When you train to be an airline pilot, you have to spend many hours of practice with a flight simulator. It shows you some of the common situations that may occur and allow you to practice your skill in dealing with them.
There are many more people who want to go into business compared to being an airline pilot. Is there a business simulator that can allow these people to practice what to do when they are competing in the market?
a) What should be the pricing of their products?
b) How much should they spend on advertising?
c) What is the impact on their sales when they change the pricing and advertising expenses?
d) How much should they produce or order for next month to meet the expected sales and avoid unsold stocks?
e) What will be the impact of the pricing strategy of their competitors?
There is a business simulation game that allows the budding entrepreneur to practice making these kinds of business decisions. You can view it at www.tklcloud.com/bsg.
There is a video guide explaining how you can play the game. There is also a PDF to give you some tips on how to win the game. The simulation game is designed to be realistic, like what you would expect in real life.
You have the choice of several scenarios - such as running a motor insurance company, health insurance company, or a chocolate factory.
When you have learned the principles of pricing, advertising and capacity, you can apply them in real life, although the actual conditions may be different.
To make it more fun, we will organize a series of competitions to award the "Best of Breed" certificates. You can practice now, and stand a better chance of being the champion in the competition.