3 Ways to Enhance Your Class’s Business Simulation

Business simulations bridge the gap between textbook learning and real-world application. By placing students in simulated roles, such as Chief Marketing Officer (CMO) or Chief Financial Officer (CFO), educators create environments where students must make critical business decisions. These roles provide students with the experience of leading a company without the high stakes of actual employment.

The challenge, however, lies in the implementation of these tools. Without a structured approach, students may find themselves lost in the details, unable to effectively apply their theoretical knowledge. Thus, leveraging simulations requires thoughtful design that guides students through different phases of learning—from basic knowledge application to complex, higher-stakes decision-making.

This article highlights three ways to structure business simulations in the classroom in order to meet desired learning goals at every phase.

Phase 1: Resume Preparation and Interview Process

The first phase of this structured approach engages students in resume creation and mock interviews. The focus here is twofold: developing personal leadership skills and preparing students for real-world hiring processes.

The instructor’s role is critical in this phase. First, they assign students to simulation teams, selecting one member of each team to serve as CEO. The remaining students are tasked with applying for executive roles such as CMO, COO, or CFO. Each student prepares a resume and participates in an interview with the preselected CEO. This not only simulates the real-world job application process but also gives students practice in articulating their skills and experiences.

Value: This phase enhances the leadership experience of all students (whatever their determined role), while also honing their personal branding and professional communication abilities. The competitive yet supportive environment fosters a realistic experience of the job-seeking and leadership selection processes.

Phase 2: Executive Decision-Making through Agenda Preparation

Starting in round two, each student is assigned responsibility for a specific aspect of the company’s operations. By the middle of the simulation, they begin to appreciate the interconnected nature of their roles within the team.

The success of each student’s decisions depends on aligning and synergizing them with their teammates’ decisions. For example, a student managing the pricing of a particular bicycle model must consider the team’s advertising strategy, production forecasts, and more.

To reinforce the importance of effective collaboration, I hold individual meetings with each group, taking on the role of an investor. My objective in these meetings is to assess the rationale behind their decisions and understand the criteria they are based on. The group is expected to prepare an agenda and conduct the meeting in a professional and efficient manner, demonstrating their ability to work cohesively.

In Phase 2, accountability and collaboration are key. During this phase, the instructor’s role is to probe students with challenging questions. For example, “Why have you chosen the product’s pricing and location?” “Who is your biggest competitor, and why?” “Why would your target market be attracted to this product?”

These questions push students to reflect critically on their decisions, ensuring that they are not simply following instincts, but are making data-driven choices. This exercise allows the instructor to quickly assess the commitment of the group members and coach them as needed.

Value: This phase encourages teamwork and accountability. Students learn the importance of structured meetings, agenda-setting, and the ability to defend their business strategy decisions.

Phase 3: Investor Presentations and Post-Simulation Reflection

The final phase occurs after the last round of the simulation. Each group prepares a formal presentation, outlining their company’s performance, developing strategies for improvement, and establishing funding requests. Professional dress is expected.

Each student not in the presenting group assumes the role of a potential investor. The instructor encourages probing questions from the “investors,” ensuring that students can critically evaluate their successes and challenges.

This phase mirrors real-world scenarios where entrepreneurs may pitch their ideas to investors. The focus is not only on the company’s financial performance but also on future strategic decisions. Students must explain their financial needs, how they would allocate investments, and how they plan to improve in the next simulation cycle if the simulation were to continue.

Value: This phase strengthens public speaking, teamwork, and strategic planning skills. It offers a capstone experience, allowing students to reflect on their overall performance and prepare for real-world investment pitches.

Conclusion

By structuring simulations into distinct phases, educators can help students transition smoothly from theoretical learning to practical application. The resume preparation and interview process equip students with professional job-hunting skills. The executive decision-making phase fosters collaboration and critical thinking. Finally, the investor presentation phase provides a real-world capstone to the simulation experience.

These approaches not only make simulations more manageable but also ensure that students gain valuable, transferable skills that will serve them in their future careers.

This structured approach allows students to move beyond mere participation and encourages deep engagement with both the content and the process of business decision-making. When designed with these phases in mind, business simulations can serve as transformative experiences that prepare students for leadership roles in the business world.

---

Want to take your students from passive learners to confident decision makers? Our team can help you build these exercises into your existing course. Book a 1:1 coaching session to get started!

Timothy Schauer
Associate Professor of Marketing, University of Lynchburg

Dr. Tim Schauer, an associate professor of marketing at the University of Lynchburg, brings over 25 years of industry experience to his teaching. He previously led marketing efforts for various corporations and now focuses on instilling a passion for learning in his students while actively participating in student recruitment and committees.