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Become familiar with critical issues that arise in family businesses

Become familiar with critical issues that arise in family businesses. On Tuesday, Nov 3 our class will be devoted to using a simulation about running a family business.  You may do this simulation in any place – you do not need to show up in the online classroom.  You need to submit a brief assignment in Canvas that we will discuss in class on Nov 9.

Your learning objectives for this simulation:

  • Become familiar with critical issues that arise in family businesses (although, these also arise in all businesses as they grow from start-up to mature companies).
  • Understand the dynamics between family, business, and ownership dimensions in a family business.
  • Make tough decisions in this business environment.
  • NOTE: there are no right or wrong answers in this simulation.
  • NOTE: Even though your family may not own a business, you may work for a family or privately-owned business in which these issues must be dealt with.

Here is what you need to do:

  1. Go to the “Simulation Module” and open the link to the simulation.
  2. Review the 3-minute tutorial that tells you how to play the game.
  3. Play the simulation and record the final outcomes for “Family”, “Ownership”, and “Business”.  NOTE: To start the simulation, you must give your company a name.
  4. Play the simulation again and record the final outcomes.
  5. Write up and submit the Reflection assignment (see below). Be prepared to discuss this on Thur, 11/5.

Reflection Assignment due Monday, Nov 9 by 11:59pm:

Write a 1-2 page SINGLE-SPACED paper (Blank lines between paragraphs) addressing these questions:

  • At the end of the first and second time playing, what were your scores for Family, Ownership, and Business Outcomes? Are you satisfied with these results? Why or why not?
  • How did your game strategy change from your first time playing to the second time? What would you do differently if you played this game one more time and why?
  • What was the most challenging decision that you had to make? Why was it challenging?

The grading criteria include following the directions of the assignment, using proper English writing style, and communicating in English correctly.

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Become familiar with critical issues that arise in family businesses

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