Exploring Enterprise Business Start-Up Simulation
Participants experience starting their own enterprise. This online business start-up simulation is as close as students can get to the real thing in terms of having the responsibility for setting up and running their own enterprise but in a safe environment
Designed to develop key entrepreneurial competences, the multi-media simulation is designed to inspire students to develop their own enterprise as a career option and runs on the Learning Dynamics / The Simulation Space platform.
The simulation is run as a curricular or extra-curricular activity at both Undergraduate and Master’s level and has been designed to be flexible so that it can be integrated into Enterprise modules for course credits or used for short on-campus or online events.
Designed to develop key entrepreneurial competencies: Individual, Resource and Teamwork. The business start-up simulation develops the competencies needed to make an enterprise successful as defined within the Entrepreneurial Competence Framework.
Coming up with a valid business concept for a sustainable enterprise. In the first phase, participants use three different techniques for generating ideas for a start-up. Successful ideas are taken forward into Phase 2 and 4.
Modelling an enterprise concept and business planning. In this phase students learn how to build and map business models and gain confidence that they can model their own business and create a business plan.
In this phase, participants have the opportunity to run a simulated enterprise from day 1. This phase is all about making business decisions and seeing the consequences in terms of financial and non-financial outcomes.
Creating a pitch for a start-up enterprise that demonstrates its potential value for the business concept, its social impact, scalability and how it will be managed. This builds on all phases and adds to confidence to pitch an idea to potential investors
At each stage of the business start-up simulation, participants work through issues arising at that stage of development and can apply their learning from the simulation to a start-up business of their own. A scoring system is built into all four phases of the simulation so that it can be run competitively, where appropriate, with teams working together to produce the best scores for each individual phase and the best combined score.
University of Westminster
‘I found that the simulation was a really interesting way to learn about enterprise. The various decision-making tasks we were given built my understanding about how a business works. I now have the knowledge and confidence to put a business plan together and put it into action.’
Delivered on The Simulation Space Platform