Abstract
This paper investigates the impact of venture start-up simulation on participants’ learning; it is concerned specifically with the relationship between experiential learning theory and critical reflection within venture start-up simulation. This was carried out in empirical investigation of a simulation training game used to train entrepreneurs in a formal setting. The findings show significant improvement in their knowledge of finance, marketing operations and information use. Participants reported increased skills and intended behavioural changes in their own ventures. Finally, there was empirical support for the fact that critical reflection during experiential learning can greatly improve the standard of learning and has an immediate effect on participants’ behaviour.
Highlights
It is widely accepted that the growth engine for economies worldwide is entrepreneurship
It has been acknowledged that experiential learning can be greatly improved by incorporating critical reflection into the experiential learning and simulation environment (Politis, 2005: 399; Cope, 2003: 430; Fripp, 1997: 141; Bourner, 2003: 269; Kolb & Kolb, 2005: 194; Wolmarans, 2006: 355)
For experiential learning to move through the entire process from concrete experience to active experimentation, whether it be from a ‘real-world’ experience or from a simulation, critical reflection on the event – its implications, alternatives and consequences – enhances learning
Summary
It is widely accepted that the growth engine for economies worldwide is entrepreneurship. Past and current research has revealed that simulation can be used successfully to train nascent entrepreneurs. The success of this technique lies in the strength of its training mechanism – experiential learning. It is important to understand the significance of simulation and its potential for knowledge transfer, because, in South Africa, there are not enough successful growing businesses, and not nearly enough successful entrepreneurs for the sustained economic development needed by the country. There was a reflected pre-intervention measurement, in which participants were asked to critically consider their knowledge level and content before the simulation, from the perspective of their insights after the intervention
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