Teaching & Training with SimVenture. SimVenture Learning Zone Guidance Teaching & Training with SimVenture

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1 SimVenture Learning Zone Guidance Teaching & Training with SimVenture Teaching & Training with SimVenture This document outlines the main principles of SimVenture, supporting teaching & learning with the very latest version of the software. Getting started Suggested teaching approaches Learner support materials Venture Simulations September

2 Getting started with SimVenture This document provides information, support and ideas to help you make the most of using SimVenture in any teaching or training sitiuation. Since the software is such a flexible resource there are no hard and fast rules about how to use SimVenture so you can copy or adapt what is in this document or adopt your own approach. The software comes with an extensive 'Help' section, which covers every topic in detail. What is provided here in this document is intended as a bitesize guide which gives you the fundamentals of the simulation. However, to help you get the best out of SimVenture we would suggest that you take the time to familiarise yourself with the software by having a go yourself. Contact us! Whatever you decide to do, any feedback you can offer the team at SimVenture is always appreciated. us at - we are always keen to hear what you have to say. Contents 1. The Basics We suggest that if you do nothing else, you read this section just to familiarise yourself with the software. It might also be useful to provide this information to students when introducing them to SimVenture for the first time. 2 Achieving Success with SimVenture Within the game itself and also available on our website are a range of further support materials to help you become accustomed with how SimVenture functions. 3. Getting Users started with SimVenture 3. Suggested Teaching & Training approaches 4. Student support materials Venture Simulations September

3 1. The Basics In SimVenture you are an entrepreneur assembling and selling computers, making decisions about all aspects of your company in order to survive and hopefully succeed in business. At the start of a New Game it is January 1 st and it is your job to make decisions about all aspects of the business and then Run the Month. As the simulation progresses through a simulated month of activity it shows the consequences of your actions and takes you forward to the next month. This process repeats. Making your business decisions on a monthly basis, your job is to find the right balance between winning business, using your time effectively and ensuring enough money is flowing through the company. No part of the simulation works in isolation. Every choice you make will, just like in business, have an impact elsewhere in the game. This cycle describes the process you will go through for each of the months that your business operates. Make decisions Assess the current business situation and consider how you want to use the time and money available to you. Manage organisation, finance, operations and sales & marketing, setting up your actions for the coming month. Run a month Having made your decisions, run the month. The consequences of all your decisions interact and play out. The simulation plays the role of the market, generating enquiries, orders and sales in response to your decisions. Evaluate progress You can see the effect of your decisions as the month unfolds. An advisor gives you prompts and advice, messages confirm your actions and describe their impacts and a range of indicators show how your business is functioning. Home Screen From the Home screen you can access all the information you need to run your business. This is provided on the whiteboard (A) within the screen and the status bar (B) at the bottom of the screen. The Advisor (F), Overview (G) and History (H) buttons all provide further information to support you in running your simulated business. H G C D E F From here you can also navigate through the software to implement the decisions you wish to carry out. You can also start the simulation process by clicking on the Run Month button (C) on the tool bar. A Wherever you are in the game the Home button (D) will always bring you back to this page. The Back button (E) will take you to the previous screen. B Venture Simulations September

4 Menu The menu button provides access to the four areas of Organisation, Finance, Operation and Sales & Marketing. These can also be accessed by hovering the pointer over the appropriate graphic within the Home screen. Within each business area are screens which allow you to select your actions for the coming month Sub-menu Pages Within each of the four areas of the game you can make decisions which affect the success (or otherwise!) of your business. These pages provide you with background information as well as guidance. The red boxes within these screens are where you decide how you will use time and money to complete your actions for each month. The status bar The status bar indicates the current status of your business showing the key information you need, in a summary form, to run your business. When you run a month it comes alive to indicate how your decisions have affected enquiries, orders and sales. Profit/loss, bank balance, income, costs, available and expended time, efficiency and well-being are all indicated within the status bar and change dynamically as the month progresses. More detailed information is also available by clicking on the appropriate area on the status bar. Help The help button on the toolbar provides access to the Help Overview screen. From here you can access a range of resources including written guidance, video tutorials and How to... guides. Venture Simulations September

