What is Business Game?
The main concept of business game rules is to provide a structured framework for participants to simulate real-world business scenarios and make decisions based on various factors. These games aim to enhance participants' understanding of business concepts, strategy formulation, critical thinking, and problem-solving skills.
Objective of Business Game Rule
Every business game has a specific objective or set of objectives that participants need to achieve. These objectives could include maximizing profits, increasing market share, improving customer satisfaction, or managing limited resources effectively.
Business games typically include different components such as virtual or simulated markets, financial statements, product portfolios, customer segments, competitors, and other relevant variables. These components represent the key elements of the business environment in which participants operate.
Develop Decision Making Skills
Participants are required to make strategic decisions based on the available information and the current state of the business environment. These decisions may involve pricing, production levels, marketing strategies, resource allocation, hiring or firing employees, investment decisions, and more.
How to Play Business Game?
According to the rules of Monopoly Business Game, the player that roles the highest total on both dice goesfirst. Game play proceeds clockwise from that player.
There are 4 main parts to a turn.
- Roll the dice. Move the number of squares indicated. If you throw doubles, you take another turn after your turn is completed. Each time you pass ‘Go’, collect $200 from the Bank.
- Buy properties. You may buy any property from the Bank that you land on if it is not already owned. If you do not purchase the property, the Banker auctions the property to the highest bidder. Some people chose not to use auctions, only allowing properties to be purchased as they are landed on.
- Building. You may only build when you own all properties in a color group. Building must be equal on all properties in a group. You may place a single building on a single property, but you may not place two buildings on one property unless all other properties in the group have one building present (even build rule). Any property can have a total of 4 houses, except Utilities and Railroads, which cannot be devloped. To place a hotel on a property, 4houses must be present on all properties in the group. Houses are removed from the property when a hotel is placed. All buildings are purchased from the Bank.
- Complete necessary actions. Pay rent as determined by the Title Deed for the property you are on. Pay Income Tax to the Bank ($200 or 10% of your total assets). Draw a Community Chest or Chance card and follow the instructions. These cards are returned to the bottom of the pile when the action is completed.
- Going to Jail In the rules of Monopoly, there are 3 ways to be sent to ‘Jail’:
Ways to go and get out of Jail
There are 3 ways to go to ‘Jail’
- Land on a space marked ‘Go to Jail’
- Draw a card marked ‘Go to Jail’
- Roll doubles three times in a row.
- Pay the $50 fine before rolling the dice
- Use a ‘Get Out Of Jail Free Card’ before rolling the dice
- Roll doubles
- After the 3rd failed attempt to roll doubles, you must pay the $50 fine and leave jail
Here are key points to keep in mind.
- Understand the game rules and objectives.
- If playing in teams, form groups and assign roles.
- Familiarize yourself with the initial information provided.
- Analyze the business environment and develop a strategic plan.
- Make decisions based on your strategy.
- Receive feedback on the consequences of your decisions.
- Iterate and adapt your strategy for subsequent rounds.
- Reflect on outcomes and learn from successes and failures.
- Collaborate with teammates or compete with other participants.
- Conclude the game and participate in a debriefing session to discuss experiences and lessons learned.
Rules for Business Game
Here are some key rules for a business game
- Define clear objectives.
- Specify decision-making areas.
- Establish resource constraints.
- Simulate market dynamics.
- Provide feedback on decision outcomes.
- Set a timeframe for each round.
- Determine competition or collaboration dynamics.