Entrepreneur
Software User Guide
GoVenture Entrepreneur
Software User Guide
Contents
1. 2. Welcome ........................................................................................ 3 GoVenture Entrepreneur ................................................................ 4
What is GoVenture Entrepreneur.......................................................................... 4 What Makes GoVenture Entrepreneur Unique ........................................................ 4 GoVenture for You ............................................................................................. 5 What You Need to Play GoVenture Entrepreneur .................................................... 6 More Information ............................................................................................... 6
3.
Playing GoVenture Entrepreneur .................................................... 7
Start a NEW Simulation ...................................................................................... 8 SAVE a Simulation ............................................................................................. 8 RESUME a Saved Simulation ............................................................................... 8 END a Simulation............................................................................................... 9 QUIT GoVenture ................................................................................................ 9 Create and Play Your Own QUICKSTART ............................................................... 9
4.
How GoVenture Entrepreneur Works............................................ 11
Objective .........................................................................................................11 Simulation Activities..........................................................................................11 Market Influences .............................................................................................14 Every Simulation is Different ..............................................................................14
5. 6. 7.
GoVenture Entrepreneur Flow Chart............................................. 15 Getting Help ................................................................................. 16 GoVenture Entrepreneur Walkthrough ......................................... 17
Venture Menu...................................................................................................17 Personal and Business Profiles ............................................................................17 Operating Your GoVenture Business ....................................................................22
8.
Performance Evaluation ............................................................... 24
Success in GoVenture Entrepreneur ....................................................................24 Measuring Performance in GoVenture Entrepreneur...............................................24 Measurements of Business Success .....................................................................25 Measurements of Personal Success .....................................................................27
9.
Next Steps.................................................................................... 28
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GoVenture Entrepreneur Software User Guide
1. Welcome
The Software User Guide is provided to help you use MediaSparks GoVenture Entrepreneur simulation in your classroom or computer lab. If you are not already familiar with the award-winning GoVenture business simulations, we invite you to visit the [Link] at [Link] or to contact us at 1-800-331-2282. This document provides you with a walkthrough and introduction to all the major areas of the GoVenture simulation, screen by screen, as well as an overview flow chart of the entire program and a reference of all the GoVenture help sources available. An electronic version of this document is also available on the [Link].
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2. GoVenture Entrepreneur
What is GoVenture Entrepreneur
GoVenture Entrepreneur is the most realistic entrepreneurship simulation ever! GoVenture Entrepreneur is a highly visual and realistic entrepreneurship simulation that recreates the day-to-day experiences involved in starting and running a small business. Like a flight simulator for business, GoVenture Entrepreneur puts you in the role of founder and CEO of your own virtual business, while engaging you in realistic situations and problems. Run an entire session of GoVenture Entrepreneur within minutes, or over an extended period of time. Its easy to use, visual, interactive, and exciting! Unlike any book, course, or seminar, GoVenture Entrepreneur enables you to gain years of experience in minutes! Manage all aspects of your own virtual business and personal life price your products, order inventory, conduct advertising initiatives, review financial statements, write checks, hire and fire employees, manage schedules, allocate time for sleep and family, manage personal stress, and more. Monitor your success by evaluating profitability, customer satisfaction, employee morale, and personal goals. Gain practical experience so you have the confidence to explore becoming a real entrepreneur. Play again and again every new simulation you run is different! With GoVenture, you dont just learn about entrepreneurship, you live it!
What Makes GoVenture Entrepreneur Unique
GoVenture Entrepreneur is a highly visual, realistic, and interactive business simulation software program that emulates the startup and operations of a business. It includes over 6,000 graphics, animation, sound, and video which make it an effective and enjoyable way to learn about starting and operating a small business. In addition, GoVenture Entrepreneur emphasizes the important link between an entrepreneurs business and personal lives by offering the closest to real life experience possible, in a way that conventional learning methods simply cannot approximate. GoVenture simulations enable learning-by-doing, an approach that cognitive scientists have identified as the fastest and most effective way for human beings to learn. GoVenture simulations immerse the learner in a highly visual and interactive environment in such rewarding ways that learners feel intellectually and emotionally engaged in the experience as if they were personally living it. GoVenture Entrepreneur offers several key advantages: 1. A complete experience, touching on all aspects of small business startup and management. 2. An educational tool designed to deliver the entertainment value of a game. 3. Helpful paper-based resources that complement and support the learning experience.
