What is a business simulation?
A business simulation uses real-world competitive dynamics and places learners into a realistic scenario to create a rich learning experience. Learners, in the case of E-Growth, managers and entrepreneurs, are required to make a series of decisions from which they can learn. The simulation means that they can make decisions in a risk-free environment, allowing them to experience and understand the impact and consequences of their decisions on performance.
Well-designed business simulations can be a very powerful tool for developing high-level, complex skills. The E-Growth simulation called PROPSER, requires learners to set up and run a hospitality business over several business cycles. Throughout the simulation, learners are presented with a business dossier and receive market up-dates and market research data which needs to be used to make the best decisions. After each business cycle, the learners receive an up-dated set of financial accounts and data about the performance of their enterprise.
Learners are typically part of a management team therefore they also get to experience the power of effective teamwork. The act of running a business albeit a simulation provides a realistic experience requiring learners to make complex decisions about finance, marketing, managing people and analysing market trends. The inclusion of a tight timescale and competitor teams brings another powerful dimension to the simulation.
E-Growth is not just for fun. It is a serious learning tool designed to develop business acumen, analytical thinking, financial management and analysis, an understanding of risk assessment and business growth strategies. It also requires learners to consider customer needs and to make decisions about pricing and marketing strategies. When used as a management team, E-Growth will also help learners to gain an insight into the need for effective team-working as part of a management team.
The initial concept and specification for the E-Growth business simulation has been completed by Exponential Training. The software developers, Best Cybernetics (BC) from Greece, now have a development team working on making E-Growth a reality. The aim is to have the simulation ready for pilot testing during 2022. Alongside the simulation will be a toolkit of resources that can be used both as part of the simulation and within the real world of business – the toolkit is being coordinated by Soluciones Tecno-Profesionales Consulting (STP) from Spain.
