The Next Big Thing might seem a simple fun game, yet it also sheds light on some of the most challenging business tasks, which is a choice of a possible investment (Hisrich, Peters, & Shepherd, 2017). The activity provided a lot of food for thought about what makes a good entrepreneur, how to identify a legitimate business, and what can be deemed as a good business opportunity. As a result, what might be viewed as guesswork becomes a series of elaborate choices and a well-thought-out analysis.
For instance, the activity showed quite clearly that a convincing tone and a self-assured demeanor are not enough to consider entrepreneurship legitimate. Particularly, the first speaker, who seemed extraordinarily confident, turned out to have issues with financing, which he preferred to sweep under the rug when illuminating the possibilities of his brand-new application.
Similarly, a good cause does not necessarily imply immediate profits, as the second pitchers showed quite clearly. While being much more convincing than the first one and focusing on charity as opposed to personal gain, they also overlooked some of the essential aspects of running a business. Particularly, the quality issue did not allow viewing their business as profitable.
Finally, the simulation pointed to the fact that risks need to be taken when one sees a good opportunity. There were some dubious aspects of the third business option, such as the lack of experience of the speaker. However, the chances for expanding into the global market and succeeding were very high.
Applying these lessons to a real-world situation, one might have to consider the scenario in which a possible business partner must be chosen. It is essential to consider the previous experience, the financial opportunities, and the profitability of entrepreneurship before starting a company together (Kelly & McNamara, 2014). Therefore, the simulation serves as an essential experience in learning what challenges an entrepreneur might face, what threats one is likely to deal with, and how a stellar opportunity can be recognized.
References
Hisrich, R., Peters, M., & Shepherd, D. (2017). Entrepreneurship (10th ed.). New York, NY: McGraw Hill.
Kelly, S., & McNamara, R. (2014). New ventures: Control of risks through strategies. Global Review of Accounting and Finance, 5(1), 27-51.