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GoVenture Entrepreneur is designed as a tool for youth and adults, to be used as a learning program on its own, or to complement other learning materials, courses, programs, and curricula. It is the perfect complement to any entrepreneurship or business course or curriculum. GoVenture Entrepreneur can provide a valuable learning opportunity for an individual or an entire class, within a single hour of use or over an extended period of time. The educational foundation and ease of integration in the classroom and curriculum make GoVenture Entrepreneur the first choice among learners who are in the early stages of learning about business, as well as educators and trainers who are providing business training.
GoVenture for You
Education
GoVenture has been designed to be suitable for a variety of instructional approaches and levels. Whether the need is to create a complete new curriculum or to enhance an existing one, GoVenture offers a successful and valuable experience for teachers and students, from middle school to adult education.
Business Service Centers
Entrepreneurs are not "born" they must be trained in a number of business, management, and interpersonal skills. Budding entrepreneurs need to experience the thrills and challenges of running a business before they do so in the real world. GoVenture provides the experience necessary to gain valuable knowledge in starting and running a business without the risk of failure. Learn about accounting, finance, marketing, human resources, inventory management, and a full range of life skills.
Banking and Financial Services
Startup entrepreneurs can pose a significant challenge to financial institutions. In many cases, they require a great deal of attention to the point where small business can be the least profitable segment of the commercial market. Nonetheless, they constitute a market that cannot be ignored. Financial institutions can provide startup entrepreneurs with a successful and valuable experience by directing them to GoVenture or by directing their own employees to GoVenture as a customer empathy tool.
Corporate Business Training
The need to acquire competitive business know-how is increasing at Internet speed. Soon the only competitive differentiator will be the speed at which people and organizations learn. In order for employees to play a proactive role in the success of an organization, they must have a strong understanding of the overall business model. GoVenture provides an experience that is compelling, flexible, cost-effective, and efficient for generating the understanding needed to foster a strong intrapreneurial spirit.
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Life Skills Training
GoVenture helps develop a number of necessary skills for success in the fastpaced Knowledge Economy, including: planning, just-in-time learning, problem solving, organization, critical thinking, and risk management. GoVenture addresses life skills training directly by immersing learners in a simulated world of experience that transcends the limitations of traditional teaching and learning approaches. Unlike conventional educational materials, games and Internet portals, GoVenture offers a comprehensive learning experience. Simulations are combined with a wide range of learning resources for quick and easy integration into self-directed or facilitated learning environments.
What You Need to Play GoVenture Entrepreneur
GoVenture Entrepreneur is designed using proven technologies that will operate on personal computers, either stand-alone or over the Internet. For specific system requirements, please refer to the software documentation.
More Information
For more information on GoVenture Entrepreneur and other simulations, visit the [Link] Internet portal or contact MediaSpark at: Sales: Telephone: Fax: Internet: 1-800-331-2282 USA/Canada 902-562-0042 902-562-1252 [Link]
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3. Playing GoVenture Entrepreneur
Venture Menu
Each time you run GoVenture Entrepreneur you will first be prompted to type in your name. Then you will automatically go to the VENTURE MENU where you will have the following options: About Venturing a slide show presentation about GoVenture. GoVenture Setup the menu for starting and exiting simulations. At the bottom of the screen are buttons to: Unlock your software (a locked/unlocked padlock). Quit the program. Access the GoVenture Entrepreneur help (? button) Link to [Link] additional help on the Internet
Later, after you have started, if you return to the VENTURE MENU there will be a third option, which allows you to return to your current simulation: GoVenture return back to your current simulation.
