ILLUSTRATION: AISHA FRANZ FOR BLOOMBERG BUSINESSWEEK
Great article was published by Bloomberg today. Definitely worth a read:
Now Is Not a Good Time to Skimp on Worker Training
With unemployment near a record low, many businesses have no choice but to spend to upgrade employee skills.
By Peter Coy
To me, reading this really emphasizes how nicely real-life, applied learning using business training simulations can really help. This is especially the case when using a leadership development simulation. But, have a look for yourself. The article is here:
Helllloooo World! The original SimStudios site has been up and running since around 2003. There as a lot of cruft and it needed a good cleaning. So, we took the time to do a massive simplification while we were at it. Trends have changed and moved more towards simplified messaging and more clean feel to web site.
As of May 11, 2017, the SimStudios site is updated. I'm sure you'll wind up hitting bumps here and there so be patient. Let us know what needs to be fixed and let us know if you have suggestions.
By Bill Hall: A student pilot is taught to expect changes and work to stay ahead of any that might come. Business leaders should take note.
Life as an entrepreneur is never dull, always busy and filled with hourly surprises. After working at Apple for many years, I began my own journey to becoming a small business owner, starting with my pursuit of an MBA. But, today, when I look back, my one year of flight school was better preparation for life as an entrepreneur and small business owner than any MBA class.
Have a look at the article here: https://www.entrepreneur.com/article/287079 Read More...
You might be saying, "Behavioral economics? I'm outa here!" But hang tight because it's actually pretty interesting. I'm going to pull everything from online sources and I won't get into the math or anything overly deep. It is worth reading because behavioral economics goes right to the core of the reason why relativity based business simulations are superior to static model based simulations. Let's dive it.
Behavioral Economics studies the effects of psychological, social, cognitive, and emotional factors on the economic decisions of individuals and institutions and the consequences for market prices, returns, and resource allocation, although not always that narrowly, but also more generally, of the impact of different kinds of behavior, in different environments of varying experimental values. (source: Wikipedia). I have to say that this is actually a pretty easy to understand and overall nicely laid out description of such a complicated topic.
Business Simulations are tools utilized to reinforce corporate training and development program material. In most cases, these tools are in the form of a game based method where teams are making decisions in order to see an outcome.
There is a substantial criteria that you need to think about when you think about business simulations: Relativity Modeling. This basically means the business simulation should be setup in order for participants to compete with each other. You are probably able to see why behavioral econ and relativity based simulation modeling go hand in hand.
By utilizing a relativity model, you are more in line with the advantages of behavioral economics. The nice thing about behavioral econ is that it takes into account the human emotion part of the economics equation(s). Thus, this is why business simulations is such a great fit for leadership development programs. Leadership, at its core, is a behavior. By implementing a business simulation that takes into account the behavior of the program, you are by default adding a real-real world scenario that can be found in no other place.
So yes, behavioral economics and relativity based business simulations are cut from the same cloth. This might seem somewhat esoteric, but the general gist is that when you're looking for a business simulation for leadership development, it is important to look for a solution where teams are competing against each other and not against the computer. Also, make sure they aren't competing against the computer and then comparing their scores. This is basically the same thing. Relativity based solutions are more real, more engaging, and proven to be more effective.
Using a business simulation for leadership development, business acumen, or any other specific training program is great. Like other tools for learning, you need to make certain the solution is grounded in a solid foundation. Here are some tips to attain the correct focus when using sims and games for learning:
Three Simple Tips That Create Focus:
1. Write down the three reasons you want to use a business simulation- Make certain these reasons are very clear and detailed. A reason such as, "Because it will be engaging" is probably a little weak. Instead, how about, "Challenge learning participants to apply the training content in a level slightly above their current capability." Think hard about the details.
2. Write down and get buy in on the three measurable goals of your training program- This is important! Having very clearly and agreed upon goals of your training program will help create grounded focus for your business training simulation. Having these written down will decrease your chance of scope creep.
3. Keep the program goals and reasons in sight at all times- Keeping the goals and reasons for using a business simulation will ensure focus. If you create these and then put them away in a folder, scope creep is almost guaranteed.
Using a simulation for corporate development is a great way to reinforce your training content. Sims can also act a little like candy: Once you get a taste of it, you're going to want more. The single biggest reason programs fail is size. Once a simulation becomes too large, it falls under it's own weight. The trick to keeping a 'skinny' sim is focus. Just make sure the sim does not do anything beyond your focus and you'll be fine.
5 Steps to Skyrocket That Great Idea Into Market Launch
When it comes to choosing between creativity or productivity, most companies consider them to be mutually exclusive. In reality, they shouldn’t be. In a study by Adobe Systems, 80 percent of respondents said that unlocking creativity was crucial to economic growth. However, nearly the same number noted that they were under pressure at their workplace to focus on productivity rather than creativity, and only a quarter felt they were living up to their creative potential.
Today, people are living in an age of big data and its cousin, data analytics, spawned by Google and IBM’s Watson and furthered by any number of Silicon Valley companies. Data crunching is crucial to the smooth running of a company. But when the focus on data comes at the expense of creativity and innovation, the company has the potential to lose forward momentum.
Click here to read the entire article at Entrepreneur.com
Image Source: NASA on The Commons | Flickr
What Steve Jobs taught me about leadership, genius, and success
This is an article published in Business Insider by Bill Hall:
For 13 years I worked with Apple, and to say it was an incredible experience would be an understatement.
I witnessed a company losing and finding itself, and in the process, it inspired me to pursue an entrepreneurial path.
I was lucky to work at Apple from my time as a college student up until 2003. I was there while still in college during the John Scully years, which progressed to Michael "The Diesel" Spindler and on to Gil Emilio before Steve Jobs's fateful return.
For two years between 1999 and 2001, I had the amazing experience of working with Steve on various projects that included the development of Mac OS 10.0, his worldwide keynote presentations, and strategic partnerships with companies such as Oracle.
Click here to read the entire BusinessInsider.com article.
Note: Image Source: Sean Gallup/Getty Images