5 2. Achieving Success with SimVenture SimVenture is designed to simulate best practice in business start-up and will respond positively during the initial phase of the game when basic principles are followed. These principles form the basis of the Business Advisor s advice and are also outlined within the help section of the game under Advisor Report. Once your product meets the expectations of the chosen market segment, create a sales & marketing strategy to raise awareness of the product. If the right mix has been selected orders and sales will begin to be generated and the first seeds of success are sewn. As the simulation unfolds, however, issues such as efficiency, effectiveness, resources, skills, well-being, time, space and essentially money will begin to impact on the progress of the business. At this stage the challenge of SimVenture has only just begun as you attempt to use your time and money more effectively and efficiently to sustain your business. Following these principles will provide the foundations upon which a successful business can be developed. Complete market and competitor research Analyse the reports produced and select a market sector on which to focus Adapt the price and design of your product, remembering to refer to the information gained from your research Choose the selling points you will promote through your sales and marketing strategy It is essential that decisions about price, product design and selling points are made in response to the research evidence. The Advisor will not give direct guidance or specific advice about these features but will identify where anomalies occur. You may need to complete customer research at this stage to hone the features of your product. Again, the Advisor will give suggestions rather than specific advice. Need more detail? If you feel ready for the challenge you can divein and play SimVenture at Easy level with the basic knowledge you already have. Unlike real business it is easy to quit the simulation and start from scratch as many times as you like. If you would prefer a little more guidance then you can find this within the software using the help button, or on-line via our website. Whichever way you choose, once you have gained a basic understanding of how the game runs you will find that learning happens as an integral part of the game. You will recognise challenges and explore your own solutions in a risk-free environment and always with support to hand from the extensive guidance and help within the software. Venture Simulations September

6 3. Getting started with SimVenture When introducing SimVenture for the first time you can use a range of methods which will help users to become familiar with how the software works and the tools at their disposal to run the simulation. Take a test drive A good way to introduce SimVenture is to demonstrate running the software on a large screen using the Driving Lesson scenario. Follow the leader explore the outcomes As an alternative you could give your students a brief tour around the simulation on a large screen before leading them through the business startup process which they follow on their own computer (or one shared with a partner). By taking students step by step through the key initial actions they will begin to get a feel for the cycle of the simulation and you will be able to focus their attention on specific elements. Once the students have designed their product in relation to the expectations of their prospective customers you will be able to see, on running the month, the effect of their decision in the market. The outcomes are likely to make an interesting topic for discussion! Alternatively, you could explore the impact of different sales & marketing strategies by entering the same product design on each computer and asking each student to choose their own approach to raising awareness of the product. Initially, simply running the month will generate enquiries, orders and sales within this scenario. You can indicate how the information bar updates to provide feedback on how the company is functioning. You can also demonstrate making and implementing decisions, perhaps asking students to predict the consequences. On completing your introduction provide an opportunity for students to spend up to 20 minutes exploring the software for themselves whilst you provide support and advice. At the end of this session allow time for feedback and question the students about what they have found out. Step-by-step, early success demo If you have had the opportunity to use SimVenture yourself you may feel confident enough to demonstrate the process of building up a business from start-up. Following the guidance for achieving success with SimVenture you can point out the key navigational features and pose questions as the game develops. This will allow you to emphasise the best business practice approach whilst demonstrating the dynamics of the game in action. This process give users a framework for success but they will soon realise that by planning forward and considering how best to use their resources, they can make progress more quickly, gaining an advantage against their competition and providing a more solid basis to sustain their business. SimVenture allows people to work at different speeds. However, the goal of the first session is simply to ensure that people have a basic grounding in the software and understand how it works. Whilst you may feel that your group needs a second session to embed the learning, you are very likely to have 'stars' within the group who can help you by providing peer support to other students. Everyone has their own preferred way of learning and we have found that many young people aged become familiar with the way that SimVenture functions after only a short introduction to the software and are keen to explore the software without further guidance. Once the basics are grasped playing the game is easy. However, the challenge of SimVenture comes in playing the game successfully, developing the ability to plan strategically, cope with increasingly challenging circumstances and learn from mistakes. Venture Simulations September

7 4. Suggested Teaching Approaches SimVenture can be used in a range of ways to support teachers planning and delivery of lessons. Because it allows students to explore and investigate the world of business in an engaging and rich environment, the simulation is ideal for providing students with a big picture learning experience, allowing them to make sense of the different components of running a business in context. It can also be used to support theoretical teaching by focusing students on specific business subjects. This allows students to see how separate components work in practice and how they impact across an organisation, providing a context for learning. Through working with teachers we have identified a number of different ways in which SimVenture can be used to support teaching & learning. We have organised these into those that are used before, within and after the game itself. Pre-simulation Activities for use prior to running a business Simulation Activities for use within the simulation Post-simulation Activities to encourage reflection and analysis Once students have a grasp of how the game functions they will then be in a position to explore and extend their learning beyond the basic principles. The teacher then becomes the facilitator, responding to student led issues, signposting to further support and information or augmenting learning through direct support. Timetabling SimVenture is a flexible resource that can be used within a range of timetable constraints. The following activities can be used individually or to develop programmes of work to suit extended, modular, one-off or self-directed approaches. Venture Simulations September