GoVenture Setup Menu
The GOVENTURE SETUP screen gives you the following options: NEW Start a new custom simulation. QUICKSTART Start one of several already set up businesses. RESUME Open and continue a previously saved simulation. SAVE Save the current simulation. BACK Continue with the current simulation. QUIT Exit the program.
There are also controls for: Music. Volume. Sound Effects. Unlocking your software version.
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Start a NEW Simulation
When you elect to start a new simulation, you will have to decide whether you will start a new custom simulation, or select a pre-established GoVenture business option: QUICKSTART QuickStart enables you to dive immediately into a preset business, without having to complete the Business Profile details. You can review all the Startup Details selections later, but you cannot change most of them. Click the QuickStart button and choose a business. Then click the Start button. The program will take you to the Personal Profile section, which you can elect to complete now or later. You may view the Business Profile which has been set up for you, or click on the City button to go to GoVenture City and start the simulation. NEW CUSTOM SIMULATION When you start a new custom simulation, you must complete the required components of the Personal and Business Profiles for your new business before you can begin the simulation. For each of the required items, you will be given a list of different options from which to choose. The Business Plan and Personal Objectives are optional and may be completed at a later point during the simulation. When you have completed the profiles, or click on the City button to go to GoVenture City and start the simulation. When you arrive in GoVenture City the virtual time clock will start ticking and the simulation begins.
SAVE a Simulation
You can halt time in the GoVenture Entrepreneur simulation and save your simulation to disk, and then return to it later. To do this, click on the Setup button in the lower left corner of every main screen. This will take you to the GOVENTURE SETUP screen, where you can click on the Save button, then name and save the file to a hard drive or diskette. You will need to enter a password to protect against unauthorized use of your file. Be sure to note the password used; it will be needed to resume the simulation.
RESUME a Saved Simulation
Click on the RESUME button and call up your saved simulation file. You will need to type in the password to open it. When the file opens, play resumes where you left off when you saved the file.
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END a Simulation
The simulation will automatically stop if you go out of business (become bankrupt), close your business, or sell your company. Otherwise, you can continue the simulation for as long as you wish. Even after the simulation ends and the clock stops, you will be allowed to review the entire simulation, including the Performance Report. However, you cannot alter the simulation after it ends. If you wish to save your results, be sure either to Print the Performance Report or to Save the simulation before quitting the program or starting a new simulation. If you Save the completed simulation, you will be able to view the results later by selecting the Resume option (see above).
QUIT GoVenture
To quit GoVenture Entrepreneur and exit the program completely, select the Setup button and then click the Quit button. If you wish to resume your current simulation at a later time, be sure to save it before quitting (see above).
Create and Play Your Own QUICKSTART
Once you are familiar with GoVenture, you may wish to make your own QuickStarts, so that an entire group of users can be challenged with the same scenario. This is done by using the Save and Resume features of the program.
Create a QuickStart
To create a QuickStart, start a new custom simulation and complete as many of the Startup Details as desired. You can run the simulation for as long as you wish, or not at all. Then, save the simulation file in a location that can be accessed by others.
Play Your QuickStart
To play your own QuickStart, run GoVenture and go to the GoVenture Setup menu, click Resume, select your saved file, and enter the password. The simulation will begin at the point in the simulation where you saved the file.
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Edit Your QuickStart
If you wish to edit your QuickStart file, you must run GoVenture and choose the Resume feature. Select your file and enter the password to open it. Once you have completed your modifications, you can resave the simulation file. You should normally save the revised QuickStart file with a different name. Note that if your QuickStart file was saved after the simulation started, you may not be able to change some earlier decisions.
