Business schools are developing inventive ways to teach students about what it means to own a business. Entrepreneur magazine recently highlighted how several professors around the country, including Waverly Deutsch, Clinical Assistant Professor of Entrepreneurship, employ games and simulations to help students learn business strategy.
Deutsch, who won the Innovative Method of Teaching Entrepreneurship Award from the U.S. Association for Small Business. for “Building the New Venture”, incorporates the element of chance in her classroom. She created a game called YourCo. where students develop a mock business and plans for all phases of operation. Deutsch, a fan of Dungeons and Dragons, believes starting a company is similar to the classic role-playing game.
After determining a probability of success, students roll dice which present an unexpected event that will affect the fictional business. They then must then develop an action plan to deal with the new situation. According to Deutsch, “the setting feels real.”
The original article appeared in the August 2006 issue of Entrepreneur.