To help with the COVID-19 crisis, we’ve fast-tracked the development of new online-ready exercises – which you can use individually or as a set – called the ExEC Online: Express pack, available free through June.
Our second lesson, Financial Projection Simulator (FPS), is ready for you to use!
Making Finance Fun
Even in the best of times, students struggle to engage with and understand the financial elements of entrepreneurship. Of course, this topic is critically important, especially during times of economic uncertainty like we’re facing now.
To help make entrepreneurial finance more accessible to all students, we designed our Financial Projection Simulator to teach financial modeling, with a fun, game-like experience.
The Financial Projection Simulator leads students through an experimentation process where they make different assumptions about their financial model, including their:
- Product price
- Cost of Customer Acquisition
- Employee salaries (including benefits & taxes)
- Initial capital investments
And as they enter their assumptions, the simulator automatically calculates the financial sustainability of their business, giving students a Red, Yellow or Green assessment:
This question-based approach forces students to think through the major elements of a financial model in an approachable way. Plus, the real-time feedback encourages students to get creative, iterating their business model until they find one that’s profitable.
Engage Your Students
Like all of our lessons, the Financial Projection Simulator uses several resources to create an experiential, interactive experience for students online, including:
- Step-by-step videos for students
- Overview videos for you, like this:
When combined, these tools create an engaging experience for your students (even when they’re learning about finance ;).
Get All Four Free Lessons
The ExEC Online: Express Pack is a collection of free, interactive, online entrepreneurship lessons available through the rest of this term that you can easily plug into your class individually or as a set.
In addition to Financial Projection Simulator, we’re releasing three other exercises that are not only engaging, but particularly relevant in this time of uncertainty:
- Problem-Inspired Idea Generation: We know customers don’t buy products, they buy solutions to problems – and right now people’s problems have changed dramatically. This exercise will show your students a systematic way to identify new opportunities inspired by their customer’s real-world problems that is particularly helpful during times of disruption like we’re experiencing right now.
- How to Interview Customers: Now that business model assumptions have been flipped on their head, it’s more critical than ever that students learn how to effectively talk to customers to discover what problems they’re facing. A person with the skills to learn about how this new world will effect people individually, is a person that will thrive during this, and any future dramatic changes. This lesson will help students understand how to find customers to talk to, what questions to ask, and most importantly, why asking them will form the basis of a successful business model.
- 60 Minute MVP: The key to thriving in the face of high uncertainty and limited resources is efficient experimentation. This exercise will show your students how to quickly launch a Minimum Viable Product (MVP) to measure demand for their products/services. Plus, even outside the entrepreneurial context, in a future where online, remote-enabled work will likely be in demand, this is a great opportunity for students to learn how to build websites and create animated videos.
We’ll be making each lesson plan available as soon as it’s finished, so if you’re interested in using any of the exercises from the ExEC Online: Express Pack, please fill out the form below.
Due to the accelerated pace we’re releasing these lessons, the first iteration of the ExEC Online: Express Pack is designed for use in colleges/universities in the US and Canada. Future iterations will be accessible to students across a wider range of environments.
Get All the ExEC Online: Express Pack Lesson Plans (Free)
Know an Entrepreneurship Instructor?
If you know anyone who these new lessons might help, please invite them to participate! You can:
- Email them this URL: https://bit.ly/ExpressPack
- Click here to share on LinkedIn
- Click here to share on Facebook
Thank you for all the work you’re doing teaching, and supporting, young people during this challenging time – we’re grateful to have an opportunity to support you, and look forward to helping you however we can!