Create Multiple QuickStarts from the Same Source Data
Before the simulation starts you can edit any of the settings and starting data. So, save a copy of your simulation file BEFORE starting the simulation, and keep this file in one of your folders. Then run GoVenture, select the Resume button, and open your saved file. Run the file to the point you wish your QuickStart simulation to begin, and then save the file with a new name. In this way, you can go back and modify any of the setup data as many times as you want from the original saved file. You can re-use your startup profile information and make several different QuickStarts from the same source file.
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4. How GoVenture Entrepreneur Works
Objective
The key objective of GoVenture Entrepreneur is to provide you with the virtual experience of starting and running a business while managing your personal life. The business objective is to run a profitable operation which grows and gains a dominant market share. The personal objective is to manage your personal life (personal wealth, stress, time) while running your business.
Evaluating this experience against your goals and lifestyle objectives may help you make future career choices. And of course, the overall objective is learning in an engaging, but challenging, environment.
Simulation Activities
Playing GoVenture Entrepreneur involves the following activities:
Personal Profile
Starting up a business involves everything from selecting the type of business to buying the equipment needed and obtaining necessary permits. For each component of the Business Profile, you must select from a number of different options and complete all the mandatory elements in the following setup details: You (required) Your Advisor Your Family (required) Self Discovery Wish List Time Guide Personal Status (a recap, nothing to setup here)
The Personal Profile sections are optional except for You and Your Family. Completing these may help you with strategies and future decisions. Except for Your Family, they do not affect the operations of the simulation directly. This information may also be accessed while running the simulation and completed later.
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Business Profile
Starting up a business involves everything from selecting the type of business to buying the equipment needed and obtaining necessary permits. For each component of the Business Profile, you must select from a number of different options and complete all the mandatory elements in the following setup details: Business Plan Type of Business Seed Money Business Name Logo Legal Structure Location Site Equipment Permits & Licenses Financial (a recap, no setup required)
The Business Plan section is optional. Completing this may help you with strategies and future decisions, but will not affect the operations of the simulation directly. The Business Profile may also be accessed while running the simulation and completed later.
GoVenture City
From the GoVenture City screen, you have access to all areas of the program, including: GoVenture Setup Venture Menu Home Work Briefcase Personal and Business Profiles [Link] Time
In addition, you can use your mouse to rollover the city and click to visit: Your Banker Your Lawyer Your Accountant The Discovery Center The Newspaper The TV Station The Radio Station The Print Shop
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Work
As the owner of the business, you must monitor your business results sales, customer satisfaction, employee morale, lost sales, profits, and more. The results of your operations may lead you to modify your business strategy, and will frequently require you to take action to improve any unsatisfactory operating results. From your Work screen and the menu on this screen you can: Follow all the key elements of your operations. Track cash and sales. Set your business schedule, close or sell your business. Review and order inventory. Price your products. Access resources on your desk including, employee files, your computer, telephone, answering machine, fax machine, calculator, and personal organizer. Get help. Go to the city. Go home at the end of the day.
Briefcase
When you are not at work, you can always access your computer, your personal organizer, and your calculator by opening your briefcase.
Time
You can adjust the speed at which time advance in GoVenture Entrepreneur to speed up or slow down time to suit your work style. You can also see your current emotional state and overall stress level when you click on the Time button.
Home (Personal)
You should start and end each day at Home. You will need to set your commuting, sleep, and personal hours. And you must also manage your personal finances. Your briefcase is available at home if you want to do some office work. You determine how many hours you will work each day, and how much time is allotted to personal time for yourself, your family, and for rest. If you do not go home, then GoVenture will continue to operate, however, lack of sleep and personal time will increase your stress level.
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Market Influences
Economy
There are underlying economic growth variables which play a role in determining factors such as the interest rate on bank loans, the minimum wage expectation, and fluctuations in inventory costs. You cannot control these factors, but be aware that conditions may change during the simulation. Your business will be affected by some of these external factors. So you must constantly monitor your operations you cannot make one set of decisions and go on auto-pilot until the end of the simulation.
