Simulation Homework: Honey Heritage
Your learning objectives for this simulation:
A. 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).
B. Understand the dynamics between family, business, and ownership dimensions in a family business.
C. Make tough decisions in this business environment.
D. NOTE: there are no right or wrong answers in this simulation.
E. 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:
A. Go to the "Simulation Module" and open the link to the simulation.
B. Review the 3-minute tutorial that tells you how to play the game.
C. 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.
D. Play the simulation again and record the final outcomes.
E. Write up and submit the Reflection homework (see below). Be prepared to discuss this on Thur, 11/5.
Task
Write a 1 to 2 pages paper (Blank lines between paragraphs) addressing these questions:
A. 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?
B. 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?
C. What was the most challenging decision that you had to make? Why was it challenging?
Format your homework according to the give formatting requirements:
• The answer must be using Times New Roman font (size 12), double spaced, typed, with one-inch margins on all sides.
• The response also includes a cover page containing the student's name, the title of the homework, the course title, and the date. The cover page is not included in the required page length.
• Also include a reference page. The references and Citations should follow APA format. The reference page is not included in the required page length.