Simulating Entrepreneurship: Developing Entrepreneurial Human Capital through Online Simulations

This case study explores how online simulations can act as innovative pedagogical tools for developing entrepreneurial competencies and human capital among international business students in a UK university. It also examines how simulation-based learning supports students’ sense-making and emerging entrepreneurial identities as part of competency development. Drawing on Human Capital Theory and a constructivist, abductive research approach, the study examines the extent to which the gamified platform SimVenture supports both action-oriented and growth-oriented competencies within entrepreneurship education. Qualitative data were collected through focus groups and thematically analysed in NVivo, using coding frequency analysis to identify patterns in competency development, and to capture students’ reflections on their learning, sense-making, and competency development within the simulation. Findings indicate that SimVenture effectively supports the development of action-oriented competencies such as teamwork, risk-taking, self-efficacy, problem-solving, and planning. In contrast, growth-oriented competencies including creativity, persuasion, and networking were less evident, suggesting these require longer-term engagement and reflection beyond the immediate simulation experience. The study highlights the differential impact of simulations on entrepreneurial competency development and demonstrates how gamified, experiential tools can foster both skill acquisition and identity formation. These findings underscore the pedagogical value of integrating digital simulations with approaches that promote reflective and sustainability-oriented entrepreneurial learning. For educators, the research offers practical insights into designing blended learning experiences that combine simulations with reflective and network-building activities to cultivate a broader range of entrepreneurial competencies. While the study is limited by its single case design and small cohort size, it provides a foundation for future longitudinal and cross-context research exploring the role of gamified simulations in fostering entrepreneurial learning and human capital development.