Weather and Random Events
Weather may play a role in when and where people shop. There will also be unforeseen events which happen to your business equipment might break down, an inventory shipment might be lost, or an employee might not show up for work. You must be ready to react to these situations. Too much stress can make you sick, which could also impact your business.
Every Simulation is Different
No two simulations will be exactly the same in GoVenture Entrepreneur. While the business options will be the same from one simulation to the next, there will be changes in economic conditions, competition, weather patterns, and (intelligent) random factors which will make each simulation a new challenge. You can also vary the experience by changing the type of business and the location startup details, or by running the simulation for different time periods. So a successful experience in one simulation does not guarantee equal success in the next being consistently successful takes work!
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5. GoVenture Entrepreneur Flow Chart
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6. Getting Help
GoVenture Entrepreneur has been designed to be very easy to use, so there are no complicated manuals to read. The GoVenture software includes directions and hints throughout the program, including several options for more detailed help at the click of a button.
About Venturing
Watch this presentation to familiarize yourself with entrepreneurship and GoVenture.
Help
Get detailed explanations of each screen. A second click brings you to the overall GoVenture flow chart help system.
GoVenture Advisor
The advisor will automatically appear throughout the simulation. Click this character when you need a few words of advice.
Walkthrough Window
This window automatically opens when you start a new simulation. You can move it to any convenient position on your screen. The Walkthrough Window steps you through GoVenture as you run your simulation.
Discovery Center
Visit the Discover Center in GoVenture City for a video overview on venturing and a variety of other business topics.
[Link]
[Link] is your Entrepreneurship Portal on the Internet as well as an extension of the GoVenture simulation. Whenever you are connected to the Internet, you can get additional business information that may be helpful in running your GoVenture business by clicking the NETwork icon, found on every screen in the GoVenture simulation. Or, you can reach [Link] using an Internet browser and going to the website at [Link]. Here you will also find real life business resources and links.
GoVenture Publications
GoVenture Experiencing Entrepreneurship is a handy 120 page resource book that covers the basics every entrepreneur needs to know in a condensed, easy-to-read format. The Learning Bundle provides this book plus printed learning guides and activities and links to special areas of [Link] for online teaching resources. Visit the website or contact MediaSpark for availability of GoVenture publications.
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7. GoVenture Entrepreneur Walkthrough
Venture Menu
Start GoVenture, enter your name, and you will go to the main menu.
Figure 1: Learn about entrepreneurship, or proceed to GoVenture SetUp to start or resume a simulation.
Figure 2: GoVenture Setup You can start a new simulation, save a simulation in progress, resume an existing saved simulation, or use the Quick Start option to dive instantly into the GoVenture simulation with one of the preset scenarios. This screen also lets you adjust the controls for volume, music, and sound effects.
Personal and Business Profiles
To begin a new simulation in GoVenture Entrepreneur, you must first set up your personal and business profiles. Decisions you make can affect your business or personal life in some way. So, make sure you take the time to evaluate each decision carefully.
Figure 3: Being a successful entrepreneur means much more than simply earning a living by operating your own business. It is important to balance your personal life and responsibilities as well. You can define your personal profile by clicking on each of the boxes displayed.
Figure 4: Starting and operating a business is not a simple task. There are a variety of important decisions to make, research to conduct, application forms to complete, and so on. It is important to remember that everything affects the success of your business in some way or another. Once you have set up your Business and Personal profiles, then you are ready to GoVenture! Document Version 1.1
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GoVenture City
The hub of all activity is the business community where you operate your company. In GoVenture, this is called GoVenture City.
Time and Stress
The GoVenture digital clock is displayed on every screen once you start, or resume a simulation.
Figure 5: In GoVenture City, roll your mouse over the city scene and click to visit the Discovery Center to learn more about entrepreneurship; go to the Newspaper, TV Station, Radio Station, or Print Shop to purchase advertising; go to the Bank for a loan; visit your Accountant and Lawyer for advice; or print your own business cards at the Print Shop. Or click on the icons at the bottom to access all areas of GoVenture including your Home, Work, Profiles, and the Venture Menu.
