An Analysis of Influence of Business Simulation Games on Business School Students’ Attitude and Intention Toward Entrepreneurial Activities

Abstract

Although research on entrepreneurial attitude and intention has received so much attention from scholars, only few studies have investigated the effect of value, usefulness, and pleasure associated with business simulation games, and how these values affect students’ attitude and intention toward entrepreneurial activities. In this study, Technology Acceptance Model and Theory of Planned Behavior have been used in combination to explore how these technological teaching methods influence the attitude and intentions of the students toward entrepreneurial activities. The results show that all hypotheses have been proven by stating significant and positive students’ attitude and intention toward entrepreneurial activities using business simulation games. But subjective norms did not contribute toward student intentions in this regard. It is concluded that people with high uncertainty avoidance are reluctant to take the risk; therefore, there is a need to change their attitude by implementing entrepreneurial ecosystem in society.

Keywords

business simulation games entrepreneurial intention perceived values entrepreneurship

Introduction

Currently, the world is facing high unemployment rate among youngsters due to unstable economic conditions; unemployment can be reduced by indulging the youth in entrepreneurial activities (Wang & Wong, 2004). An entrepreneur as a business leader always looks for new ideas and executes them to promote the economic growth and development in the country. But at the same time, it is also challenging to develop enough capabilities among the students to assist and support them toward entrepreneurship. In today’s dynamic environment, students need to develop their abilities and skills in accordance with the changes in the environment in order to deal with upcoming challenges. In this regard, business schools and related institutes are the main sources of education in terms of management, entrepreneurial, and leadership. However, these schools and institutes are under heavy criticism because of considering more theoretical and bookish knowledge instead of practical knowledge (Gabrielsson, Tell, & Politis, 2010).

Some previous studies also highlighted this issue that management courses and theories seldom provide students with more useful or concrete knowledge to apply in the real-world scenario (Bailey & Ford, 1996; Chia & Holt, 2008; Mintzberg & Gosling, 2002; Nale, Rauch, Wathen, & Barr, 2000; Pfeffer & Fong, 2002). Traditional methods and techniques to teach business education and skills are not supportive enough for young learners to cope with unexpected market changes and to survive within a multifaceted environment. Therefore, it is the requirement of time to transform the outdated teaching and educational approaches to modern approaches (Schoonenboom, 2014). Students need to gain more practical knowledge about how to implement entrepreneurial theories, because conventional teaching methods such as lectures, case studies, and discussions provide them theoretical insights of topics but lack in the provision of real-world experiences and actual practices. Few other researchers also asserted that individuals learn more from their practical knowledge and experiences instead of sitting in classrooms and only listening to the lectures (AbouRizk, 1993; Chickering & Gamson, 1987). The new generation is brought up with video games, mobiles devices, tablets, and regular access to the Internet in their everyday life. So, the education system should be adapted according to the desired behavior and practices of the current generation.

In today’s dynamic business environment and fluctuating economic conditions, reorientation and modification of educational programs are required, where learning process should focus on strengthening knowledge, skills, behavior, and attitude in accordance with market needs and wants. It is important for students with the entrepreneurial intention to have an in-depth understanding of market dynamics, financial dealing skills, and tradeoff methods in order to be successful. For this purpose, business simulation games can play an important role as a true representation of market operations in the virtual and risk-free environment. These games can help in the development of students’ professional and decision-making skills, as they have to make decisions by looking at the environment and given choices (Lainemaa & Nurmib, 2006).

Benefits of Simulation

Simulation-based learning is designed on the basis of constructivist learning theory, as users learn or construct new knowledge from their own conceptual knowledge (Dewey, 1938; Vygotsky, 1978). Simulation is a reliable and exciting virtual system which provides students with a kind of rich and risk-free environment where they work together, brainstorm with each other, and make decisions based on certain situations. Simulation games have some set of rules and characters which students need to follow and thus provide them with an essence of working in reality-based scenario (Leemkuil, Jong, & Ootes, 2000). These games have different scales depending on the easy way of learning, smart learning, and learn in a real scenario with zero risks of losing. Simulation learning is based on theories and applications that need to be implemented by students to enhance their learning performance by engaging themselves in a real situation. Mawhirter and Garofalo (2016) stated that simulation is a creative and innovative way to increase student’s interest in learning. Simulation learning not only helps students in reducing stress but also helps them in knowledge retention (Popil & Dillard-Thompson, 2015).

