Key Insights You Will Gain After Running a Simulated Company for a Day

Imagine you are assigned to a team that will start and run a new venture for your company. You and your team are entrusted with funding to obtain a facility, manufacture products, hire employees, and market and sell your products. You and your team must decide everything from product pricing, to taking loans for improvements and paying expenses as you work toward the goal of building equity and net worth.

diversity-3402716_1920You make mistakes along your journey and in doing so learn firsthand why “cash is king” and how your venture can be profitable while tottering on the brink of bankruptcy. And while you and your team benefit from these valuable business experiences, you are never in danger of financial ruin or suffering the many other life-changing pitfalls of running a business.

Welcome to the world of simulation business training.

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How an Effective Live Training Event was Designed and Delivered

Live training exercises provide a realistic facet that can’t be duplicated by rote-learning or computer-based training. During live training, the participants experience emotional elements such as diverse personalities and negotiation. Live learning events bring information and insight to life, improving understanding and reinforcing retention of concepts.

A Real-World Problem

Executives of three separate companies that would be jointly selling a new service product were concerned that their sales teams would drift into channel conflict, wasting valuable time and resources. The Executives sought some means of jointly training their sales teams so each team would understand how their individual activities contributed to the overall success of the program.

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Launching and Sustaining New Medical Devices and Services

New product development, launch, and sustainment is a challenge for every business, and often more so in the regulated medical device domain.

Identifying the market need, customers and end users to properly define, develop and produce the right device is just the beginning. Crafting effective messaging to different stakeholders, creating financial justification and ensuring all sales and support personnel are trained and ready to go are all instrumental steps in any successful venture.

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