Figure 6: Pause or change the speed of GoVenture time to fit to your desired pace. Check your current stress level: green is calm; red is stressed the faster the pulsing the greater calm or stress of your current emotional state. Your overall stress is also given in the vertical bar to the right of the time speed.
Home
Start and end each workday at home.
Work
This is your main business screen.
Figure 7: You can set the number of hours to spend on personal time and the hours you will sleep. The hours you set will determine when you can return to work, and will impact your health, productivity and the overall success of your business. Use your personal cash, after living expenses have been automatically deducted, to invest in your business or purchase personal items. Check your personal status or open your briefcase to do some work at home.
Figure 8: At work, you can monitor your sales for the day. Watch the footprints of customers entering your business. Watch sales flash for each product (green means you have enough inventory in stock). See current price and sales by product for the day. Check customer and employee satisfaction (click to display a history chart). You can also access your desk, inventory, products, and work schedules. As well, you can receive important messages and check the days weather.
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Products
This screen shows all the products your business sells and their selling prices. You set the selling prices of your products. Be careful not to set them too high, or no one will buy.
Inventory
To sell a product, you must have all the inventory items in stock needed to make that product.
Figure 9: You can change the prices at any time, so you may want to experiment. The price of your product should usually be higher than the cost of what you paid for the inventory items needed to make the product. Otherwise, you lose money on every sale!
Figure 10: Check the inventory of items that you have in stock. Put together your orders for more inventory. You have three suppliers and each offers different quality levels and different prices. You decide what you want to purchase and from whom. Then call in your orders using the telephone on your desk.
Schedule
Your work schedule includes your business hours of operation and your staffing.
Desk
Your Desk is found in your Work screen.
Figure 11: Set up the days and hours your business will be open. You must also assign work hours for your employees, once you hire them. There must be at least one employee at the business for your business to be open this could be you or someone you hire.
Figure 12: Your Desk contains several useful items and is accessible from anywhere while you are at your business. It has your employee files, notebook computer, checkbook, calculator, personal organizer, telephone, and fax machine. When you are away from your business, you can access most of these same tools from your Briefcase.
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Checks and Accounting
Your Checkbook is found on your Desk, and it is linked to your Accounting records.
Computer
Figure 13: Each time you make a purchase (buying inventory or equipment) or owe money (employee wages or loan payments) a payable is automatically created. Click on Accounts Payable and select which bill you wish to pay. Fill in the check in your checkbook, and press the Pay It! button. You can check Bills Paid to see what you have already paid, and the Accounts Received to view all the money received into the business. You can also write yourself a salary or bonus check.
Figure 14: Your computer can be found on your Desk at the business, or in your Briefcase when you are away from the office. Write a new business plan. Study your charts on the results of your operations. Check your financial statements. Use your word processor, or visit the [Link]. Your Computer can be a useful tool to help you manage your business.
Employees
Your Employee Files are found on your Desk. Here you can view your current employees and the resumes of those who are available for hire. When you first begin your business, you do not have any employees. So you must be at your business every hour it is open.
Figure 15: Check current employees and give them a raise. Review potential new hires to expand your staff, or set up an employee incentive program to improve morale. To hire employees, scroll through the resumes in your file, and choose the best people. Check references at the bottom of each resume by using the telephone on your desk. If you make salary offers which are equal to or better than their expectations, they will accept. Once you hire an employee, remember to set his or her work hours using the Schedule screen.
The more employees working, the more customers you can serve, and the more time you will have to work on the business rather than in the business. The maximum number of customers you can serve during a given hour depends on the capacity of your location, the capacity of your equipment, and the number of employees working at that time.
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Other Business Tools
Running your business will require use of the telephone, voicemail, and fax machine. A calculator and daily organizer are available to assist you in your work. You also have a briefcase which you can use to access most of your business tools when youre not at your business.