8 Focused reading Pre-simulation Ask students to locate and read specific sections of SimVenture, perhaps relating to a business issue you have focused on previously or one you intend to explore through the simulation. You may provide questions to further focus their attention or ask them to research a specific area that they have previously found challenging within the game. Alternatively draw the group together to outline the key elements of their reading. Open exploration As SimVenture is designed to be engaging and easy to use, most students are keen to explore the simulation for themselves after a short introduction. The value of SimVenture as a learning tool is the ease with which students can identify their successes and errors, re-start the simulation and apply their learning. This allows each student to progress at their own rate whilst maintaining motivation through self-directed goals. Once students are competent introducing the element of peer competition where appropriate can have a significant, positive impact on progress. You may wish to ask students to work in groups of two, three or four initially. Not only does this encourage team-working, communication skills and collaboration, but students also work in a mutually supportive environment. Teams of two generally work quickly and no-one is likely to be excluded. Teams of three require more group dynamics and a team of four means that the main functions within the game (Finance, Organisation, Sales & Marketing, Operations) can be divided between the individuals. Project Planning Once students have experienced SimVenture you may decide to ask them to plan a strategy as individuals or in small groups. You may specify certain characteristics to encourage them to explore different ways of running their business, asking them to manage production in-house or remain part-time for a specified period. Students could then implement their plan or alternatively a number of teams could implement the same plan to explore different approaches and outcomes. Setting challenges for exploration sessions can focus students on specific business areas or provide a benchmark by which progress can be judged. As SimVenture is such a flexible learning resource, the objective setting is up to you and you can make decisions based on the calibre and interest within the group. Venture Simulations September

9 Simulation The timing of each session can be real or simulation time-based. For example, each group might be asked get to the point where they decide to run their business full-time. Alternatively, each group might run a business for 12 simulated months. You may give students one hour from start-up or alternatively to run a scenario before bringing the group together to discuss strategies, learning outcomes and next steps. SimVenture is a powerful teaching resource because it puts the learner at the heart of the process and forces them to make decisions and see how all consequences play out. Simply by playing SimVenture students will develop a much greater understanding of how business works. However, there will be times when you want to use SimVenture to reinforce a particular piece of theory. You have a number of options if this is your objective. To start, ask students in their groups to go to Research Strategy from the Home screen, read the 'Market Research' summary box and then click the image to take them to the 'Market Research' page. Before going any further you can have a short discussion about the importance of market research, its relevance to business and the consequences of an organisation ignoring research. Within SimVenture students have the option to use a consultant to do market research or complete the market research on their own. The choices have different consequences in terms of time and money spent. Before students make either choice you can discuss the merits of each decision within the game and also in practice. Then ask students to make their own choice and 'Run the Month'. Finally, ask the students to return to the Market Research page and view the Market Research report. Exploring variables One way to do this is to ask all students to perform the same task, run one month and then discuss the arising consequences afterwards. The following example shows how such a method could be applied to market research. Focused task You may want the group to focus on a specific subject like market research. By selecting the report students can then see the various market segments within the simulation. This data provides an opportunity to discuss a range of further issues and implications as well as choices and decisions that students can then make. Here are few typical questions that might be asked of students: What are the different ways to complete market research? What is a market segment? Why is it important to segment a market in business? What are the consequences of trying to sell to anyone and everyone? Venture Simulations September

10 How might the data in each market segment be used in the simulation? You can encourage students to make a segment choice and record all their notes within the game's Notepad (see Tools). As with all SimVenture games, every piece of recorded information or diary note can be stored and reviewed within the Notepad function. You might leave the business with no Sales & Marketing strategy and, having saved the game, ask the students to load the scenario and solve the problem. This process can be repeated for an infinite variety of scenarios. You can even use this process as a basis for competitions or group challenges. Competition Play Competitions provide an excellent format in which to provide the opportunity for students to put their theory into practice. Set a specific success criterion such as net profit or bank balance. Working as individuals or in teams students can complete a specified number of months within the game or the competition can be real-time limited. Competitions have been successfully run with large numbers of pupils and can provide a real focus for learning if they are timed to coincide with the culmination of a period of study. Scenario challenge Whatever you decide to do, the work being completed by students is preparing them to complete the third and final part of the SimVenture experience. Using the 'Save & Load' function to set up your own scenario or using those provided within the game, you can focus students on specific business issues. For example the Cashflow Crisis scenario within the game allows you to challenge the students to resolve a specific issue in an already established business and in so doing apply theories you have already taught or explore possible solutions prior to further discussion. You can focus more narrowly by setting up and establishing a business before altering a key variable such as price, or product specification. Venture Simulations September

