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Entrepreneur Simulation


A List 5 possible names. Please review the related information in the student manual about name choice.
What is the current location of the store? What options do you have for relocating?
Where is the cash for the acquisition of the store coming from? What will you have to pay for before opening? How much will you have left?
If the average margin on an article of clothing is $10, how many units will you have to sell to cover the fixed costs you calculated?
Sales may be slower than expected when you start out. What can you do to stimulate demand?
How many part-time employees would you need to hire if you are open 10 hours a day every day of the week, and want 2 part-time employees working at all times?
A detailed account of what you did during each of your practice rounds in the simulation. Document each decision in each round, the results you attained in that round, and why you think you got them. What lessons did you learn going into the competitive rounds?



Sample Solution

merican Specialists Reece and O’Grady consider management as being “the process of coordinating human, informational and financial resources in achieving organizational objectives”.

As it can be easily seen, numerous definitions of management have a strong focus on organization, coordination and resources allocation of enterprises but in reality management is much more complex.

In the last decade, together with the further development of management as a science, specialist have managed to agree upon the following definition of management:

Management is the assembly of knowledge and activities that lead to predicting, organizing human resources, coordinating activities, personnel and organizational structure of the company, control and evaluation of results all of which have as final scope increasing the competitiveness and efficiency of the organization.

Management, put in more simple words represents the act of organizing, planning, leading and controlling an organization and its people to achieve desired goals and objectives.