GoVenture Entrepreneur Kiosk Simulation/Business Simulation/Business Simulator Video

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Hey there, this is a quick demonstration of the Kiosk business within the GoVenture Entrepreneur or business simulation. GoVenture Entrepreneur business simulation includes a lemonade stand simulation that you can level up to a Kiosk business and then you can level up to a Full Business and so this is a demonstration of just the Kiosk business. So let's click play and begin. So when we start the kiosk business and the full business we're provided a short walkthrough tutorial that just gets up set up with the business. So let's go ahead and walk through this this. So we're going ot be in our new city here, so that if you've played lemonade stand first (which we always recommend, because it's a great introduction to business but it serves as the tutorial for both kiosk and full business) it's all designed to be progressively more detailed as you go,and so we're going to have a quick demonstration here.

Alright, so this is our new city that we're going to be selling into and the first thing we need to do is start on this company screen. So we choose our business type and we have different business types. I'm going to stick with ice cream, but you'll see there's other business types here that we could start with. And then we're going to choose a name and logo for our business. So let's call it Icee, and I'll choose this logo which looks like ice. Click okay, and then we have to choose our kiosk and we can choose then we can choose our location in the city. Now, there's different locations that we could set up and each location has different consumer profiles. So you'll notice that there's a button here labelled consumer profiles, and has different parts of the city and all sorts of psychographics and traffic patterns related to the different locations in the city and the interesting thing is once we're successful with one kiosk, we can actually start a second kiosk and then a third kiosk. Actually, the 3rd Kiosk is a mobile truck so you can move it to different locations which makes it even more interesting. I'm just going to choose the shopping center to begin with. Let's go ahead and set that and then we can choose a design for a kiosk. I'm going to choose this blue one here because it looks like ice. Alright, so let's go ahead and click okay, so now we've made our required startup decisions, there's a few other things we can do here, for example we can review our personal information or health so if we work too hard, our health actually diminishes. On all of the screens there's a help option at the bottom here, which explains in more detail what the particular feature does. We can see our financing and our legal information, so we're starting the business with eight thousand dollars in personal savings and our startup costs were $2000 to buy the Kiosk and so on. So we only have about $6000 working capital and it's a limited liability corporation and we own 100% of the shares. In the more advanced Full Business we'll actually be able to sell shares to investors and actually pay them dividends which is an interesting way to raise money. You can also take out loans in the more advanced version as well, and then we also have a business plan or journal and students can do a summary business plan here, and they can journal about their decisions as well which is a great way to have students present their experience later but those are all optional in terms of play.

