Preparing students for the future: The benefits of using business simulations

The business world is changing more rapidly than ever. Instructors must adapt their teaching methods to ensure that students acquire the skills they will need in the complex and evolving workplace of the future.

The good news is that business simulations are one of the most effective ways to prepare students for the future. Here we identify 4 key benefits to using them in the classroom.

They Enhance Teamwork

The future job market holds a lot of uncertainties, but one thing will remain certain, the need to effectively work with and collaborate with others.

In a business simulation, students must work together in teams to run their own respective companies, develop and launch products and manage their marketing and communication plans, they learn key skills about how to work together as a team to achieve a common goal. Each student plays an essential role on the team, but not one of them can work autonomously without it impacting the common outcome. Students will often run into dealing with conflicting opinions and must learn how to manage them to come to a solution, much like in a real business environment.

They Improve Critical Thinking Skills

Critical thinking is a skill that will be incredibly valuable in tomorrow’s digital workplace. By using a business simulation, students learn how to develop complex arguments, understand the consequences of their actions and react in a time-pressure environment. They also learn how to employ foresight by needing to predict how a certain action, such as launching a new product in a highly competitive but growing market, will play out over a period of time. Students also learn to adapt and make changes after analyzing the results of a certain decision.

They Improve Employability

One timeless paradox that first-time job seekers face is the fact that most have never held a position in a company, yet employers often require some sort of concrete work experience, even for entry-level positions. By implementing a corporate simulation game in the classroom, an instructor gives students the opportunity to bridge the theory they have learned in class with practice, since simulations mimic real world situations. Students can develop real business skills through this practice and gain the confidence they need to enter the job market ready to succeed.

Simulations also teach students valuable skills for the job market, such as problem solving, assessing risks, and communicating with cross-functional teams.

They Provide Risk Free, Real World Practice  

As mentioned above, simulations mimic real world environments, and while they not only give students an opportunity to put into practice what they have learned, they also provide a “safe” place for making mistakes, unlike in a real-world situation. Discover success stories from professors implementing simulations in their classroom.

Want to know more about the benefits of simulations and how to implement them into a course?

Download our free toolkit to discover how to implement a business simulation and how they can make a difference in your classroom.