The EMLV international students recently completed a one-week long business simulation experience that combined hands-on learning with academic programmes. This year’s theme evolved around conscious business, a socially and environmentally responsible way of doing business.
Conscious business appeals to millennials’ mindset. Giving them academic tools to create companies that can be a force for good can make the global economy more resilient and sustainable in the years to come.
Business simulation game, a playful approach to business education
Used in International Business Schools and Universities and corporate education, business simulation games provide a challenging and demanding learning experience.
At EMLV, each year, the 4th year students go through a one-week long business simulation game. This academically-based playful approach gives students the chance to explore the dynamics of specific business environments or markets utilising applied learning without the threat of ‘real world’ side effects.
Based on the Peregrine test, the assessment is designed to see how students naturally perform in given business fields, while grasping the big picture of how every facet of a business operates.
Within the EMLV classroom, students receive a role and sufficient information to make business decisions in their respective roles. The game allows students to employ applied learning to make decisions about marketing, manufacturing, HR issues, finance, accounting, all the different facets of a business.
2021’s theme: conscious business simulation
Named the “Conscious Capitalism Bikes simulation”, this year’s mission for the EMLV students was to operate a conscious business in contrast to the traditional profit-maximising business paradigm.
2021’s business simulation, created by Marketplace Simulations, gave students the chance to understand business decisions by letting them apply business concepts in a competitive and risk-free environment.
Eight teams split into nine groups had to consider all of the firm’s stakeholders, including customers, stockholders, employees, suppliers, and the community.
Students have dealt with ethical, environmental and sustainability issues and the usual management challenges of running a business. The game was set for six quarters of decision rounds, with each round taking 2 to 3 hours to complete.
The conscious business’s game scenario challenged the teams, composed of 4-5 executives, to set up and run a company and turn it into a profitable entity. All groups started with the same access to information, used to analyse, interpret, use to make the best decisions, determine a strategy, conceive products, set up production plants.
The winning team was judged to be the most profitable and had the best all-round score.
According to Partho Choudhury, MSc student in Digital Business & Analytics, the EMLV students had much to gain from the mentors’ support. “They have been guiding us throughout this competition and gave us remarkable insights on how to build a convincing business. EMLV did an amazing job in putting this event together, especially considering the ongoing sanitary crisis.”