We can move onto the operations area, and here's where we can set our times that we're going to be open and we can adjust the times to any that we want in terms of opening and closing out business and then we have our products. We have ice cream sundae, ice cream cones, and ice cream bars. There's a description of what it's made of and the pricing. We can adjut the prices at any time but let's go ahead and order some inventory because that's the first thing we need to do. So we can see different inventory items that make up our products, and we can go to our suppliers here. We have three different suppliers, so we have low price and low quality, and high price and high quality, and finally we have value mart which is the middle road. Let's select value mart and select a quantity of products to sell, which we need to purchase, and let's purchase 60 of each. There's a quick little discount chart here where I can also click on the numbers in the discount chart, if I want to go quickly on a particular number, the total cost here is $150. Let's go ahead and buy that. Alright, we purchased our inventory and our smartphone has appeared, which shows us that it's Monday, Day One. So the simulation runs in simulated days, each day takes about a minute or two to run it takes about an hour to two hours to do a full month in business and we can see how much cash we have available after all the expenses that we had go through. We can open for business if we want but before we do that, let's take a look at we can review our orders and anything we've done in the past and we can reorder as well, we can duplicate a past order which makes it a little bit more efficient for us to do so. We just looked at the product areas, but we also have employees. We can hire employees, we can conduct marketing, we have all sorts of financial information. In terms of our payables, receivables, our seed funding and then we also have reports that we can access as well, like balance sheets and income statements and lots of details. Very realistic. But let's go ahead and open for business and see how this works out for us. Let's go ahead and do that, alright so similar to our lemonade stand business we can see customers are coming now. Unlike lemonade stand I don't have to mix or make anything. Products are made automatically so I can focus more on what's happening, so I can see how many products I'm selling, I can see the customers, whether they're being sold or not. I can see customer satisfaction, and keep in mind we have these icons that appear to the left and to the right of the feedback which gives us indications of how customers feel about our business in terms of our pricing, our quality, our speed of service, so anything that appears on the left is a negative comment anything that appears on the right is a positive comment. So, my customers are seemingly reasonably happy, but there's a lot of negativity happening. I see a lot of x's, and that's because I've run out of inventory of a particular item. So a lot of people want to buy my ice cream but I don't have enough ice cream to sell them, so I'm learning while watching what's happening in real time. So I can see at the end of the day in our daily summary I've served 38 customers, I've lost 39. So I've lost as many customers I've served. I sold 63 products, somebody might have bought a sundae and a cone or just.a sundae. I can see the sales revenue for the day, CoGs, gross profit, gross profit margin, and I've also had a number of goods get damaged or spoiled so that encourages me to try and forecast exactly how much inventory I need each day, and order that much. I don't want to order too much because the risk of spoiling, but I also don't want to under order because then what happens is what happened to me just now: I didn't have enough to sell to my customers and I lost a lot of sales. That impacts my revenue and my profitability, but it also impacts my customer satisfaction where people are just not happy, they were just not able to get their products in time, and so what I can do now is use the buttons below to start taking a deeper dive and look at more information. For example, I can look at more details about the customer service and lost customers and why I lost them. Because it may not just be because of not having inventory, it could be capacity or speed, because maybe i'm not able to serve enough customers on my own so that's where I would have to start hiring employees to help me serve more customers. At the same time, I'm also going to need employees because as I become more successful and more profitable. I'll be able to open a second and a third location which would require hiring employees, to manage those locations as well if I find that I need more customers I can come here and do some more marketing to try and win those customers. Whether it's advertising or improving investing by using the signage and appearance or the project quality that I have so I can do all that as well. I have to come back and order from different suppliers and again remember that we have different levels of suppliers, different quality, and pricing so if I want to provide the highest quality ice cream I'm going to have to order from the higher quality supplier, which also charges me more for my CoGs so there's always a balance and compromise in the simulation, so I would play this for as many simulated days as I like or as limited by my instructor and I can access reports in addition to financial reports that we see. We can also access our performance reports which gives us a detailed summary of how we're doing, including a skill score so there's 10 metrics in this particular skill score, so it's actually measuring our ability to manage inventory properly, to manage employees properly, to be profitable, so it's not just giving us one number it's actually assessing all of our behaviour in various aspects of business that are important in the success of a business, we can also access microlearning similar to all of the simulation levels. The lemonade stand, the kiosk, and the full business have access to over 140 microlearning modules, which are a series of videos followed by quizzes that teach specific aspects of business and instructors can identify which of the 140 modules that an instructor wants to provide, and students can then click on the module, watch a short video which are usually only a minute or two long, and reflect on the topic and content of the video and then have a quiz and get rated one star or two star for the modules that they've been assigned by their instructor. So this is all built into the simulation, all self-directed, learning and students can also see their microlearning report and how well they're doing and what topics they have yet to complete, instructors can have access to all this information as well, and they can see all this two other things with the kiosk business. There is an option for manual accounting, so if the instructor turns on manual accounting, students have to post their debits and credits every time they incur a financial transaction. There's about 10 transactions that happen frequently, there's some startup transactions that only happen one time but then there are daily transactions like paying employees, ordering inventory, recording our revenue and a window pops up similar to an accounting window like you use in an accounting software, and you have to post your debits and credits before you can continue so it's a great way to actually practice double entry accounting and posting debits and credits which in the context of running your own personal business so it's a really great way to learn the fundamentals of accounting and that's an option built into the program that instructors can turn on. Then finally we have global leaderboards, so at any time students can visit the leaderboards and compare their performance to the best in the world so there's many people around the world, thousands of thousands of students around the world playing this game, and they can compare all sorts of metrics on how they're doing on the global leaderboards, and the global leaderboards maintain student privacy so you won't see their names on here, however if I'm logged in as a student and I am on the leaderboard I will see my name because I'm logged in as me, and I'm the only one who can see my name, otherwise everything is anonymous.

Anyway, that's the GoVenture Kiosk business, and the GoVenture Entrepreneur business simulation, and keep in mind, GoVenture entrepreneur has two versions: it has the conventional Entrepreneur Basic, which stops at Kiosk, so you can play lemonade stand and kiosk, but you cannot progress to the full business. To do that, you need the advanced verion to progress to the full business, so with the Advanced version, you can do all three: lemonade stand, kiosk, and full business. Everything is the same, except for that one business. Hope you enjoyed this demo!

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