11 Post-simulation Since SimVenture contains a Notepad and a monthly evaluation mechanism a wide range of the information is available to teachers to inform their feedback and evaluation of students progress. It can also be used by students to make presentations or review business performances in a tutorial. in the Notepad how and why decisions were made. Summative feedback can inform future strategy. Once students are accustomed to running a business they will begin to recognise the need to plan strategically to achieve their aims. Presentations Presentations can focus on the performance of the business as well as the group dynamic. Business Performance These presentations should focus on how a group ran a business and what was achieved. Printed monthly performance data could be shared as part of the presentation. Interim feedback Feedback can obviously be given as students play to facilitate learning and progress within the simulation. Teachers have found that because SimVenture engages students, they are motivated to seek solutions to the challenges presented by the simulation. Whilst the extensive help pages within SimVenture can provide the answers to these questions interim feedback can help to maintain the momentum and focus of students. Evaluation For evaluation purposes, SimVenture automatically tracks the performance of any user or group on a month by month basis. By selecting 'History' from the menu bar you will be taken to the summary screen showing the results from the most recent month. Using the calendar in the top left-hand corner you can review any one of the months that have been run in the game to that point. In the top right-hand corner is the 'Print' button. Use this to print out all months that are required for review and evaluation. Importantly, SimVenture users cannot change performance data once a month has been run. As such, the printed monthly information provided for any presentation tells a truthful story. Unlike other business presentations where decisions and comments can get lost in hypothesis and halftruths, students must share and bare their business soul. Team Performance These presentations should focus on how a group performed as a team and what individuals learnt about themselves. You might link the presentation to Personal Development targets or to team-working theories (eg. Belbin's model of group behaviour) to focus this element of the learning experience. The evaluation mechanism is a valuable tool especially if you are also asking groups to record Venture Simulations September

12 5. Student support materials Many people find that they instinctively find their way around SimVenture and quickly gain a degree of success upon which they can build. Some people prefer to read instructions or follow guidelines and with them in mind we have produced some support materials for you to use as you see fit. These materials are designed for you to print out to give students support as they become accustomed to playing SimVenture or as extra support for those who need it. If you have ideas for useful resources to support learning with SimVenture please don t hesitate to contact us. We are always looking to share best practice and will continue to update this guidance material as Simventure develops. Venture Simulations September

13 SimVenture Support - How do you know what s going on? The status bar gives you up to date information about how your business is doing. Enquiries Tells you how many people enquired about your product last month. Enquiries are good, but they need converting into orders. Orders Tells you the number of orders you have taken this month. You can see (in brackets) how many units (computers) this amounts to and how much the orders will be worth when payment is settled. Sales Tells you how many orders and (in brackets) units are being shipped this month as well as the value of those shipments. Profit/Loss Tells you the difference between your income(revenue) and your spending for last month. Bank balance Tells you your bank balance at the current time. Click either of these to see a Detailed Cashflow or Profit & Loss Report Note : These are only available if you have selected to do your book-keeping each month. Income Tells you how much money should come into your business during the coming month. Click to see a breakdown of where it is coming from. Costs / Effort Costs tells you how much money you are spending this month. Effort tells you how many hours you need to complete your planned tasks this month. Click to see a breakdown of where your time and money is being spent. Time Tells you how much time you have available this month. Click to change your hours, but don t work too hard! Efficiency Tells you how efficient your business is overall. Click to see a breakdown of efficiency in different areas of work and what is causing any inefficiencies. Emoticon Tells you how he business owner (that s you!) is feeling at the moment. Click to change your hours to make you feel less stressed or give yourself a pay rise! Venture Simulations September

14 SimVenture Support Rough Guide to Start-up Success SimVenture is based on best practice for business start-ups. No two businesses are likely to be the same, and sometimes people get lucky without really knowing why. This information won t guarantee sales, but it will certainly help you along the way. So if you want a few tips on how to get your business up and running, tune-in for a few minutes before you get started, and keep this sheet alongside you when you are running your business. All these activities can be found in the menus and sub-menus accessed from the toolbar. Do some competitor research. Who else is trying to sell to your target segment? How does their product compare to yours? What are they charging? Re-design if you think you need to. Are you confident your product stands comparison? Select the selling points you want to promote. What are the key features of your product? Do they match your target segment? Choose your sales & marketing strategy. You need to let people know what you ve got on offer. Which method will be best to reach your target audience? Do some market research. Find out who is in the market. What are they looking for? What are they willing to pay? Choose a market segment. Don t try to be all things to everyone, be focused. Design the specification of your computer. Make sure your computer suits the target segment that you re aiming for. Give them what they re looking for! Each task will cost you TIME or MONEY. Both are in limited supply so choose carefully! You won t be able to do all of these tasks at once. It may take 4 or 5 months before you are ready to do some sales & marketing. Once you start getting sales, you ve got the basics right. But can you keep the business going? These are the most basic tasks that will get you off and running. There are plenty more things you can do to help your business grow quicker or become more profitable. Good Luck! Venture Simulations September

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