Give students a business problem to solve. This can be a simulated problem or a real-world problem. Businesses often need help with something and are willing to accept the help of students. For example, students can research and create a white paper for the business. Stanford’s business school even has a program where students pretend to be CEOs and CFOs for real executives, as a way for them to practice implementing business principals they learned in the classroom. If the teacher wants to simulate the problem, the students can create an imaginary business and solve the business’s problem, which can allow the class to avoid issues such as scheduling conflicts with the business.
Students can create an entire simulated business. The students can divide activities among fellow students based on skill competency. The students can create a business plan and the teacher can play the role of an investor, analyzing the plan. After the students understand the criteria for what makes an effective business plan, they can start critiquing it themselves.
Students can play video games that are business simulations, such as Business Tycoon. These games allow students to experience running a business without actually running one. However, game developers do not always accurately depict the nuances of running a business, so teachers should make sure students understand the fundamentals of business. The teacher can then ask students to point out the inaccuracies in the game. For example, the game may have an unlimited number of customers, when real life businesses have to factor in limited consumer demand. Even the classic game Monopoly can teach students some basics about business, despite the fact that a real-life monopoly would be broken up by the government.
Students should learn business ethics so they make moral decisions when employed at a business. Business schools often teach the importance of profit maximization, but some students learn that they can violate ethical rules in the search for the highest profits possible. Educators should explain there are consequences to behaving unethically and should help students understand alternatives to unethical behaviors. Students can be given an ethical situation and can then be asked to develop alternative ethical approaches to solving problems. As students become accustomed to finding ethical solutions, they are more likely to use these solutions when they encounter problems in the future.