Gredler (2004) describes some important characteristics of simulation: (a) students actively interact with real-life complex situations (Thavikulwat, 2004); (b) rules, regulations, and duties are defined; (c) implementation of different strategies within certain limitations; and (d) to deal with the subsequent changes while performing the simulation system task. Hughes and Scholtz (2015) stated that simulation games provide students an experimental way of learning by offering them multiple opportunities to pursue. These games can be classified in terms of gaming, training, discrete, continuous or combined events, workshops, and modeling (Lean, Moizer, Towler, & Abbey, 2006).

Business Simulation Games

Business simulation games are also known as economics simulation games whose focus is on the management of economic processes in the form of a business. These games are the sources of student learning in the kind of more interesting, interacting, and joyful shared environment (Blakely, Skirton, Cooper, Allum, & Nelmes, 2010) and also helps them in choosing the specific field as their career (Blakely et al., 2010). Business simulation games are mostly used in the disciplines of management, marketing, finance or accounting, economics, product development, and entrepreneurship. These games assist the students with some innovative and creative ways of enhancing their learning skills about the real business scenarios in terms of virtual environment (Mawhirter & Garofalo, 2016). Students’ technical and critical thinking skills are boosted by bringing upon an association between their theoretical and practical knowledge via simulation games (Bell & Loon, 2015). The inclusion of business simulation games into traditional teaching approaches can bring about more productive, useful, and cheerful results in student learning. These games allow the students to create and run different business, experience setbacks and challenges, face hurdles, and then get rewards in a more vibrant but risk-free environment. There are widely endorsed views within the previous literature on the adoption of business simulation games to positively support individual motivation (Fripp, 1997), experimental learning (Adobor & Daneshfar, 2006), critical thinking (Doyle & Brown, 2000), time management and collaborative skills (Doyle & Brown, 2000), and building meaningful attitude and intentions toward entrepreneurship (King & Newman, 2009; Wawer, Milosz, Muryjas, & Rzemieniak, 2010).

According to German Ministry of economic and technology, business simulation games are highly admired by German universities particularly in the field of entrepreneurship (Kriz & Auchter, 2016). According to Zhang (2015), entrepreneurial activities are complex and complicated in nature; therefore, it is important to acquire entrepreneurial competencies and knowledge (Vanevenhoven & Liguori, 2013) which can be enhanced more through using business simulation games. These games support the students to have inspired and built positive intention toward the entrepreneurial path. Auchter and Kriz (2014) longitudinally analyzed the results of EXIST prime cup from 2012 to 2014 (now known as EPC) to examine the long-term effects of business simulation games. The results show that it has a significant effect on the competencies, knowledge, and intention toward entrepreneurial activities of students in Germany (Kriz & Auchter, 2007–2012). TOPSIM STARTUP (currently known as TATA interactive system) developed with the collaboration of University of Applied Sciences Regensburg and the Hans Linder Institute also established entrepreneurial simulation games covering the important phases of entrepreneurial venture, from collection and evaluation of information and its transformation into successful venture in a dynamic and competitive business environment (Stame, 2007). Business simulation games are being used in more than 1,700 universities in the United States resulting in better knowledge attainment, improved student learning (Rahn & Rehg, 2014), skill development, and construction of entrepreneurial intention (Lainema & Lainema, 2007).