Figure 16: Phone and Answering Machine Use the phone to call in your inventory orders, or check references on a potential employee. You could get some messages on your answering machine, too.
Figure 17: Fax Machine Send or receive a fax. The fax machine is on your desk.
Figure 18: Briefcase When you are away from your business, you will have access to your Briefcase which includes most of your work tools.
Figure 19: Calculator and Personal Organizer Need to schedule your time? Make notes about that important meeting, or your spouse's birthday? Use the personal organizer. Or click the calculator to help you run some quick calculations.
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Operating Your GoVenture Business
Now that you have an overview of what GoVenture is all about, the next step is to run your business day-to-day: order inventory, pay bills, adjust the prices of your products, and so on. You can visit GoVenture City to purchase advertising and to learn more about venturing. Be sure to keep an eye on the time, because the GoVenture Entrepreneur clock is always running! At the end of each workday, you should go home and decide how much time to allocate for sleeping and personal activities. Try to balance your work, personal, and sleep time well, otherwise your stress level will go up.
Selling to Customers
The people who come to your business to buy your products are called Customers. The type and number of products your customers will purchase depends on a number of factors, including: TIME OF DAY For example, at a restaurant, breakfast meals are most likely to be purchased in the morning hours. WEATHER For example, usually people like cold food on hot days and hot food on cold days. PRODUCT PRICE AND QUALITY Price is very important to most people, but some are willing to pay a higher price for a better quality product.
Attracting Customers
The more customers you attract, the more products you will sell. The number of customers your business attracts depends on a number of factors, such as: LOCATION For example, if your business is located downtown, then most of your customers will arrive during normal business hours. If you are located in the entertainment district, most traffic will normally be in the evening. WEATHER Most people like being out on nice days, but not on stormy ones. TIME-OF-DAY AND DAY-OF-THE-WEEK Most people work and play during the day, and sleep at night. Also, in some places, businesses do not open on Saturdays and Sundays. PRODUCT PRICE AND QUALITY If a person can find a business that offers a similar product of the same or better quality and at a lower price, then they are likely to buy from that business. Your challenge is to find the right balance of product price and quality.
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BRAND RECOGNITION The more people who know about your business, the more likely they are to be your customers. You can increase your Brand Recognition by advertising. BRAND LOYALTY If someone purchases your products and is very satisfied with the purchase, then it is very likely that they will return as customers in the future. Consistently satisfying your customers is key to improving your brand loyalty. COMPETITION In business, customers almost always have a choice, so you have to work hard and intelligently to be better than your competition.
GoVenture!
Unless you run out of money, you can continue running GoVenture as long as you like: days, weeks, months, even years! Or, you may choose to shutdown or sell your business at any time. The decision is yours.
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8. Performance Evaluation
Success in GoVenture Entrepreneur
GoVenture Entrepreneur is designed to be fun and educational. There are two overall measurements for success: 1. How much you learned about running a small business. 2. How successful your business was. If you know more about running a business now than you did before, have gained some insight and confidence, and perhaps had some fun along the way, then consider your experience a success! If you wish to conduct a detailed evaluation of the results of your business decisions during the simulation, you can do so by reviewing the GoVenture Performance Report or by conducting your own personal evaluation.
Measuring Performance in GoVenture Entrepreneur
Performance Report
A summary of your simulation decisions and results can be viewed either by entering the Personal Status screen and clicking on the link Click here to view a detailed Performance Report," or by opening the computer (on your Desk or in your Briefcase) and double-clicking the Performance Report icon on the computers desktop. The Performance report gives you a score for your operations and provides summary data on your setup and operations, including: Personal Data Business Data Daily Operational Data Setup Selections Financial Statements and more . . .
By clicking the Performance button during a simulation, you will get a report on the status to date. If you save your simulation after completing it, you can return to the Performance area at any time and review, or print, the report for the entire simulation period.
