Another useful resource in the
teaching of business studies is
Virtual Enterprise Australia (VEA).
VEA is a not-for-profit organisation
that facilitates a virtual market place
in which participants run their own
virtual business that trades in a simulated economy
with virtual enterprises run by other participants.
Because running a virtual enterprise relies on the
communication of information between members, it
allows for a variety of information communication
technologies to be introduced to and utilised by
students, as well as facilitating the development of
business related knowledge and skills prescribed in
VCE study designs for Accounting, Business
Management, Economics and Legal Studies, and also
at years 9-10 levels of The Humanities – Economics
(VELS).
teaching of business studies is
Virtual Enterprise Australia (VEA).
VEA is a not-for-profit organisation
that facilitates a virtual market place
in which participants run their own
virtual business that trades in a simulated economy
with virtual enterprises run by other participants.
Because running a virtual enterprise relies on the
communication of information between members, it
allows for a variety of information communication
technologies to be introduced to and utilised by
students, as well as facilitating the development of
business related knowledge and skills prescribed in
VCE study designs for Accounting, Business
Management, Economics and Legal Studies, and also
at years 9-10 levels of The Humanities – Economics
(VELS).
Using a Virtual Enterprise to Integrate ICT into the
Curriculum
Curriculum
Students running a virtual enterprise communicate
with other virtual enterprises in real time, using a
variety of information communication technologies
that are used by business in the ‘real world’, such as
email, voice calls, and video calls (e.g. skype).
Students are also allocated into specific roles within
their virtual enterprises, and are required to present
information to other people within their enterprise,
which allows for a wider variety of methods of
presentation. Depending on the curriculum in which
the virtual enterprise is running, differing methods of
presentation could be integrated. For example, in a
VCE Accounting class, students are required to
provide reports on financial performance of a
business. This could be calculated using accounting
package software such as MYOB, presented to
‘investors’ or ‘potential clients’ using PowerPoint or
Prezi, with the use of graphs and statistics calculated
in Excel. Likewise, in a VCE Business Management
class, students could create a marketing campaign for
their business to increase awareness or sales within
the virtual economy. This could be facilitated by video
and voice recording software, as well as publishing
and website development software to create an
integrated marketing campaign across a variety of
forums.
Using Virtual Enterprises to Enhance Curriculum
Delivery
Delivery
This section will provide an example of how virtual
enterprises can be used to develop key knowledge
and skills in business studies by focusing on VCE
Business Management (in particular unit one).
However, it could be used equally effectively in other
areas of curriculum as previously mentioned.
The participation in a Virtual Enterprise provides many
opportunities to develop knowledge and skills as
outlined in Business Management Unit One. For
example, key knowledge from Area of Study One
includes the features and objectives of businesses.
Involvement in a Virtual Enterprise allows students an
opportunity to be involved in the process of
developing and communicating a set of objectives in a
realistic setting rather than hypothetical. It also
facilitates the development of the key skill of ‘apply
[ing] business management knowledge to practical
and/or simulated business situations’.
The outcome of Area of Study Two centres on ‘the
ability to apply decision-making and planning skills to
establish and operate a small business, and evaluate
the management of an ethical and a socially
responsible small business’. The VCE Study Design
suggests teachers provide students with the
opportunity to ‘apply their knowledge to practical or
simulated small business situations through, for
example, the operation of their own small business
venture within the constraints of the school’s
regulations’. A lot of schools provide students an
opportunity to run a short-term face-to-face business
at school (for example a day where groups of
students run stalls for a day to sell products to other
students and staff) to apply skills and knowledge
covered in class. While this provides students an
insight into the day-to-day operations of running a
business, it does not give students an opportunity to
apply skills in any long-term planning such as on-
going stock control, human resource requirements
and ongoing marketing strategies.
The benefits of participating in a longer-term business
allows students to consider the effects of their
decision making on their business in the future, and
allows them to reflect on and evaluate their business
and implement change to try new strategies as
required (which is a big focus of unit four). Another
benefit of participating in a virtual economy rather
than a real economy is that it takes real money out of
the equation. Students participating in short-term real
businesses can become overly occupied by making
money quickly without considering long-term
strategies and procedures over the life of their
business, because the main measure of success for
the day would be the amount of profit they make. On
the other hand, longer term planning allows for other
performance measures such as productivity, and
employee and customer satisfaction to be measured.
The virtual economy also eliminates the issue of
whether schools allow students to keep their profits
for the day, as well as the possibility of students
making a real financial loss as a result of investing
their own money in their business.
Other benefits of using Virtual Enterprises is that it
caters for multiple intelligences (Gardner, 1983), as
students can be allocated roles within the business
based on their specific strengths.
Virtual Enterprises have been running since 2007, and
there are currently just over one hundred education
providers (including secondary schools, TAFEs and
universities) in Australia that utilise Virtual Enterprises
in the teaching of Business Studies. The benefits
outlined above show how participating in a virtual
economy provides students opportunities to apply
knowledge and skills in a realistic environment. This is
something that could be utilised in a positive way in
schools today.
allows students to consider the effects of their
decision making on their business in the future, and
allows them to reflect on and evaluate their business
and implement change to try new strategies as
required (which is a big focus of unit four). Another
benefit of participating in a virtual economy rather
than a real economy is that it takes real money out of
the equation. Students participating in short-term real
businesses can become overly occupied by making
money quickly without considering long-term
strategies and procedures over the life of their
business, because the main measure of success for
the day would be the amount of profit they make. On
the other hand, longer term planning allows for other
performance measures such as productivity, and
employee and customer satisfaction to be measured.
The virtual economy also eliminates the issue of
whether schools allow students to keep their profits
for the day, as well as the possibility of students
making a real financial loss as a result of investing
their own money in their business.
Other benefits of using Virtual Enterprises is that it
caters for multiple intelligences (Gardner, 1983), as
students can be allocated roles within the business
based on their specific strengths.
Use of Virtual Enterprises in Schools
Virtual Enterprises have been running since 2007, and
there are currently just over one hundred education
providers (including secondary schools, TAFEs and
universities) in Australia that utilise Virtual Enterprises
in the teaching of Business Studies. The benefits
outlined above show how participating in a virtual
economy provides students opportunities to apply
knowledge and skills in a realistic environment. This is
something that could be utilised in a positive way in
schools today.