Simulation games in business education: the experience of business simulation "Startup: the Limits to Growth"

Abstract

The article reveals how simulations can be used in the teaching of management disciplines. Despite the high demand from students for interactive teaching methods, simulation games are still of a limited use in business education. This is largely due to the lack of high-quality simulation games, especially considering unique domestic simulations. The article reviews the author’s experience of teaching of “Startup: Limits to Growth” Simulation Game based on the agent approach to modeling in business education. By reviewing the outcomes of many simulation sessions, we analyze the key strategies of participants’ decision-making and their misperception of complex systems. We show that business game participants on average poorly perform the simulation even considering a rather moderate nature of complexity embedded in the game provided by a couple of feedback loops and delay effects. We suggest active use of business simulations in training of contemporary managers to develop their system thinking skills and to train their holistic analysis capabilities in business.