lesson on motivation. We should also be able to judge why training can be both motivating and demotivating.

Induction training:
What is the definition of induction training?
Training given to new employees to prepare them for the requirements of their place of work.

5 most important aspects:
Learning about the duties of the job
Welfare and employee benefits and facilities.
Learning the values and aims of the buisness.
Learning about the internal workings and policies of the buisness.
Terms and conditions of employment.

On-the-job:
 On the job training is when employees recieve training whilst remaining in the workplace. The main methods of on the job training include: demonstrating/instructions,(showing the trainee how to do the job), coaching (a more intensive method of training that involves a close working relationship between an experienced employee and a trainee), job rotation (this is when the trainee is given several jobs in succession to gain experience of a wide range of activities) and projects (this is when employees join a project team giving them exposure to other parts of the business and allowing them to take part in new activities.
An advantage of on the job training could be that it is the most cost effective whilst a disadvantage could be that the quality of the training depends on the ability of the trainer and time available

Off-the-job training:
This occurs when employees are taken away from the place of work to be trained. Common methods, of off-the-job training include; day release (this is when employees take time off work to attend a local college or training center), distance learning/evening classes, block release courses- which may involve several weeks at a local college, sandwich courses (this is when the employee spends a longer period of time at college before returning to work), sponsored courses in high education, self study/computer based training.
An advantage of off-the-job training is a wider range of skills or qualifications can be obtained and a disadvantage its more expensive to fund.

What activities did we do in today's lesson:
Today's class included learning what the definition of induction training was and working with your peers to decide which 5 aspects of induction training are most important. In today's lesson, we also on the job and off the job training this involved lots of group work and discussions. We also produced a mini poster with a maximum of 5 words and use of unlimited pictures to describe your training type.Students were also moved around to explain to a different person to whom they normally sit next to, what off-the-job training is or on-the-job training. At the end of the lesson, we all received a sheet with E-A* grade questions about training methods, we are to take these home and bring them to tomorrow's lesson to finish. We finished the lesson by reviewing our learning with an activity that involves one person going up to the front and talking about what we learned to today (on-the-job training and off-the-training) for a whole minute straight! Robert was today's winner :)

Opinions on the lesson?
"It was very challenging in a good way" -Taimur.
"Doing very well and its fun in a creative way of learning" - Emilie.
"Productive lesson" -Buse.
"I feel that there wasn't enough time to do the poster" -Matt.
"I feel that this lesson is challenging me, its fun but a bit rushed. I enjoyed this method of learning" - Rob.
"Its not challenging enough because you get it easily at the beginning and it drags on. It should be more fast pace" - Danial.
"I enjoyed the team work" -Moosa.
"Its good and it's fun" - Mike.
"I'm learning different ways of how people are being trained" - Dobie.

Conversation of the day:
Josh K: "What is navigation? There is a maze bet you couldn't do it"
Taimur: "That's pretty easy..."

Inflation!

What is inflation?Inflation is a sustained increase in the average price of all goods and services produced in an economy. The rate of inflation is measured by the annual percentage change in consumer prices.

1. The Real Rate of Interest that compensates lenders for postponing their own spending during the term of the loan.
2. An Inflation Premium to offset the possibility that inflation may erode the value of the money during the term of the loan.  A unit of money (dollar, peso, etc) will purchase progressively fewer goods and services during a period of inflation, so the lender must increase the interest rate to compensate for that loss..
3. Various Risk Premiums to compensate the lender for risky loans such as those that are unsecured, made to borrowers with questionable credit ratings, or illiquid loans that the lender may not be able to readily resell.

What are the main causes of inflation?