Purpose

This article aims to examine the impact of using business simulation games by students on their attitude and intention toward entrepreneurial activities through incorporating Technology Acceptance Model (TAM) and Theory of Planned Behavior (TPB). Based on these theories, five constructs (perceived value of using business simulation games, perceived usefulness, perceived pleasure, subjective norms, and perceived behavioral control) are chosen with the aim to develop deeper understandings of the entrepreneurial world and to practically provide important implications for educational scholars and especially for new business founders.

The core values of business simulation games are to develop constant understandings among the business students about innovative skills, motivational abilities, and meaningful tasks. Therefore, such games can be highly useful at the school level and higher education level to boost up students’ attitude and learning toward entrepreneurship in a more convenient and pleasurable teaching environment. Solomon and Fernald (1991) also suggested in their study that the provision of theoretical and practical knowledge can be more beneficial to shape positive entrepreneurial intentions among students.

Model Adoption TAM and TPB

TAM proposed by Davis (1989) as the most commonly used theory on the usage and acceptance of new technology combined with TPB (Cheung & Vogel, 2012; Jan & Contreras, 2011) are integrated into this study in order to evaluate the impact of business simulation games on students’ attitude and intentions toward entrepreneurial activities. In past, many research studies have applied TAM to predict the user intention to adopt technology (Aldás-Manzano, Lassala-Navarré, Ruiz-Mafé, & Sanz-Blas, 2009; Pando-Garcia, Periañez-Cañadillas, & Charterina, 2015), thus providing evidence that TAM has significantly influenced the technology adoption and its usage. Chen (2016), Sukkar and Hasan (2005), and Benbasat and Bark (2007) studied the relevance of TAM to investigate about students’ intention toward technology adoption in developing countries and proposed modifications in the model in order to make it more appropriate in this perspective. However, no studies have been found in the previous literature to explore the impact of business simulation games through this modified TAM to investigate students’ intention of entrepreneurial learning.

TAM is actually derived from the Theory of Reasoned Action (Ajzen & Fishbein, 1980), which illustrates that the behavioral changes occur after adoption of new technologies. TAM has basically two main constructs: perceived usefulness and perceived ease of use, which helps to build the intention of the users to adopt new technology. For this study, perceived pleasure is also used as an important variable because of interesting and entertaining features of using technology in terms of business simulation games. In some previous studies conducted by Csikszentmihalyi (1975) and Moon and Kim (2001), researchers also used the construct of perceived pleasure in the modified TAM. For this study, the perceived value of business simulation is used as an antecedent of perceived usefulness and perceived pleasure to investigate the impact of business simulation games on students’ intention toward entrepreneurial activities.

Some previous studies have integrated theories of TAM and TPB to measure user intention to adopt the technology, and the results showed the robust support for integrated models (Benbasat & Bark, 2007; Chen & Chao, 2011; Lee, 2009). However, TAM does not consider the influence of subjective norms and perceived behavioral control while adopting new technology. Therefore, the TPB is used in this regard to interpret human behavior and their intentions while using different information and technology applications (Ajzen, 1991, 2002). TPB describes that a person’s behavior is directly affected by his or her behavioral intentions and is directed by person’s attitude, subjective norms, and perceived behavioral control (Greaves, Zibarras, & Stride, 2013; Wu & Liao, 2013). Figure 1 shows the research framework for the study through incorporating the modified TAM and TPB to measure users’ intentions toward entrepreneurial activities.

Figure 1.

Research model based on TAM and TPB.

Perceived Value

Perceived value is considered as the tradeoff between benefits and costs incurred by users (Zeithaml, 1988). Woodruff (1997) also defined perceived value as experience and information that positively influence the mind of individuals without considering the amount of time and cost spent on it. Perceived value is divided into four subvalues: functional value, emotional value, monetary value, and social value. Functional value is derived from utilitarian benefits of the product usefulness and quality (Coutelle-Brillet, Rivière, & Garets, 2014; Petrick, 2004; Sanchez-Fernandez, Iniesta-Bonillo, & Holbrook, 2008). When business students play simulation games, the functional value of games motivates students to adopt and use this technology in future to have a better understanding of the environment. Such games work as the bridge between the theory and practice, which helps the student to enhance their technical and critical thinking skills (Bell & Loon, 2015). Emotional values are feelings and thoughts that are generated while using different products or services; therefore, these are also close to the pleasure and learning satisfaction of students associated with using business simulation games. Social values are considered when the individual feels that he or she is connected with others by using some specific product or service. Monetary value is the time, effort, or money spent on using the product and service in order to get some results which satisfied the individual. Monetary value cannot be neglected because students spend their lot of time and efforts to learn through business simulation games.

