Lifelong Education in Business: Role of Simulation Games in the Teaching Process

Abstract

The significance of business simulation games (BSG) rapidly increases. And this quite understandable. Because simulation games are based on the model playback mode realistic processes, events, locations or situations. The necessity of BSG in the educational process can be explained on the one hand by the growing demand of the labor market in specialists with practical skills, and on the other hand by growing needs of students to be able to navigate themselves through unfamiliar situations and find their decision in a proper and responsible way, instead of blind copying teachers instructions. BSG offers a broad scope of the forms of competencies students such as an ability to work in group teamwork, find a common language and understand that is globally relevant and informed while providing space to adapt the framework to local contexts.
 Business simulation games train students create risk-free spaces where everyone can work out specific skills and feel the effects of own decision-making, requiring a certain level of risk.
 Entrepreneurial activity is pivotal to the continued dynamism of the private sector, as the generation of new businesses fosters competition and economic growth. This is particularly relevant for Azerbaijan, whose entrepreneurship and business innovation levels are low, and it faces a central challenge to create conditions that will facilitate growth in nonoil tradable sectors. Therefore the proposed paper has three objectives: development of teaching resources and tools for delivery of entrepreneurship education. BSG will facilitate strategic problem-solving in life-like simulated business environments and it will be attached to the existing UNEC incubator. BSG should become an integral part of the educational process. Simulation games allow students to practice and improve their entrepreneurial skills in a ‘virtual’ environment by making informed decisions and applying the knowledge and skills acquired in the class.
 According to OECD LEARNING COMPASS 2030, the educational process should be focused on evolving learning framework that sets out an aspirational vision for the future of education. The wider goals of education open new horizons of orientation towards the tomorrow we want to see. Thinking globally acting locally we will create collective well-being for every society’s member.