Findings:How I can apply Mikes Bike in a real business world
Playing this business simulation – Miles Bike helped me develop necessary skills in a real world. And at the same time, I learned how difficult it is to set up a company and successfully run the business. Although what the players can do in the game is limited compared to the real business world, there were many challenges for me to learn from. Here are some skills that this simulation helped me improve.
I think analytical skill is vital in this game. Without this skill, you cannot be successful. Firstly, analyzing each index was quite challenging because each index has difference variables so what I had to do first was to analyse what variables affect the particular index such as awareness index that is affected by branding and advertising. And the second thing I worked on in terms of analysis is to determine how much I should invest to increase, for example, PR index to certain level, which I learned by a great deal of trial and error.
Of course, in the real world, there is no such things as indexes but there is some alternative information such as financial statements and so on; therefore, improving this skill is quite important for accountants.
Furthermore, to critically analyse my own performance is another thing I have learned from this game. The important thing is that you have to always look at the results with a critical eye even if you are at the 1 position in your world or the class. Once you stop critically analysing your performance and satisfied with the results, it means you stop moving forward. But all the successful business people are difference. They are always innovative, creative and seek improvements all the time.
Communication skills – Team Work
The second skill I have learned from this is communication skills. It was very nice to work with people who have difference cultural background and was challenging to find a way of how I can better adapt and communicate with them. For example, I had to communicate with my group members in the decision making process where we quite often had two different approaches and strategies and it was challenging to come to term with them and seek effective way of conveying my ideas and giving persuasive explanation to them. But as I and the group members started to seek the better way, the communication went smoother.