Hughes and Scholtz (2015) stated that business simulation games provide the students with an experimental way of learning by providing an opportunity for them to share the information, interact, and help each other in making decisions. The effect of perceived value on attitude in adopting the technology varies with the experience and learning of an individual (Taylor & Todd, 1995). Simulation games support to enhance student motivation (Fripp, 1997), time management skills (Doyle & Brown, 2000), and help to work in the real-world scenario but risk-free (King & Newman, 2009). The concept of value can only be calculated after experiencing the result of the products or services, that is, how many individuals spend on it and what benefits he or she gets out of it (Jayawardena, Bertranda, Léoa, & Philippe, 2015). Verhagena, Feldberga, Hooffa, Meentsa, and Merikivi (2012) also observed in their study that perceived value can positively influence perceived usefulness and perceived pleasure. They examined that perceived usefulness and perceived pleasure have a direct effect on the attitude of the individual, as these two paradigms are determined by system-specific element, that is, perceived value (Verhagena et al., 2012).

Perceived pleasure

Perceived pleasure is “the degree to which the activity of using technology is perceived to be enjoyed in its own right apart from any performance consequences that may be anticipated” (Davis, Bagozzi, & Warshaw, 1992). Perceived pleasure and behaviors toward job performed are positively significant (Pe-Than, Goh, & Lee, 2014). Hsu and Lin (2008) and Heijden (2003) concluded from their studies that while using the hedonic system, perceived pleasure shows a positive significant relationship with behavioral intention. According to Davis et al. (1992), perceived pleasure boosts up the performance of an individual. Venkatesh and Speier (2000) compared two methods of training—traditional training methods (lectures and theoretical knowledge) and simulation-based training methods (simulation games)—and found that simulation games-based training enhances intrinsic motivation which results in the positive behavioral intention of individuals in gaining knowledge from this system repeatedly. Hung, Tsai, and Chou (2016) also stated that users perceive less pleasure when they interact with a system having only utilitarian benefits as compared with the system which has high hedonic characteristics as well (Nysveen, Pedersen, & Thorbjørnsen, 2005; Xu, Lin, & Chan, 2012). According to Sweeny and Soutar (2001), perceived pleasure can be measured by three important concepts: business simulation games are interesting to use, simulation games help to solve problems in a relaxed and easy environment, and these games encourage and boost up moral to understand complex theoretical concepts. So, perceived pleasure is the degree to which users feel interested, relaxed, and indulged them in some kind of useful activity.

Perceived usefulness

Perceived usefulness is defined as “the degree to which a person believes that using a particular system may enhance his or her job performance” (Davis, 1989, p. 320). Perceived usefulness is considered as the main construct of TAM, which predicts the use of technology and individuals’ behavior toward its usage (Alrafi, 2007; Hart & Porter, 2004). In the context of business simulation games, perceived usefulness is the degree to which user believes that business simulation games can help them in learning and implementing entrepreneurial activities in a real-world scenario. It was also discussed in previous studies that perceived usefulness encourages individuals to adopt simulation games for better understanding and learning (Alrafi, 2007; Dulcica, Pavlicb, & Silicc, 2012; Fagan, Kilmon, & Pandey, 2012; Liu & Huan, 2015). Few other studies also found the positive impact of perceived usefulness of business simulation games on user attitude toward entrepreneurial activities (Bhattacherjee, 2001; Chea & Luo, 2008; Hong, Thong, & Tam, 2006; Thong, Hong, & Tam, 2006).

