- Project Outline -
Project: LiteBike Simulated Bike Company.
Team: 4 people.
My Role and responsibilities: Roles were switched every few weeks. It was my responsibility to ensure everyone worked as a team for the success of LiteBike company.
Tools used: Marketplace Simulations, Microsoft Excel, Microsoft Word, Microsoft PowerPoint.
Date: September 2019 - March 2020.
- Introduction to the Simulation -
The software used for this project was Marketplace Simulations. The simulation exposed me to all the aspects of setting up, operating and growing a business. It challenged me to make tough decisions in departments such as marketing, product development, manufacturing, sales, accounting, finance, business partner negotiations, and profitability analysis.
I was part of a team of four people. We called our company LiteBike. At the beginning of the simulation, we were provided with the seed capital to start up our business. We built a factory, opened up sales offices, hired workers, designed brands and advertising campaigns. We dealt with demand projections, production scheduling and quality control issues. After the first simulated year in business (which was two months in real life), we had the option to receive additional funding from the Venture Capitalists. To receive this funding we competed in a Dragon's Den style event where we pitched our company idea, values and goals to potential investors. LiteBike managed to secure the funding which was later invested in new research and development, bringing out improved products, expanding our distribution and production capacity in order to maximize our performance in the second year of business.
- What I Learned -
What I liked about this simulated bike company was that it allowed me to experiment with business strategies, test business ideas, and experience the consequences of my actions in a virtual business environment. It was a way for me to apply the theoretical knowledge I learned in classes to make strategic and tactical business decisions in the game. I believe I developed skills critical to succeed in today's business world. These include:
- Develop an understanding of business decisions by letting them apply business concepts in a competitive and risk-free environment.
- Place emphasis on functional integration at the strategic and tactical levels.
- Stimulate creative thinking.
- Enhance interpersonal relationships via leadership and teamwork.
