Advances in Business – Related Scientific research Conference (ABSRC) 

,
April 20-21, 2017, Venice, Italy

Management Simulation Games

for Entrepreneurship Education

Bruno Jurčec
Mirjana Pejic Bach
Jovana Zoroja

Faculty of Economics and Business, Zagreb, Croatia

 Management Simulation Games for
Entrepreneurship Education

1. Introduction
2. Simulation Games
3. Simulation Games for Entrepreneurship Education
4. Overview of Simulation Games for Entrepreneurship
5. Discussion
6. Limitations and Future Research
7. Conclusion
 Introduction (1/3)

• progress of information and communication

technologies  new forms of knowledge
acquiring and transferring
• Knowledge = accessible anytime and
anywhere
 Introduction (2/3)
• Simulation games improve learning 
virtual reality allows participants to try
different alternatives / experience the
consequences of their decisions
• Lifelong learning software – no time/space
barriers
 Introduction (3/3)

• Entrepreneurship education  strongly

improved using simulation games
• Simulation games users: motivated to think,
critical, able to understand their decisions
 Goals of the Paper

• to define • to present simulation

simulation games games in the field of
and their usage entrepreneurship and
compare selected
simulation games
 Simulation Games (1/2)

• computer programs that simulate different processes

and final results (depend upon decisions that
participants make)
• educational tool  complements and enchances
traditional learning approaches
 Simulation Games (2/2)
• link between theoretical knowledge and
practical application
• 1st managerial simulation game: Top
Management Decision Game
 Simulation games for entrepreneurship (1/2)

• to teach players to make right decisions in

decision-making process
• to develop skills needed to effectively manage
the company
Simulation Games for Entrepreneurship (2/2)

• simulation games usage  training entrepreneurs by

allowing participants to learn how to run companies

• simulation games = help improving knowledge and

provide new experiences in real business life
 Simulation games benefits for
entrepreneurship
• teamwork
• motivation
• risk-free environment
• experiential learning
• crtical thinking
• negotiation skills
• time management
• …
 Benefits of the simulation games

• feedback of the
decisions = just after the
game is finished

• can be played several

times  players can
review their ideas/adapt
ideas to new experiences
 Overview of Simulation Games for
Entrepreneurship

1. Go Venture Entrepreneur Simulation

2. Entrepreneurship Simulation: The Startup Game
3. Working Capital Simulation: Managing Growth V2
4. CleanStart: Simulating a Clean Energy Startup
5. Stock-o-Mania
6. Venture Strategy
1. Go Venture Entrepreneur Simulation

• starting and managing small

business from the
beggining: establishment,
functions of the
departments, legal
regulations, …

• player has to adjust business

activities and activities from
private life (e.g. level of
stress)
2. Entrepreneurship Simulation: The Startup Game

• goal of the game: to teach

players how early stage
decisions have long-term
impact on success

• specificity: 20-86 players

who need to determine
their roles in the company
before starting the game
3. Working Capital Simulation: Managing Growth V2

• player: chief executive of the

company that sells vitamins

• goal: to explore and select the

investments that will increase
cash flow (range-10 years)

• focus: accounting and finance

4. CleanStart: Simulating a Clean Energy Startup

• goal: to present the players

all important activities for
starting new business

• activities e.g.  contest

for customers with
competitors, investment in
product development, …

• specifics: compensation of
employees and different
sources of funding
5. Stock-o-Mania

• intended for children and

adolescents  not very
realistic

• development of managerial
skills  investing in
infrastructure, in stocks and
raw materials, development
of the company strategy

• poor English language

6. Venture Strategy

• areas of: finance, accounting,

production, product
development, marketing, …

• players = competitors

• possibility of online sales;

Internet usage for advertising
and management of marketing
campaigns on the Internet
Discussion
 Limitations and Future Research

• LIMITATIONS: high price and adopting existing

learning process to new one

• FUTURE RESEARCH: analysis of specific

characteristics which simulation games for
entrepreneurship education should have in order to
improve their skills and knowledge
 Conclusion
• development of information and communication
technologies  key to popularizing the
widespread use of simulation games in education
and in business

• simulation games support theory and allows

students to apply knowledge through it

• every player can choose the most suitable

simulation game (according to characteristics that
are needed)
THANK YOU FOR YOUR
ATTENTION!

Full Professor Mirjana Pejic Bach, PhD

mpejic@efzg.hr