Learning strategy:
When u listen, you will tend to forget.When u see, you remember
When u do, u understand. Taking action is very essential, is like maths, you must apply and understand
When we study one discipline at a time, we are like a bunch of blind people trying to understand what an elephant is.
With business simulations, you can crawl all over and under the
enterprise to help you to see and understand the whole thing which consist of Marketing,Finance,Human Resources,Production,Accounting,Distribution
Sim Venture is a business simulation game. By playing the game, your learning how to do a business. It brings life business concepts,principles, and ways of thinking,it is transformational where it comes together for you to manage a business venture
I have done what real-life business people do which make it an realistic exercise
–Evaluated
market opportunities
–Determined
target customers and their behaviour
–Formulated
a product or a service to meet customers’
needs
–Devised
a marketing plan to create awareness
–Executed
sales strategies to provide growth of company
I have actually operated a business
•Designed products
•Distributed products to end users
•Worked up marketing
campaigns
•Decided on employee compensation
•Scheduled production
•Worried about profits
•Managed cash flows
•Etc.
Understanding and experience every single minor details
•Customers
were demanding
•Suppliers
were
unrelenting
•Raising
funds were challenging
•Many
functional, tactical decisions to master
•Decisions
had to be well coordinated and timed
•Cash
was always a constraint
•Constant
skillful adjustment was required to stay on course and get ahead
Applying Tools of Management
•Market feedback
•Competitor analysis
•Company productivity or efficiency data
•Accounting reports
(Profit/Loss,
Cashflow)
Can you now manage a business after learning
•Promote
better
decision making by learning to manage a totally integrated company, including
the management of sales, marketing,
production, and human and financial resources.
•Facilitate
learning of important business concepts, principles and ways of thinking.
Pro and Cons on Sim Venture
Pro:A good learning tool for those who want to understand the aspects of a handling
a business
Try out different strategies/low risk
Know what are strengths and weakness
One decision impacts consequences
Can keep trying again.
Provide exposures of business terminology
Con:Some users may not understand what they do right and wrong.
Not realistic.
Only able to sell one product
Cannot apply inter-personal relationship
Cannot apply users real-life skills
Do not incorporate the values
Restrict payment to suppliers
Can only play in windows and at school.
Business development sometimes doesn’t provide realistic
amount of time.
Raising funds too convenient. Just press button.
Managing Relationship
We might need a advisory board or external help who have this skills to help us further improve our business
•A
marketing consultant to help you promote your business
•A
publicist or PR agent to write press releases and help you get featured in
magazines and newspapers, on radio and television
•A
graphic designer to help you with all your visual needs, like designing a logo,
a brochure, a website, a business card, product packaging, swag, and other
material
•A
copywriter to help you write text for your website, newsletter, blog, or
brochure
•A
proofreader or editor to polish your professional copy
•A web
developer to help you set up a website or blog
•A
tech guru (or at least someone who can help you when your computer has a virus
or your printer won’t work)
•A
business consultant or coach to help you clarify your business goals and hold
you accountantable for
taking action
•A
photographer to take your headshot or pictures of your products
•A
sales rep to help sell your products to retailers
•An
agent to help connect you with places that will license your artwork or publish
your book
•An
intern or temp to help you with administrative tasks or for a specific project
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