What is a Business Simulation? (2024)

Why use a business simulation?

Business simulations are a hands-on, interactive learning experience that goes beyond traditional classroom instruction. Rather than solely focusing on theoretical knowledge, participants in business simulations develop practical skills, enhance their conceptual knowledge, and gain a big picture understanding of their organization. Incorporating business simulations into your company’s training programs offers many benefits, including:

• Imitates Reality:Our simulations emulate the real-world factors and challenges that your organization faces. They provide your team with a big picture understanding of operations by condensing complex concepts into manageable scenarios.
• Risk-free learning environment:Your people will be able to learn from their mistakes in a safe environment and see the consequences of their actions across the whole organization – without actually affecting your organization.
• Fosters Collaboration: Collaborative work in cross-functional teams encourages productive discussions and cooperation among colleagues. These interactions facilitate peer-to-peer learning and promote a deeper appreciation of diverse perspectives within your organization.
• Learning by doing: Research shows that we remember 10% of what we read, 20% of what we hear, 70% of what we discuss with others, and 80% of what we personally experience. Business simulations provide participants with firsthand experience of the consequences associated with various aspects of business.
• Engages learners:Experiential, hands-on learning engages all the senses. Participants visualize concepts, engage in discussions, develop plans, receive feedback, and practice real techniques that are directly applicable in the workplace.
• Accelerated learning: Business simulations offer a big picture view of organizational operations, allowing participants to grasp a wide range of concepts and materials in a relatively short time. By relating these new insights to their own company, the knowledge becomes more enduring and translates effectively to the workplace.

Incorporating business simulations into your training strategy not only enriches the learning experience but also equips your team with practical skills and a deeper understanding of your organization’s dynamics.