The first week’s results are out!!
First things first, READ THE MANUAL!!
There were important bits of information that we skimmed over the first time around, and it set us back for 1 or 2 periods.
It’s imperative that you define your business goals, objectives and strategies during this first period. It may also be a good idea to start developing a simple budget and contingency plan just in case your lecturer asks for them at the end of the semester.
For our Principles of Management class, we were required to run a coffee shop with the great BizCafe Business Essential Simulation. The simulation enables students to experience realistic business situations, and to make real life business decisions.
We were put into groups, and had to elect a leader/ manger to control decision making.We also had to implement different concepts and ideas learnt throughout the duration of the course,such as controlling and planning.
The simulation generally runs for 10-15 weeks/periods. We had three practice periods to get a hang of the simulation before competing with other groups in the class.
Stay tuned for week 0 and our start up decisions!