Retail Entrepreneurship Simulation
Entrepreneur is a retail entrepreneurship simulation where students purchase and operate a retail clothing store. They must evaluate financing options at startup, and make staffing, marketing, and inventory management decisions for up to twelve simulated quarters. Your students will work as a team to compete against other teams in class, growing sales and managing operations to maximize profits.
Interpretive Simulations provide a unique opportunity to practice environmental contingencies. It also offers my class an opportunity to learn from failure – to essentially become ‘inoculated against failure”, further increasing the chances of subsequent entrepreneurial learning. In addition, the Entrepreneur simulation allows me to utilize 12 “ethical events” that occur throughout the semester. These events provide an excellent opportunity to discuss how business and entrepreneurial leaders are forced to examine their own ethical compass as they build and advance their firms. Because the events are embedded in the simulation, students tend to become committed to one ethical decision or another. This provides excellent classroom debate and learning opportunities on ethical issues that are unparalleled.
Further, students overwhelmingly like this simulation. Their enthusiasm was so strong, that this year, I decided to increase the simulation period from six weeks to eigh...
Since I started using Interpretive simulations (Airline, Country Manager, Entrepreneur, and BizCafe), I have seen the practicality of challenging students to blend theories of managing a business with the reality of making decisions. I prefer to think outside of the box so students can learn by making decisions and seeing the results of such decisions. Even when I told them that they can play to bankrupt a company rather than making a lot of profits, they will learn that it is easier to lose money than to make money. Such learning processes allow them a confrontation between their plans and results.
One of my former students emailed me stating that using Airline gave him better knowledge than the textbook. Others have learned the skills of working online with partners who can only hear or read as they live in other cities. Hence, every time that I use a simulation, there is always a positive story where students gets the hands-on experience before they become successful i...