Tuesday, August 16, 2016

Understand the business cycle

Understanding the business cycle is crucial to the success of any business. Know when there is an increase in demand, when there is increased compeitition from other suppliers and how the market reacts to pricing and marketing. This insight and skill applies to any business, big and small. If you fail to read the cycle correctly, your business can suffer large losses. This is what happened to Neptune Orient Lines.

You can learn how to read and react to business cycle from this business simulation game.

Watch the video guide on how to play the game. It is easy and fun. But you have to practice a few times to get the feel of the game.

1 comment:

Yujuan said...

Keeping an eye on cycles of old businesses have to go along with sniffing out new ones popping up a few years down the road, as old businesses could become obsolete easily.
E.g. IT software developers who 5 years ago saw the opportunity to create softwares for Data Centres operations are reaping the windfall benefits. Singapore's advantage on Data Centres lies in good, stable, uninterrupted electricity supply.
Now Phillipines, India and China are catching up fast on
developing Data Centre business themselves.
It really pays to keep watch on what our Govt is doing, what new technology are developing in US.

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