If you were given the opportunity to step into the shoes of a CEO for a day and were provided with a virtual budget to invest in corporate growth, what would you do? This intriguing scenario was explored by students participating in Wharton Global Youth’s online Future of the Business World program. During this program, students from around the world delved into the world of business, learning how to make data-driven decisions and strategic plans for the future.
One of the key activities in the program was the Pivot or Perish simulation, where students took control of a fictitious retail chain called Getchell’s. Through this simulation, students had to make decisions on how to invest their limited financial resources to improve the company’s positioning in the market. The goal was to achieve a competitive advantage by focusing on different segments of customer value and implementing strategies to drive growth.
One of the participants, Tanvi I. from Washington state, shared her experience and key takeaways from the program. She highlighted the importance of investing big to make significant changes, the real impact of pivoting in business, playing to strengths, and focusing on facts rather than emotions when making decisions. Tanvi emphasized the value of data-driven decisions and how they can guide not only business choices but also life decisions.
The program, led by Professor Scott Romeika, emphasized the importance of leveraging different segments to achieve a competitive advantage in the market. Students learned how to prioritize investments, pivot when necessary, and play to their strengths to maximize returns. By focusing on evidence-based conclusions and research, students were able to make informed decisions that led to success in the simulation.
Tanvi’s experience with the Future of the Business World program showcased the power of simulations in teaching business concepts and decision-making skills. By immersing themselves in real-world scenarios and learning from industry experts, students gained valuable insights into the complexities of the business world.
In conclusion, the Future of the Business World program provided students with a unique opportunity to explore the intricacies of business management and strategic planning. Through simulations like Pivot or Perish, students like Tanvi were able to apply their knowledge, make informed decisions, and prepare themselves for a future career in the dynamic world of business.
