Experiential Learning: Use of Simulations in Entrepreneurship Education

In Dr. Cadotte’s recently published article “The Use of Simulations in Entrepreneurship Education: Opportunities, Challenges and Outcomes”, he shares a process developed at the University of Tennessee to advance the knowledge, skills and competence of its students. It is based on an entrepreneurial simulation that has been greatly enhanced with a series of value-added activities and assessments.

How do we develop entrepreneurial knowledge, skills, and competence? Certainly, the traditional methods of lectures and textbooks are important in laying down the foundation of entrepreneurship theory and practice. But, to achieve higher levels of critical thinking, it is necessary to ponder, test, reflect and adjust one’s knowledge. To achieve skills, we need to practice our trade; to achieve competence, we need to build our knowledge and skills, but we do not need to do it alone. An entrepreneurial training coach can channel our energies, thought processes, practice routines, and feedback mechanisms to advance the level and the speed with which we attain competence. We would like to share a process that we have developed at the University of Tennessee to advance the knowledge, skills, and competence of our students. We will start by reviewing the literature on the value of simulation-based training. Next, we will describe the theory of experiential learning and how it helps to explain the learning process that underlies the use of business simulations. Then, we will introduce the simulation that is used as our learning platform. Our attention will then shift to describing the entire pedagogy with all of its enhancements, including our findings regarding the development of critical thinking skills and adaptive learning. We will conclude the chapter with a discussion of how the pedagogy contributes to entrepreneurial learning. Read the article

 Annals of Entrepreneurship Education and Pedagogy – 2014

About Marketplace Simulations
Marketplace Simulations is a family of over 20 marketing and business simulations designed for university business courses and executive business programs. Our business simulation games allow students to experiment with business strategies, test business ideas, and experience the consequences of their actions in a virtual business environment. With a purpose to create business education tools that are both engaging and transformative, our most popular and best simulation games include Introduction to Marketing, Venture Strategy, Strategic Marketing, and Business Fundamentals. Other top selling games include, Introduction to Business and Strategy, Conscious Capitalism, and International Corporate Management. For more information or to schedule a personal tour of an online simulation game, please contact one of our Product Specialists at +1-865-522-1946.

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