So what is a game?
According to the Oxford definition, an activity that one engages in for amusement or fun.
And yes, entrepreneurship skills can be imparted through having fun from various types of games and some of them are popular board games such as Monopoly, The Start-up game, Cashflow 101, Payday and etc.
My Little Big Boss has identified 6 essential skill sets that an entrepreneur needs and they are Business Ideation, Money Management, People Management, Logistic, Legal and Sales and Marketing. These skill sets are being introduced on our Online Portal which children get introduced to these topics. Let’s take a look at one of the most popular games which many of us grow up playing, Monopoly. And Monopoly is able to instil some of the essential skill sets in our kids through the objectives of the game.
The idea and business objective is about being a successful developer in a city to acquire lands and building property to earn a rental.
Money management is one of the skill sets learnt in the game as it involves investing your capital wisely and the trading of lands. Players are able to study the potential growth in the lands and properties and what will make a good investment return from the rental or from the trading of lands with other players to fetch a profit from the sales.
Some players will save more cash for a property they think will hatch a big return in the end while some will take the opportunity to buy into any properties that they have access to.
Is 50% profit enough if one decides to sell a property to another player or should one accumulate the rental return by keeping the property for a longer period of time.
This process will allow one to understand their risk and reward appetite, how they invest and how much profit is enough to win the game.
Another important skill set that can be learnt from the game will be sales and marketing. Which I noticed when introducing the game to my children.
One of my boys always knows how to upsell his properties to his brothers to gain a higher profit and negotiate a better deal for a property that he wants. I observed that he is able to highlight the key potential of the property that he is selling and knowing who to sell it to, which allows him to get a better deal all the time.
Sales and marketing is about how one is able to sell the values of a product or service to someone who needs them. From the game, one is able to learn how to market the properties which they own and to whom they are selling the property to.
Through engaging in the games, it allows our kids to have fun and yet learn about essential skill sets of entrepreneurship. More importantly, it is a safer environment with parental guidance and a whole lot of quality family time spent together.