Attitude Toward Entrepreneurship

According to Kinicki and Krietner (2009), psychological tendency of a person to express his degree of favor and disfavor while evaluating the particular situation is called attitude. Attitude is also defined as the emotional reaction of a person after having experience with a certain situation (Harjer & Habib, 2013). Zimmerman (2008) emphasized that strong attitude would affect the behavior of a person. Expectations of individuals in a certain situation, either positive or negative, are called attitude; this further translated into intention and consequently, behavior toward the situation (Ajzen & Fishbein, 1980). Practical knowledge is the key to change attitude of individuals, which leads to change in their behavior. According to Donckels (1991), entrepreneurial teaching creates awareness of entrepreneurship but business simulation games encourage and motivates students to build entrepreneurial attitude. Martin, McNally, and Kay (2013) examined that entrepreneurial education shows a positive correlation with the attitude of people toward entrepreneurial venture. Moreover, the entrepreneurial intention is also considered as the by-product of one’s perceived behavioral control, attitude, and subjective norms (Krueger, Reilly, & Carsrud, 2000).

Subjective Norms

Subjective norm is the belief that people will support or approve particular behavior for certain situation. Subjective norms are people’s view in which the individual is motivated to behave in a certain manner in the given situation (Elster, 1989). According to Ajzen and Driver (1991) and Primack, Switzer, and Dalton (2007), social pressure has referents in the form of parents, friends, teachers, media, peers, and classmates (Zhao et al., 2006). It has been examined in previous studies that technological-based subjective norms are strongly associated with intention of the individual to adopt the technology. In business simulation games, opinion of peers is very important for a number of reasons: (a) students interact with each other and share information and thoughts which strongly affect their positive intention; (b) Visser and Krosnick (1998) also found that young students learn more efficiently and effectively from the people who are close and important to them.

Perceived Behavioral Control

Perceived behavioral control is the degree to which individuals perceive their ability to perform a certain behavior (Ajzen & Fishbein, 1980; Bandura, Reese, & Adams, 1982). For this study, perceived control behavior is considered as the degree to which an individual has confidence in his capabilities to indulge in business simulation games and such behavior then ultimately leads their intention toward entrepreneurial activities. The two important factors that are facilitating conditions (Triandis, 1979) and self-efficacy (Bandura, 1992) may have an effect on the performance of the behavior. Facilitating conditions are time, money, and other available resources which are needed to engage behavior whereas self-efficacy is individual confidence in his or her ability to perform a certain behavior.Sølvberg (2003) examined that students’ behavior toward technology increase as they become more aware of the usage, values, and benefits associated with it. Likewise, Solesvick (2012) also concluded in his study that attitude, subjective norms, perceived behavioral control, and intention to pursue entrepreneurial activities are positively significantly interrelated in this regard.

Therefore, this study is based on the notion that student’s intention toward entrepreneurial activities can enhance the usage of business simulation games and vice versa.

H1: There is a positive significant relationship between the perceived value of business simulation games and attitude of students to become entrepreneurs.

H2: There is a positive significant relationship between the perceived value of business simulation games and perceived usefulness of business simulation games.

H3: There is a positive significant relationship between the perceived value of business simulation games and perceived pleasure from business simulation games.

H4: There is a positive significant relationship between the perceived value of business simulation games and subjective norms.

H5: There is a positive significant relationship between the perceived value of business simulation games and perceived behavioral control.

H6: There is a positive significant relationship between perceived usefulness of business simulation games and attitude of students to become entrepreneurs.

H7: There is a positive significant relationship between perceived pleasure from business simulation games and attitude of students to become entrepreneurs.

H8: There is a positive significant relationship between social norms and intention toward entrepreneurial activities.

H9: There is a positive significant relationship between perceived behavioral control and intention toward entrepreneurial activities.

H10: There is a positive significant relationship between entrepreneurial attitude and intention toward entrepreneurial activities.

