The Role of Simulations in Creating Successful Entrepreneurs
Entrepreneurship and having an entrepreneurial mindset are skills one can acquire to become a successful leader. Today, young people are improving their competence and ability by undertaking an entrepreneurial educationand building personal experience by starting their own ventures. Many of the world's game-changing business ideas are emerging from business schools. With the level of drive and motivation in today’s day and age, the ventures initiated by these participants are becoming increasingly ambitious and revolutionized. Constantly evolving and thriving entrepreneurial programs within business programs are showing a significant impact on people's economic, personal, and social lives, thus ultimately contributing to global economic growth and prosperity.
While entrepreneurial skills are being introduced within the educational curriculum of business schools, further steps are still required by such institutes to stimulate the entrepreneurial mindset. Here, a collaborative and incentivizing atmosphere for business creation is a key aspect in ensuring the success of entrepreneurial initiatives. It has become clearly evident that the traditional methods of teaching and the sharing of knowledge, for entrepreneurship education, are outdated and no longer viable. Rather, entrepreneurs learn from practice and reflection on hand-on real-life experiences. It has been identified that to be at the pinnacle of contextual learning, curriculums should incorporate the real-world practices of business models within their entrepreneurial teachings. Even on a small scale, being given the exposure to immerse oneself in a practical, everyday situation of the business world, teaches students valuable lessons and concepts with undoubted clarity.
The fascination towards gamification by the up and coming generation is undeniable. In recent times, Simulation Learning Environments have been gaining recognition in different sectors, such as Business, Medicine, and Education. The employment of Simulations to help impart knowledge through the aid of technology enhances learning while also improving student engagement and motivation. Furthermore, Simulations allow individuals to be more realistic in nature and improve their critical thinking abilities. Simulations act as mirrors that replica real-world situations, conduct performance evaluations and demonstrate the consequence of decisions made. Simulations provide a risk-free environment for training, allowing students to commit mistakes as a learning experience without negative consequences. Therefore, it is high time we reevaluate our approach to education and redefine our teaching styles, to accelerate the process of adopting new pedagogical approaches to leverage the power and enhance learning to develop a marketand value-driven approach to decision making. This will improve aspiring entrepreneurs’ capabilities to interpret and forecast market situations and translate them towards making goal-oriented decisions. Simulations challenge students to be more alert, think critically, analyze information, and make pragmatic decisions to solve a business problem, by allowing them to experiment and apply concepts learned to different real-world situations. The introduction of capstone to classes, an entrepreneurship tool of exposing students to some of the complexity of entrepreneurial management, can be another approach to reinventing the curriculum to help further enhance the education system.
“The Start-up Game” by Ethan Mollick is one such game that helps in the exploration of entrepreneurial strategies. The simulationillustrates the dynamics involved in a start-up and sheds light on the qualities that separate success from failure. It teaches and tests strategic planning, hiring practices, growth management, creative problem solving, analytical skillsets, and negotiation tactics in a competitive environment. The encapsulation of such a variety of dimensions that lead to start-up success, helps the participants build experience and understanding through this process of engaged learning.
At SP Jain School of Global Management, the use of such Simulation activities is an integral part of our teaching pedagogy. Computer-aided business simulations are used extensively in our state-of-the-art Simulation Centres to enable participants to practice and sharpen their real-world decision-making skills in an innovative and risk-free environment. It helps our students interpret how to analyze and understand a situation from a holistic approach, while also being proactive, critical thinkers. With technology advancing daily, we must ensure we optimize the resources at our disposal,to provide our future entrepreneurs with an impeccable system to support their education.