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Zuzanna Bernaczek2023-05-31 12:45:062024-02-16 17:01:23Who won the Business Olympics for Secondary Schools? Find out!Business education has been in the curriculum of higher education institutions, secondary schools, and further education colleges for many years. So have the teaching methods. Many programs still rely on the traditional model of teaching, that is not sufficient for the students raised in the digital world anymore. By incorporating new approaches and innovations in education, you can enhance students’ experience and help your institution stand out in an increasingly competitive educational environment.
One of the most impactful innovations in business education are simulations because they allow students to literally do things in a safe virtual environment (rather that wondering what they would do in such situation) and observe the immediate feedback. It helps them link the theoretical knowledge with real life, reinforce the understanding of the concepts and develop their soft skills. Get inspired and see case studies how various institutions used innovations to bring their business courses to life.
Innovations in higher education
Many higher education institutions face the challenge of redesigning their courses. One of the reasons is that students use artificial intelligence to solve their tasks, write essays and prepare projects, making it more difficult to give them challenges that cannot easily be automated by AI. Why not tell them to run a virtual business then? Even AI will not predict all you competitors’ moves.
This is what EDHEC Business School in Lille, France asks their Master Business Management Programme students to do every year. Almost 900 students in teams run virtual companies and compete against one another for customers. There is no single “correct” answer when running a virtual business. Everything depends on what the competition will do. Students run the virtual businesses for a week and then prepare managerial reports and discuss lessons learnt together.
“Students were thrilled to be in the driving seat taking decisions to grow a business from scratch. Such process required cross-functional knowledge that they acquired during this semester. So, the Business Game enabled them to use such knowledge pragmatically. It was a nice way to wrap up the semester.” Concluded Mohamed Benmerikhi, Professor of Strategy & Operations.
GCSE business course with the focus on High Performance Learning
British School Muscat, one of the UK’s top international schools, is the 3rd international school that received the High Performance Learning (HPL) World Class School award. HPL methods develop the necessary skills, values, attitudes and qualities needed to succeed in learning, both in and out of school. To ensure students gain these crucial soft skills also in their business courses, the school decided to implement Revas Business Simulation Games with their year 10 students and give them the opportunity to demonstrate the knowledge acquired during the lessons in practice.
Every year, a group of ca. 50 students try their hands at running their own virtual Travel Agencies.. The challenges in the game were intended to give students an impetus to analytical thinking and independent decision-making in a virtual environment. When students were asked what features (based on the assumptions of High Performance Learning) the game develops in their opinion, they answered that these are, among others: Creating, Combining and Analyzing.
“I think that exposing students to simulations like Revas enriches their learning experience by giving them a taste of what it’s like to run a business and make real-world decisions. I look forward to hearing from students in the future about how Revas has influenced their career aspirations, whether by inspiring them to start their own business or by providing them with valuable skills for their chosen field.” – says Yoann Danion, British School Muscat teacher.
“Overall, business simulations are a valuable teaching tool that can help students develop a wide range of skills that are essential for success in today’s business environment. As educators, we must continue to explore innovative teaching methods and leverage technology to provide our students with the best possible learning experience.” – says the headmaster of the school, Kai Vacher.
As reported by the school, 97% of our students perceived Revas as a valuable tool that supported their learning in Business.
Vocational schools and further education colleges teach business connected to the job
In vocational schools and further education colleges, business courses are often connected to specific job training programs, such as hairdressing, auto mechanics, or veterinary care. These courses typically focus on extensive skills training, but once students have mastered their trade, they must decide whether to find a job or start a business. For many young professionals, starting a small business is a common path, making it critical to provide students with practical experience in business management—specifically tailored to their field.
Further Education Center in Bialystok, Poland recognizes this need and offers their students business courses tailored to their profession. Future mechanics learn doing business by running virtual Car repair shops, construction students run Home renovations while Logistics’ students run Shipping companies. “When students work in an environment that is familiar to them—where they know the names of products and resources required for their type of business—they can focus fully on the business process. They’re not distracted or discouraged by having to sell unfamiliar products or services. Out of the 19 industries available in Revas simulations, we selected those that matched our courses. It really improved student engagement and understanding.” the teachers commented.
Teaching personal finance
Business courses sometimes cover managing personal finances – a skill that is extremely difficult to teach without proper tools. How can you learn to spend money wisely? Only by really spending them. Sometimes wisely and sometimes…. not so much, which is also a great lesson!
TEB Education, a network of 45 secondary schools in Poland, knows this very well. They have been focusing on delivering real skills training, not just the theory, to their participants for many years. They have been using Revas Business Simulation Games on planning a business and also running a small business for 5 years now. Starting from this year, they decided to add Bugeto to this portfolio – online simulator where students learn to manage their personal finances. What is this Bugeto really about?
“I usually describe Bugeto not as a personal finance game but rather as a life simulator. Students in the game need to manage their time and money. They start the game with some funds from their parents. They can invest them in various financial instruments. Then, they decide how they want to spend their free time – go to a cinema or play football, take on some part-time job, register for a course that will give them a certificate which allows them to apply for a better-paid job.
They also need to remember about the time and costs of commuting to school, preparing meals, purchase clothes and gadgets. In general, they should multiply their capital but should not forget about their health, satisfaction and growing their competences. If you push yourself too hard taking on 5 jobs that take all your free time, next month you will be tired and unhappy. So, just like in real life, it is all about the right balance.” Ela Szczepaniak, one of the authors of Bugeto simulation explains.
Extracurricular programmes
Some schools go beyond the curriculum and offer business innovations for all students, regardless of the subjects they choose.
St Andrews Catholic School, located in Leatherhead, England, strives to provide students with various skills training through its enrichment programmes. To this end, they introduced business simulations as part of their extracurricular activities. No more paper exercises and only imagining what it is like to be an entrepreneur – this time, they had to prove themselves as business owners on a competitive market.
The program, led by Business Studies teacher Peter Segal, was aimed at sixth-form students (ages 16-18). “I proposed that we run a business simulation to give students insight into how businesses operate. After researching various options, I found that Revas provided the best selection of business games,” Peter explains.
Every Wednesday afternoon, students gathered in a large IT classroom to run their own virtual school café. Over the course of 12 sessions, the simulation highlighted the rankings of each business, showing how students performed against criteria such as profitability.
The program, led by Business Studies teacher Peter Segal, was aimed at sixth-form students (ages 16-18). “ “Students have really enjoyed the experience. The feedback has been extremely positive from the students who have found the simulation a good way of exploring business challenges as well as competing against their fellow 6th formers.” Peter reported.
Conclusion
Incorporating innovations such as business simulations into your curriculum is not just about staying current with educational trends; it’s about preparing students for the challenges of the real world. By giving them hands-on experience in decision-making, problem-solving, and strategic thinking, simulations foster a deeper understanding of business concepts and the development of essential soft skills. As educators, we have the responsibility to continually innovate and adopt new teaching methods that resonate with the digital generation. By embracing simulation games and other educational tools, we can inspire our students to become not only successful professionals but also lifelong learners who are prepared to thrive in an ever-evolving business landscape.
Published on
09/01/2025
Author
Elżbieta SzczepaniakRecommended reading
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