Inductive v. Deductive reasoning

Inductive reasoning: inductive reasoning is where you take specific knowledge or observations and make generalized statements, or educated guesses, about things even if they are false.  For example, through my direct observations I could say every college student goes to class, but this statement is inherently wrong because some students take classes online and never physically go to class.
Deductive reasoning: deductive reasoning attempts to make conclusions at the combination of statement of facts. For example, basketball players are tall and Lebron James is a basketball player, therefore Lebron James is a basketball player.  This is an example of a deductive argument.  While one could find exceptions to my example most deductive arguments, based on deductive reasoning, are very sound.