Week 5: SimVenture

Today, i learn about the game SimVenture which allows us to experience about the profit&losses of a business which lets me to feel the satisfaction and challenges involved in running a business. The outcome of  each decision made will be decided on how you plan. It also lets you know whether the entrepreneur path is for you or not.

To be successful in simventure, which i think this could be applied in real life scenario as well

•Complete market and competitor research

•Analyse the reports produced and select a market sector on which to focus

•Adapt the price and design of your product, remembering to refer to the information gained from your research

•Choose the selling points you will promote through your sales and marketing strategy

However that's just the starting, to suceed you must do the following below:

•Once your product meets the expectations of the chosen market segment, create a sales &marketing strategy to raise awareness of the product.

•If the right mix has been selected orders and sales will begin to be generated and the first seeds of success are sewn. As the simulation unfolds, however, issues such as efficiency, effectiveness, resources, skills, well-being, time,space and essentially money will begin to impacton the progress of the business.

•At this stage the challenge of SimVenture has only just begun as you attempt to use your time and money more effectively and efficiently to sustain your business.

i find out that the Cashflow, Profit and loss, selling equity, profit forecast, cashflow forecast(under Finance) reports are good and essential for real life application uses