Performance Score
The Performance Report includes a score out of 100 points, using average daily values for the operation of the entire simulation. The score is based on six weighted factors in three areas:
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1. Financial Success (35 points) a. Average Daily Profits b. Average Daily Net Worth The financial success factors awards points based on if you made a profit, and how much you were able to grow your business net worth. 2. Business Longevity (45 points) a. Average Daily Market Share b. Average Daily Customer Satisfaction c. Average Daily Employee Morale A business can make money by taking actions which may not be good for the long-term survival of the company. For example underpaying employees may lower current wage costs, but will result in poor morale and high turnover in your staff. For long-term growth the company should have a strong market share, satisfied customers, and good employee morale. 3. Personal Role/Management (20 Points) a. Lifestyle Balance As the owner/manager of your business, you play a key role in the business. It may be difficult to replace you in the early years of operations. Therefore, you need to manage your personal life and stress so that you are able to continue to run the company. The Lifestyle Balance factor is derived from the stress factor. The lower the stress, the better you are at balancing your personal and business requirements. To conduct your own evaluation of your performance, consider the factors in the next section.
Measurements of Business Success
Profits
A business must generate profits in order to survive in the long run. It is common for startup enterprises to lose money initially. However, over time, the trend should be to generate ongoing profits. Profit maximization is not always the best strategy either. You can reach shortterm profits to the long-term detriment of the company. For instance if you underpay your employees, you may show more profit; but your employee morale will be low, employees may be less efficient, and they will ultimately quit.
Net Worth
The cumulative value of the business is equal to its total investment and total net profits to date. This number is shown on the business Balance Sheet as Total Equity. The term Net Worth refers to the fact that Total Equity equals Total Assets (all that is of value and owned by the business) less Total Liabilities (company debts), or the net value (worth) after creditors have been paid.
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Caution: Both Profit and Net Worth are historic measures. They show only what has happened so far, and they do not indicate the true future potential. They also do not account for the value of intangibles, such as intellectual property, customer loyalty, brand awareness, etc.
Market Share
The percentage of customers your business obtains in comparison to other companies in the same type of business is called Market Share.
Time in Business
Simply surviving and keeping a business running for a length of time can be seen as a success in itself.
Employee Morale
Running a successful business means hiring and training an efficient workforce. An insufficient number of employees or a workforce with a poor morale can result in lost sales and dissatisfied customers. Ultimately there is a financial effect on the company, of both good and poor morale, but it is usually difficult to quantify. Happy employees tend to work harder, more efficiently, and deal with customers in a more positive manner. Customer service plays a large role in customer satisfaction and in repeat customers, and thus, the long-term success of the business is heavily linked to employee morale.
Customer Satisfaction
Without customers, you have no sales. Satisfied customers return and buy again. Satisfied customers also tell their friends and promote your business by word of mouth free advertising often the best type of endorsement your business can obtain.
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Measurements of Personal Success
Personal Net Worth
A successful business returns some level of personal wealth to the owner(s). But, just like the business which may show losses in its startup years, owners may forego personal wealth in the early phases of the business in order to reinvest this money into the growth of the business.
Time with Friends and Family
A successful business owner has to balance both business and personal commitments. An indication of how well this balance has been achieved is shown in the number of hours spent on personal time with friends, family and self.
Stress Level
Stress is a critical factor in the long-term health of the business owner, and thus of the business. Many factors affect the owners stress level lack of sleep, family commitments, employee problems, financial concerns, sales levels, and more. In the near term most business owners can survive high stress periods. Over time, stress will impact their ability to manage the business successfully.
Personal Goal Achievements
Achieving personal goals is a comparative analysis. It includes comparing the tangible and intangible selections on your Personal Objectives list with what you have achieved. Only you can determine what constitutes success in reaching your personal goals.
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9. Next Steps
If you enjoyed the GoVenture Entrepreneur experience, we encourage you to try other GoVenture simulations, where you can gain years of experience in minutes!
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