Business Game

Business Game or Business Simulation are computer-based simulations designed to learn business-related concepts. It is a learning method of role playing, in a simulated business environment, where participants acquire business skills (both hard and soft skills) to improve both individual and team performance. Business games, as a teaching method, are used in Universities (particularly Business Schools) and for Executive education in Corporations for training in general management, finance, organizational behavior, human resources and such.

Succeeding in a Business Game

In Monopoly, it is often said that the best strategy is to buy all the orange properties, ignore the blue ones, mortgage to invest and cause the housing shortage to be certain to win. For the Business Games, it's much more serious and there is unfortunately no miracle solution, only a few main principles to be respected:

• Have a global managerial vision and evaluate the reciprocal effects of marketing on logistics, finance or R&D of the company managed in a virtual way;
• Reflect on the long-term viability of the company or project and propose solutions that are as profitable as they are sustainable;
• Be prepared to change strategy in the event of unforeseen events: it is often the team that shows maximum agility that prevails;
• Distribute tasks intelligently, leaving each student to focus on his or her area of expertise. In other words, international business and management specialists take care of the international, marketers take care of marketing, financiers take care of finance... nothing fancy in short.

Advantages of Business Games

There is a simple explanation for the growing popularity of business games: they work. Overwhelming scientific evidence confirms that the use of games and simulators improve the learning process. Why? There are at least three reasons:

• Learning by doing. The secret to success of business games resides in their capacity to represent real-life problems and afford the direct practice of knowledge and skills via simulators. Learners are given a safe environment (therefore lacking economic risks) to immerse themselves in the same corporate issues that company executives face regularly, responding and interacting with them from the very beginning.
• Interactive learning. Another key aspect of business games is their capability to capture learner engagement and participation. Numerous studies demonstrate that our brains remember knowledge better if we actively participate or interact when learning it. Compared to classroom-based or video lessons, business games bolster the direct participation, including emotional involvement, of the learners.
• Cost reduction. Even though developing a good business game requires time, knowledge and money, once created, economies of scale entail an enormous competitive advantage. Unlike classroom lessons, these business games can be quickly and securely implemented anywhere in the world. Many of the best business games currently available only require learners to have smartphones and an Internet connection.