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, 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.
CLASSES
Entrepreneurship
Retail Management
DIFFICULTY LEVEL
Introductory
AUTHORS
Peggy Golden, Jerald Smith,
Mike Deighan
OBJECTIVES
As a retail entrepreneurship simulation, Entrepreneur’s main objective is to expose students to the variety of issues of starting and operating a new venture. Student teams will function as a “real-life” company competing in a dynamic and evolving industry.
Entrepreneur is designed with the following learning goals for your students:
Planning & Analysis
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- Monitor business plan implementation
- Forecast product sales
- Calculate break-even point
- Analyze results and make adjustments
Staffing
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- Project staffing requirements
- Decide on employee pay rates
- Identify employee retention factors
- Manage employee turnover
Marketing
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- Understand the importance of marketing
- Set pricing for multiple products
- Calculate gross margin
- Project impact of promotion
Operations Management
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- Project purchasing needs
- Manage inventory
- Set shop hours
- Maximize customer satisfaction
Finance
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- Distinguish cash and accrual accounting
- Create and analyze income statement
- Create and analyze balance sheet
- Calculate return on an investment
Teamwork
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- Allocate responsibilities fairly
- Complete assigned tasks on time
- Communicate problems and plans
- Collaborate with other team members
BUSINESS CASE
Students are purchasing a store that sells casual clothes, a specialty business in the retail apparel industry with a long history in the local community. At startup, teams will need to name the shop, decide its location, how to finance it, and pick a product line to best meet their business objectives. They will then make quarterly decisions to purchase product (inventory), set their pricing and promote their line of clothing, as well as set shop hours and hire staff.
Request Instructor Access to read the full Entrepreneur business case!
12
Decision Periods (quarters)
6
Scenarios
16
Assignments
15
Incidents (mini-cases)
ASSESSMENT TOOLS
Combining our simulation Entrepreneur with our quizzes and assignments gives you the tools to assess your students’ understanding of the concepts of entrepreneurship. The following grading rubric works best to assess your students’ knowledge and understanding, providing a thorough assessment.
ASSIGNMENTS MODULE
Our simulation assignments are now completely online! With our new Assignments Module, there are no more PDFs or downloads, all assignments are easily accessed online through an intuitive interface. And for busy instructors, some assignments can be automatically graded! Getting started is easy—use our guide and video tutorial to learn the interface, or just login and check them out on your own. Contact us for more information!
