Virtual business simulation training is an interactive learning method where participants run a realistic, computer-based version of a business. It allows learners to make decisions (like pricing, marketing, operations, or finance), see the results in a simulated market, and adjust their strategies. This hands-on practice helps build problem-solving, leadership, and business skills in a risk-free environment.

This type of training can be delivered online through platforms like Zoom, Microsoft Teams, or other virtual classrooms, where participants collaborate in teams, share screens, discuss strategies, and get feedback from facilitators in real time.

Business acumen is the ability to understand how a business works and makes money, and to use that knowledge to make smart decisions. It involves knowing how different parts of the business-like finance, operations, sales, and strategy-connect and impact each other, as well as recognizing risks, opportunities, and the bigger market picture. In short, it’s strong “business sense” that helps people think commercially, act strategically, and contribute to organizational success. Read more about business acumen training...

Business acumen is important because it helps individuals and organizations make smarter, more strategic decisions. With strong business acumen, people can:

• See the bigger picture - understand how functions (finance, operations, sales) connect.
• Make better decisions - evaluate financial, operational, and customer impacts before acting.
• Drive growth & profitability - spot opportunities and avoid costly mistakes.
• Communicate effectively - speak the language of business across teams and levels.
• Adapt to change - respond to market shifts and competition with informed choices.

In short, business acumen enables employees and leaders to think like owners, align with company goals, and contribute more effectively to long-term success.

One of the more effective ways to teach business acumen online is to ensure learners can apply what they are learning. This is why simulations are so effective. Because they provide a safe space to “play” and test out decisions then watch the resulting outcomes, learners can increase the business acumen skills without affecting the bottom line. Read more about teaching acumen...

Effective leadership development programs must account for the wide range of learning styles among the pool of participants. Each participant’s unique demographics, including age, education, background, etc., affects how that individual will respond to various learning techniques. Experts in learning style theory know that hands-on learning is a powerful technique. This is what makes business simulations so effective and successful in transferring new knowledge. More about Leadership Training...

Leadership skills are developed with business simulations because participants can experiment, witness immediate outcomes, tweak their responses and continuously test. Because business simulations mirror real-world situations, the skills developed are immediately applicable.

Complex business simulations can place thousands of users or teams in a competitive situation simultaneously. Because there is no pre-determined path to success, participants’ decisions affect the performance of others - just as in real life. IndustryMasters has successfully hosted online competitions with thousands of users at once.

Business simulations from IndustryMasters are very flexible. Based on a model of algorithms that have been tried and tested over more than a decade, each simulation is then easily tailored to reflect a specific industry or company. Participants may face challenges in the simulation that mirror their business world, they may wrestle with unique decisions their industry is facing and they are often presented with KPIs that mimic their environment. Read more about custom content...

Most participants engage in a business simulation as a member of a team. IndustryMasters features role-based simulations in which each team member assumes a specific role. Each role is then provided unique access to specific data and reports. Scenarios are crafted that require each role to communicate the data they alone may access in order to reach a successful decision. This forced collaboration allows participants to gain greater insights into how cohesive teams are more effective.

At IndustryMasters, we have incorporated Virtual Managers as a means of leveraging artificial intelligence in our simulations. Virtual Managers propose a range of recommendations within their purview. Their recommendations may be limited to the data available to them, but they guide simulation participants to view situations at the micro, then macro level. Each recommendation may be accepted, rejected or modified by the participant. This allows learners to ramp up their comfort level and confidence in approaching the simulations challenges. As participants gain a better understanding of the simulation’s navigation, tasks, and requirements, they rely less on Virtual Managers and, instead, trust their own instincts and knowledge to guide them.