How to start a proof by induction?
What a straight line!
You start at the beginning.
...
Then you show that the middle flows, and conclude that the end is inevitable.
But seriously... You start with $n = 2$.
Prove that $(1 - 1/4) = (2+1)/2*2$.
That's the initial or base step.
Then you do the induction step. You prove that if $(1-1/4)....(1-\frac{1}{k^2}) = \frac{k+1}{2*k}$ for some $k$, then it follows that $(1-1/4) .....(1-\frac{1}{(k+1)^2}) = \frac{k + 2}{2(k+1)}$
And then you are done. It follows that if it is true for $n =2$, and you've proved that if it is true for $n = k$ then it must be true for $n = k + 1$, you have proven it is true for all $n \ge 2$.
The heart is showing that if $(1-1/4)....(1-1/k^2 = (k+1)/2*k$ for some $k$, then it follows that $(1-1/4) .....(1-\frac{1}{(k+1)^2}) = \frac{k + 2}{2(k+1)}$
For that note $(1-1/4) .....(1 - \frac{1}{k^2})(1-\frac{1}{(k+1)^2}) = [![![![![(1-1/4) .....(1 - \frac{1}{k^2})]!]!]!]!](1-\frac{1}{(k+1)^2}) = [\frac{k+1}{2*k}][1-\frac{1}{(k+1)^2})]$
Can you prove that that equals $\frac{k + 2}{2(k+1)}$?