In this business simulation, students act as the management of their own start-up company that trades in sports trainers. Working in teams, students are tasked with designing their own business plan based on their internal and external analysis. Once submitted, students then need to monitor company performance against their objectives and KPIs and respond to external events that may have an impact on their company's performance.
The Trainers Start-up business simulation provides students with a practical experience of running a start-up company from scratch. They need to consider factors such as barriers to entry, the level of investment required and afforded, their human resources, as well as inventory. This in-turn will help shape their products' focus and how realistic their set objectives and KPIs are.
This simulation is highly suitable for academic and teaching staff that want to provide an experiential learning exercise for their students within the context of running a start-up company.
A key factor in all of our business simulations is team-working and delegation. As part of their company's management team, students need to work together to delegate their own roles and responsibilities. These roles consist of the CEO, CFO, Head of HR, Marketing Manager, Operations, and any other roles students determine are necessary for managing the business effectively. Together they share the responsibility of reaching the targets they have set in their company's business plan.
Once students have assigned their roles, it's time to set-up their business plan. Based on their internal and external analysis, students need to determine their product's competitive focus: cost leadership, product leadership, customer Intimacy, or a combination of all three.
They also need to set their own SMART objectives and KPIs deciding where to invest within the business to ensure these are on-track and eventually met. Within this, they need to decide how risky their objectives are. The level of risk applied to their objectives (and whether they're met or not) are key factors in earning points during each round of the simulation.
The Trainers Start-up simulation is usually assessed in several ways. Below you will find the most popular options:
support throughout our collaboration made the
application of the simulation in the module easy and stress-free.”
Dr. Konstantina Skritsovali wanted to find an activity that taught strategic management theory in a more applied and practical way. In this case study we look at how the Trainers Start-up business simulation was used by her third-year undergraduate students at Liverpool John Moores University.
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