A Simulated Business is a "virtual business" that is set up to simulate a real-world operating business which is run by students as part of their study program with support from an educator (trainer/lecturer/facilitator) and staff from a real business.
There is a network of 120+ Simulated Business around Australia which trade with each other and there are many more Simulated Business' trading around the world. Although there is no transfer of actual goods, all of the usual business transactions take place, i.e.
- Orders are placed
- Invoices are issued
- Financial Records are maintained
All Simulated Businesses trade with one another through a network known as Simulated Business Community which acts as a central office, where transactions and banking procedures can taught to students as a real-world simulation, providing students with a complete experience of the business operations and process as encountered by real businesses in the Australian economy.
To assist in keeping the methodology as real-world as possible, each Simulated Business is underpinned by a sponsor company, or mentor, a local business that has agreed to partner with a Simulated Business so that the Simulated Business can model their business operations on those of their mentor. Mentors/Sponsor Companies play a vital role in the success of not only the Simulated Business, but also the confidence and skills base of students who participate in the Simulated Business through their course.
Visit our Website Simulated Business Community for more information.
