Experiencing Startup Creation in a Low-Risk Environment
What better way to celebrate the end of another successful Global Entrepreneurship Week at the Ted Rogers School of Management than by starting a business and seeing it through from conception to launch – all in the span of just three hours.
While the process of launching a successful business might take five or more years in the real world, a group of 60 students was recently given the chance to simulate the startup process through a live game of Traction (external link) at the Ryerson Launch Zone in the Student Learning Centre. Traction is a group simulation game that allows participants to experience the many ups and downs of startup creation in a low-risk environment.
Erin Solmundson, a second-year Real Estate Management student at the Ted Rogers School of Management and Vice President (Marketing) of Enactus Ryerson, helped run the Traction event at the Launch Zone and also participated. She says the simulation was a great way to put her academic learning into action:
“[Traction] allowed us to apply the knowledge we’ve learned in the classroom into a real-life scenario and learn from mistakes – without the financial risk of actually starting a business! The simulation really put into perspective how many decisions go into starting a business and how stressful these decisions can be. Entrepreneurs are often characterized as risk-takers, but I think it’s important to recognize that it's not about taking risks, but taking the right risks, with informed decisions that are thought through and calculated.”
Developed by James Bowen, a successful entrepreneur and professor at the University of Ottawa, Traction combines academic knowledge with practical experience and takes participants through the many steps of launching and nurturing a business. From legal structure and internal processes to funding and customer development, teams had 18 turns to figure out how to allocate their limited time and money, keeping in mind that in the real world there is never enough of either.
Bowen has started several successful companies and created Traction as a way for students to experience the inevitable ups and downs of startup creation in a low-risk environment. Once participants have experienced the simulation, they will be better prepared to start businesses in the real world, knowing the many necessary risks and considerations.
Solmundson says she enjoyed the Traction experience and gained knowledge related the importance of customer validation and being reactive to customer feedback. How did her team do? “My team member, Pavneet Sandhu [3rd year, Marketing Management], and I did quite well – we actually beat the world record! We made sure to apply concepts that we learned in the class when making all the decisions and ended up having a lot of fun!”
Looking for more opportunities to put your entrepreneurial skills into action? Check out Startup School at the Launch Zone.