Entrepreneurship: A Game of Risk and Reward Phase I -- The Search for Opportunity
AbstractENTREPRENEURSHIP is a single person or single team, multi-stage business game. Its purpose is to provide a computerized business game environment that replicates some of the decisions entrepreneurs must make along with the possible rewards associated with undertaken risks. The complete game simulates the first five years in the development of a technology-related firm. Phase I of the game uses a simulated decision-cycle of 1 week for the opportunity recognition stage. After the opportunity is selected, the game shifts to a monthly decision cycle for Phase II, which is comprised of the venture capital stage, the product development stage and the market introduction stage. After these stages have all been completed, the game shifts to quarterly decisions for Phase III, running the business for the balance of the five years. Any time the firm cannot make its payroll, the game is over as the firm is deemed “Bankrupt.” At this point, the player is encouraged to develop a paper on why the firm failed. To allow for further exploration of mistakes, the player can start the game anew. If the player successfully completes the first five years, the game terminates with the player being congratulated for being a successful simulated entrepreneur. This paper discusses Phase I of this game in detail.
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