Research Methodology

This research measures the impact of business simulation games on students’ attitude and intention toward entrepreneurial activities using modified TAM and TPB. Before the data were collected from the respondents, two rounds of the pilot study were conducted to test the validity of the survey instrument (questionnaire). In the first round, three PhD scholars were requested to review the questionnaire design. In the second round, 15 questionnaires were circulated among the target students to find out the issues regarding word phrasing, format, layout, structure, and concept. As a result, conducting pilot study ensured the high content validity of the instrument (Bell, 2005; Fink, 2003). After the completion of pilot testing, questionnaires were distributed among the target students to measure the research objectives.

Data were collected from multinational undergraduate, graduate, and postgraduate students from universities and technology centers of China and Pakistan who have knowledge about business simulation games. Respondents were classified according to age, gender, and education. The purpose of the study was explained to the students before they were asked to fill the questionnaire. Self-administrated web-based survey technique was used to collect data from the respondents. For the web-based survey, the contact information of the respondents was obtained from colleagues who are already studying in different universities. A URL survey link was sent to more than 285 potential respondents through email and Smartphone application, that is, WeChat and WhatsApp, out of which 155 questionnaires were found usable. Through the self-administrated survey, 220 questionnaires were filled out of which 205 were useable. In total, 505 questionnaires were circulated among students out of which 360 questionnaires were found accurately filled. The response rate was 71.28% which is acceptable for further analysis (Hair, Anderson, Tatham, & Black, 1998). Demographic characteristics of respondents are summarized in Table 1. All of the respondents were from business schools who have the knowledge about business simulation games or at least had used such games for once or more times.

Table 1.

Demographics of Respondents.

Demographics	Frequency	Percentage
Gender
Male	220	61.11
Female	140	38.89
Educational level
Undergraduate	95	26.38
Graduate	101	28.05
Postgraduate	164	45.55

Measurement items were adapted from previous research studies with little modifications of words and sentences in accordance with the current study. The measurement items for perceived pleasure and perceived value were adapted from the study of Sweeny and Soutar (2001); perceived usefulness from Davis (1989); attitude toward entrepreneurship, subjective norm, perceived behavioral control, and intention toward entrepreneurial activities were adapted from Solesvik, Westhead, Kolvereid, and Matlay (2012). The 7-point Likert scale was used with 1 indicating strongly disagrees, 4 indicating neutral, and 7 indicating strongly agree to measure the responses.

Results

Step 1

Structural equation modeling (SEM) using AMOS 24 was used to analyze and measure the structural model. In this study, first exploratory factor analysis was used to deal with dimension reduction of items. To test the validity of data, liability test was run. At the same time, researchers used a powerful instrument that uses the confirmatory factor analysis, regression, and structural model simultaneously to estimate measurement model (Anderson & Gerbing, 1988).

Threshold level for Cronbach’s alpha, composite reliability, and average variance extracted (AVE) is 0.7, 0.7, and 0.5, respectively, as per the standard criteria in existing literature (Flynn, Sakakibara, Schroeder, Bates, & Flynn, 1990; Fornell & Larcker, 1981; Hair et al., 1998; Nunally & Bernstein, 1978). As presented in Table 2, composite reliability and Cronbach’s alpha values are greater than .7 and AVE values for all constructs are greater than .5, exposing good convergent validity. According to Fornell and Larcker (1981), another way to determine discriminate validity is to compare the relationship between correlation among the constructs and the square root of AVE of all constructs. If AVE square root is higher than the correlation among constructs, this indicates good discriminate validity (Table 3).

Table 2.

Result of Confirmatory Factor Analysis, Composite Reliability (CR), and Average Variance Extracted (AVE).

Constructs	Factor loading	Cronbach’s alpha	CR	AVE
Perceived usefulness		.885	.886	.722
PU1	.854
PU2	.803
PU3	.818
Perceived pleasure		.789	0.796	.567
PP1	.848
PP2	.763
PP3	.785
Perceived value		.932	0.933	.777
PV1	.898
PV2	.860
PV3	.865
PV4	.885
Perceived behavioral control		.794	0.795	.564
PBC1	.822
PBC2	.769
PBC3	.728
Subjective norm		.823	.825	.611
SN1	.803
SN2	.764
SN3	.800
Attitude		.778	.784	.553
A1	.769
A2	.826
A3	.728
Intention		.804	.805	0.512
I1	.758
I2	.824
I3	.775
I4	.803

Table 3.

