Entrepreneurial management and education: Experiences in the application of business simulations

The key characteristics of entrepreneurs of the twenty-first century include the willingness to take responsibility, ability to develop strategic visions and objectives, and powerful motivation to succeed. The challenges of the entrepreneurial environment are mirrored in the higher education system that has the task of preparing students for the unpredictable and turbulent labour market. Business decisions are vital for the survival of an enterprise, together with the entrepreneurial functions of project planning, development and execution, as well as the ability to adapt to teamwork settings, be proactive and take risks. Accordingly, keeping abreast of innovative and interactive trends in teaching is a crucial element in the overall development of the skills and competencies of future entrepreneurs, in particular, and the teaching process, in general. The purpose of this paper is to investigate the satisfaction of students with regard to the benefits derived from the application of active teaching methods in an undergraduate university study programme at the Faculty of Tourism and Hospitality Management of the University of Rijeka. Using business simulations in teaching the course “Entrepreneurial Management and Innovation” is an active learning method that allows students to experiment with business strategies, in a risk-free setting, in the strategic areas of managing human resources, capacities, investments, service quality, prices and marketing. Research for the purposes of this paper was conducted among second-year, full-time students of the undergraduate university study programme, using the survey method and a pre-designed structured questionnaire. Research results point to a high level of student satisfaction with regard to the innovative approach to teaching and the benefits of active learning methods used, which the respondents distinctly prefer relative to traditional seminar-based teaching. The study indicates a high level of satisfaction with the benefits of simulations in the process of developing entrepreneurial spirit and managerial skills but also a lower level of satisfaction in the segment of complexity in connection with previously acquired knowledge. The results of this study can contribute to improving the existing knowledge and to expanding the use of active learning through the application of a hybrid learning model that opens up opportunities for achieving the ultimate goal of enhancing the employability of students and increasing their competitiveness