Summer Campus participants gain practical experience of doing business
Day 4 of the Summer Campus was devoted to the basics of doing business. Director of the RANEPA Institute of Organizational Development and Strategic Initiatives Vyacheslav Shoptenko and CEO of SDG Pedro Alves Costa held a workshop in the form of the Global Management Challenge (GMC). GMC is an open championship on effective business management strategy, a new management system which introduces students to all economic processes of the company.
Each department included 15 teams which competed in six independent markets. Several basic conditions were offered to the participants which they had to take into account when leading the company to this or that level and increasing its shares. "This format provides students with initial experience in company management. They become members of boards of directors, executive directors or managers and make decisions in the four key areas – production, marketing, finance and HR. Business simulators are based on learning through action", Pedro Alves Costa noted.
The key task for the teams was in the context of globalization to launch three products in domestic and European markets and globally through online sales. "We need to promote products subject to the operating term of the equipment, number of employees and transport and tax costs, credits and other indicators. The whole economy is concentrated in a single program which is used to master effectiveness of decision making. To my mind, modeling business processes allows to forecast results of doing real business in 80% of situations", one of the workshop participants, student of the RANEPA Lipetsk Branch Anton Trufanov commented.
Initially GMC was oriented at top managers and representatives of small and medium-sized enterprises. Today 70% of the audience is made up by students – the so-called management talent pool. "I feel that the students are well prepared for this workshop. They don’t have any problems with background or basic knowledge. Apparently, they are enthusiastic, involved in their work and motivated", emphasized Pedro Alves Costa.
The participants noted the importance of gaining managerial experience in this format. "It develops strategic thinking and entrepreneurial skills. At the same time, we work in a team of 7 people where we need, on the one hand, to pay attention to each other’s opinion and, on the other, to gain our point", Anton Trufanov said.
For the purposes of the simulation, the time for decision making was divided into quarters. During the day the moderators subtotaled the work of the Summer Campus’s "global market". "We analyzed which of the departments was winning. The situation was constantly changing. In general, all departments – business, government and society - demonstrated similar performance. There were no evident outsiders among the departments. All students were actively engaged in decision-making process", workshop moderator Vuacheslav Shoptenko said.
The teams which managed to bring their companies’ results to the highest level and make minimum strategic mistakes presented their successful strategies.