Descriptive Statistics, Correlation Matrix, Reliability, and Square Root of AVE.

Sr.	Construct	M (SD)	1	2	3	4	5	6	7
1	Perceived pleasure	4.30 (1.38)	0.753
2	Perceived value	4.91 (1.40)	0.202	0.881
3	Perceived usefulness	4.79 (1.43)	0.483	0.338	0.850
4	Subjective norms	4.42 (1.34)	0.425	0.487	0.482	0.782
5	Intention	4.10 (1.48)	0.164	0.106	0.305	0.023	0.770
6	Perceived behavioral control	4.36 (1.12)	0.402	0.483	0.456	0.459	0.161	0.751
7	Attitude	4.59 (1.24)	0.379	0.283	0.514	0.488	0.154	0.547	0.744

Boldface in diagonal line shows square root of AVE of each construct. Correlation is significant at .01 levels.

Step 2

SEM as a cross-discipline research tool has now become one of the important techniques used by researchers to validate their research results (Hooper, Coughlan, & Mullen, 2008). To evaluate the model fitness, researchers need to examine fitness indices such as chi-square, goodness of fit index (GFI), adjusted goodness of fit index (AGFI), tucker-lewis index (TLI), comparative fit index (CFI), and root mean square root error of approximation (RMSEA). According to the previous studies, for model goodness, the accepted value of chi-square value should not be not less than 2.0 and not higher than 5.0 depending upon the sample size (Barrettx, 2007; Hu & Bentler, 1999; Tabachnick & Fidell, 2007). The accepted value for RMSEA should be less than 0.10 (Arbuckle, 2003), and according to Stegier (2007), upper limit is 0.07 and it should be less than 0.08 (McQuitty, 2004). According to Miles and Shevlin (2007) and Arbuckle (2003), GFI and AGFI indices values can be greater than 0.90 and 0.80, respectively. Other researchers recommended that for NFI, IFI, and CFI indices, the values can be greater than 0.85 (Arbuckle, 2003; Hu & Bentler, 1999). For this study, SEM technique is used along with AMOS 24 and confirmatory factor analysis to measure the model goodness-of-fit using various indices. As per the aforementioned recommendations, indices calculated for this study show the appropriate goodness-of-fit for measurement and a structural model where all values of chi-square, GFI, AGFI, CFI, TLI, NFI, IFI, and RMSEA are within acceptable range as shown in Tables 4 and 5.

Table 4.

Goodness of Fit statistics for Measurement Model.

Model	X ²	df	X²/df	GFI	AGFI	RMSEA	CFI	IFI	NFI
Base	413.406	209	1.978	.911	.882	.052	.952	.953	.908

Table 5.

Goodness of Fit Statistics for Structural Model.

Model	X ²	df	X²/df	GFI	AGFI	RMSEA	CFI	IFI	NFI
Base	718.648	307	2.341	.870	.839	.061	.908	.909	.852

Next step is to test the hypotheses relationship. According to results, calculated perceived value is positively associated with an attitude of an individual toward entrepreneurship (β = .143, p < .001), and perceived value is positively associated with perceived usefulness and perceived pleasure (β = .311, p < .001 and β = .175, p < .001, respectively). Perceived value is positively related to PBC and subjective norm (β = .416, p < .001 and β = .428, p < .001, respectively). PBC is positively associated with the entrepreneurial intention (β = .126, p < .05). Attitude is a positive relationship with the entrepreneurial intention (β = .092, p > .01), and the subjective norm has a negative relationship with the entrepreneurial intention (β = −.066, p > .01). The result shows that H1, H2, H3, H4, H5, H6, H7, and H9 are supported but H8 and H10 are not supported. Figure 2 shows the path analysis.

