First edition of the Virtual Entrepreneurship Training took place on 22-28 April 2021. It was organized under the guidance of Prof.(Dr.) Gurinder Singh, Group Vice Chancellor of Amity Universities and coordinated by Dr. Navleen Kaur and Dr. Ajit Mittal.
38 students took part running 10 virtual Travel agencies. Their task was to start their business from scratch and develop it over the course of 8 virtual months. They also competed for customers in one common market – every decision taken by any team influenced the results of other market players.
The simulation shows the complexity of business and give a testing ground for solving real-life business problems
Participants had to manage their company in all aspects ranging from portfolio decisions, HR, through investments, marketing, finance… Their task was also to find solutions to challenges and problem arising every round e.g. lost sales due to insufficient supply, decreasing employees’ satisfaction, unhappy workers leaving the company or finding the right training to improve employee’s experience level or reduce the risk of customers’ complaints. In each case, there is no single good answer. And that is why it is so interesting!
All the businesses were evaluated using a scorecard that takes into consideration 5 elements: economic result, employee & customer satisfaction, business development and debt ratio. Managing a scorecard result is not an easy task! Every decision teams made usually affected more than one ratio, so they had to monitor the results of their decisions very carefully.
Diksha Dawar, BBA-International business student, concluded the challenges:
“It was a great learning experience!! The mails, pricing strategies that we had to come up with while simultaneously looking at our competitor’s strategies was very interesting!! The most difficult part was buying the resources because we had almost six suppliers to choose from, thankfully as per the tutorial and by using excel sheets we were able to offer the adequate prices as per our strategy. I loved how unpredictable the game was!! We were consistently the top scorers initially, but we made an error in one of the rounds and the consequences were visible in our business development in the next round!! Hence, it makes the uncertainty and the risk in actual businesses more real and easy to experience!!”
It was the first edition of the virtual training, but not the first experience of Amity’s students and lecturers with Revas Business Simulation Games
Student coordinators, under the guidance of Dr. Kaur, who is a certified Revas instructor, recently took part in the international simulation training where they competed with teams from Poland, Hungary, and Ukraine.
Thanks to the experience in the international training, students could support their peers with a sound business advice. Riya Bhutani, one of the student coordinators summarized the experience:
There is no doubt that business can’t be learnt merely through books, and hence comes Business Simulations to add that much needed practical touch to everything. In this regard, Revas Business Simulation Games are one of the best; there are various types of businesses available and decisions ranging from strategy to finance to HR to marketing and beyond are to be made. It allows an individual to explore the market virtually, letting build their own company from scratch to wonders, even having number of competitors.
Even though the training did not last long, it allowed students to develop a number of business-related skills. The game helped participants to build skills, improve conceptual knowledge and provided a bigger picture of doing a business while generating so many skills within a couple of days. Dr. Kaur concluded.
Would you like to organize Virtual Entrepreneurship Training in your school or university? Get in touch with us and see how easy it is!