Have you ever wondered what it would be like to own a business? Create your own rules? To be your own boss? It sounds like a dream! But sometimes the reality doesn’t match up to the fantasy. Sure, when you own a business, you reap all the rewards. But you also face all the challenges—on your own. What if you could run an experiment anticipating what might happen with every decision you make before you make them? All the what-ifs that can bring about success or failure without any of the risk? That’s what business simulations are all about. They help you understand what it really takes to manage a business, whether it’s your own or someone else’s.
What Are Business Simulations?
It’s not uncommon for a business program to incorporate simulations into the curriculum. These are pretend scenarios that put you in the shoes of a business owner. You get to create your own company, produce products, set prices, hire employees, handle the finances, and manage potential issues that arise.
Some business simulations run through online websites. They’re like digital games, where you can click through your options and deal with situations that are generated through the app. Business simulations can also be managed manually with real-world paperwork and spreadsheets, and situations that are designed by your instructor.
What Are the Benefits of Business Simulations?
This type of experiential learning is often a more engaging way to learn about business administration than through simple lectures. While it’s beneficial to learn business principles from textbooks, lessons, and even guest lecturers, many students find they learn best by doing. What about you? Here are a few other benefits:
- It’s Realistic: A business simulation will show you the rewards and challenges of business management. As a business owner, you’ll be able to choose who works for you and build a team that will help you succeed. But what happens when you suffer losses and you’re forced to lay off some employees? How do you decide the value of your employees from a business perspective?
- You Can Fail Safely: Did you set your prices too high? Was production stalled? Were your marketing campaigns unsuccessful? No matter what mistakes you make, you can make them safely in a practice scenario. Failing in a safe environment lets you take what you’ve learned and apply it to your real business so you don’t fail in the real world.
- Teamwork Becomes a Priority: Some simulations allow you to “run” your business on your own. But others require you to work in groups, which provides for a more realistic experience. In these situations, you’ll learn about business operations and the importance of an effective team. And even if you only plan to work for a business—and not run your own—you'll see how your decisions can affect other members of the team.
- You’ll Learn to Think on Your Feet: Since simulations are generally short-term projects that only last as long as the course, you need to learn how to solve problems quickly. In the real world, you’ll also need to think on your feet and find solutions fast.
Business simulations can empower you with knowledge and experience so you’re ready to make decisions in the workplace. Most of all, they prepare you for the real world in a way that’s both safe and fun.
At YTI, we offer a business simulation as part of our Business Administration: Business Operations Management program. Through this training, you’ll receive hands-on experience from industry professionals that will prepare you for an exciting career in business. Fill out the form to request more information.