Encouraging entrepreneurial freedom through business simulation
There is no set process or path that an entrepreneur can take when starting their own business. Having the entrepreneurial freedom to make your own decisions, and the creative freedom to employ your own ideas, is where possibilities can become reality.
For University of Nottingham student, Matthew Potts, internships and work experiences directed him to go in a different direction and start his own business – EaziQuote. However, the life of an entrepreneur can be faced with many challenges and blocks in the road.
When Matthew was introduced to the online simulation software, SimVenture Evolution, he began to see the creative aspects to starting a business and the different ways in which an entrepreneur can freely think.
Keep reading to find out more about Matthew’s experience with SimVenture Evolution and thehis journey to starting his own company.
Introducing Matthew Potts and EaziQuote
Matthew is an undergraduate student at the University of Nottingham currently studying Management BSc. He is also the Director of a quoting software startup company called EaziQuote which he founded after working in multiple roles for property and private equity industries.
Matthew explains, “I found an issue and looked to achieve a solution, where I could be my own boss and make decisions I wanted to make rather than always having to answer to someone.”
SimVenture Evolution encourages entrepreneurial freedom
In his 3rd year of studying Management BSc, Matthew was tasked with using SimVenture Evolution as part of one of his modules. The module required that students would run the business for 6 simulated-years with the aim of hitting targets set by the module leader. At the end of the module, a report analysing their key business decisions and the effect on the business’ financials, performance, and position, was to be presented.
Although challenging at first, Matthew started to realise that the business simulation allowed him to think more freely about the choices he could make, the mistakes that he made, and the entrepreneurial freedom that comes with it.
Matthew first thought that, “the software was pretty confusing to navigate and difficult to dissect each section within the simulation. This made it quite challenging to understand and gauge with the product being a physical entity. It was very hard to place the correct numbers with corresponding assets.”
However, he goes on to highlight that, “it is great for learning the fundamentals and allows you to think freely in terms of how you will position yourself as a business, having no restrictions on your creativity. It enables each user to express their differences in creativity and put their own personal spin on their endeavour throughout the simulation. As a result, it allows for a good parallel between being a software program and also gives insight into the processes of running a business and how to apply them.”
Matthew explained that he learned a lot from the business simualtion such as understanding why you are making a specific decision, what your intended goals are and how these can be affected, and the different dynamics of how a business works.
Matthew adds, “It’s also very refreshing to have business-oriented software that allows people to try out running a business.”
The journey to EaziQuote
EaziQuote is a quoting software startup company that Matthew founded after many hardships throughout his career and time at university. Securing internships and work experiences was not hard for Matthew but transitioning into a full-time career seemed to be a block in the road.
Matthew explains, “I got to shadow many managers at big firms and worked in the property and private equity industries. However, I struggled to convert these into jobs, many of the managers would say to me ‘it’s a process in which you have to pass each stage to continue and potentially get a job if selected at the end’.”
Matthew decided that he wanted to have more control over achieving his own goals and working towards his ambitions. His search for the problem and solution that could allow him to be his own boss lead him to creating EaziQuote.
“I realised that many people within an organisation that hold a higher position actually have very little say in what can be done. It always has to be passed to their superior to make a decision. It made me realise what I didn’t want, more than what I did want.“
“This has left me where I am today, creating my own software company- EaziQuote.”
Simulation software impacts software company
There are many features within the simulation software SimVenture Evolution, such as the different areas of the business that you can control, the freedom to choose where to spend your money, and the ever-changing data that changes with your choices. The lifelike business situation helped Matthew with preparing and applying himself into bettering his own startup company.
Before the introduction to the simulation software, Matthew was challenged with balancing his university studies and starting his own company alongside the intimidating unknown future.
Matthew explains, “It has definitely been difficult time managing and staying dedicated to each aspect. Another difficulty I have faced is due to limited capital. I cannot just get people to do things that I’m not trained in. I have to go out and learn a lot of dynamics when trying to tackle the unknown which can be both daunting and leave you in a sticky situation if not done properly.”
However, after using SimVenture Evolution, Matthew now feels more confident and knowledgeable in his startup situation and enjoys his entrepreneurial freedom more.
“It has helped me to create a better plan and know how I am going to apply myself in order to achieve the elements of that plan, knowing that each decision made will have an impact in the future. It has enabled me to understand the importance of how to tackle things when something goes wrong, knowing there is usually a solution you just need to think, analyse and strategically place yourself in the best position possible.”
Matthew also specifically mentions that the simulation greatly helped with learning how to budget your expenses and what you should prioritise for your business.
The future of an entrepreneur
EaziQuote may be in its early stages of startup, but Matthew already has big plans for the future of the company and for himself as an entrepreneur. Looking towards his 3-year and 5-year plans, it’s exciting to see what EaziQuote will become in the future.
Matthew explains, “Over the next 3 years, I aim to further develop my software in a way that provides value for those trying to start their own company and use my software to give them an edge and provide professionalism at an affordable price that will put them ahead of their competition. Leading on from that, looking towards a 5-year plan, I aim to develop on a more commercial and corporate scale to target larger businesses.”
Stimulating entrepreneurial freedom in other students
From Matthew’s experience, he has some top tips that he would like to share with aspiring students and entrepreneurs using SimVenture Evolution for the first time.
Matthew explains, “Take your time to learn the processes and on the practice runs try to ‘break the software’. [You need to] explore every button, every option, try inputting a varied amount of data. Don’t be afraid to lose money on the practice runs. You’ll learn more by doing something completely wrong than you will getting it partially right.”
He also goes on to describe the benefits of using SimVenture Evolution for developing your business skills and practicing running a business in a life-like situation.
“I think it’s definitely great for anyone who is actually considering their own business in the long term. Also, if you’re not sure what it actually is that you want to do, it is a great way to understand business aside from learning theory. It gives you a taste of practical application, which you rarely get from studying. I think for those who aren’t academically orientated it provides an alternative option to give something a go with no real risk.”
Thank you to Matthew Potts for sharing your startup journey and business simulation experience. We look forward to seeing what the future holds for you and your business, EaziQuote.
For readers, we hope this article inspires you and that Matthew’s tips and experience with SimVenture Evolution helps you when you use the business simulation for the first time. You never know, your business simulation experience may also lead you to starting your own business.
If you would like to find out more about SimVenture Evolution, request your free online demo from our team today. We look forward to working with you.