Figure 2.

Result of research model test.

Discussion

The primary theme of this study was to examine the impact of using business simulation games by students on their attitude and intention toward entrepreneurial activities. The entrepreneurial spirit is an important driving force for further revolution and transformation of the economic activities. Therefore, boosting up this entrepreneurial spirit is the key to structural reforms which can motivate the country market at a deeper level to achieve healthy and sustainable development. Entrepreneurial spirit can be created by providing favorable education and training to the students which enhances their intention toward entrepreneurship. Researchers, policymakers, and educators should focus on reforming education programs and should provide students with practical education and training in order to enhance their capabilities and skills to start their own new ventures. The research findings show that perceived value has a positive significant impact on perceived pleasure, perceived usefulness of business simulation games, and attitude toward entrepreneurial activities. Similarly, perceived usefulness and perceived pleasure also showed a positive significant impact on students’ attitude toward entrepreneurial activities. The perceived value is found to be positively associated with perceived behavioral control and subjective norms. Perceived behavioral control and intention to become an entrepreneur are positively associated with each other. Attitude and intention to become an entrepreneur are positively associated with each other but it has nonsignificant value, and subjective norms were found to be negatively related to the intention to become an entrepreneur.

This study is the first to investigate the impact of using business simulation games on entrepreneurial intention using modified TAM and TPB. The study also provides some important contributions to the literature on entrepreneurship by exploring the relationship between the perceived value of business simulation games and intention of students to become entrepreneurs. Business simulation games are a specialized form of experiential learning that provides more useful and joyful modes of learning about theories, business models, and critical works. To encourage the entrepreneurial spirit among the students, educational institutes can adopt the techniques through which students can develop entrepreneurial skills by retaining themselves in the real-world scenario. Business simulation games can assist the students to learn more practically by assuming themselves in the real-world scenario, trying out different strategies, and going through specific situations.

Values associated with business simulation games are social, functional, fiscal, and emotional; these values influence social norms, perceived behavioral control, and individual attitude toward entrepreneurial intention (Hughes & Scholtz, 2015; Woodruff, 1997). Simulation games provide students with the opportunity to interact with each other, brainstorm the ideas presented, and experience those ideas in real time but in a risk-free environment. Students will be able to think out of the box in a creative and innovative way and can build intention toward entrepreneurial venture. The findings indicate that business simulation games are more popular among students who have the exposure to modern virtual videos games; these virtual games work as a platform which enhances their learning performance. Unlike the real-world consequences, business simulation games help the students to start their own business, make decisions, and pivot their directions in a vibrant and risk-free learning environment. These games not only refine the students but also help them in dealing with the situations that may occur in their real life.

Moreover, the results of the study indicate that business simulation games can play an important role in developing favorable intentions among students toward entrepreneurship. According to Bandura (1992), self-confidence on the individual abilities can be gained through experiences, social interactions, and learning by doing. Simulation games provide opportunities to develop feasibility reports, business plans, and strategies to run a real business in a rapidly changing environment; therefore, these games play an important role in developing PBC among students.

As Ulmanis (2015) also states, using case-study approaches to teach and guest lecturers works as cheerleaders, as they inspire the students to be entrepreneurs but they did not help in doing fact-based analysis and may not help for real business plans. Therefore, business simulation games as a progressive and innovative tool help the students in connecting theory with the practical implications and thus help them in choosing entrepreneurship as their career. The entrepreneurial venture is a messy and complex world; there is always a risk of failure and any wrong decision or response may result in the death of the venture. But such practical games offer the student with multiple opportunities to learn from the experiences, the obstacles, and the failures which they face while making decisions in multiple situations in the kind of virtual world. These games help its participants in assessing risk, anticipate failures, and make contingency plans. It is same as the mountain climbers who have to face extreme risks while climbing but require doing a risk assessment. In the case of unexpected weather changes, they have contingency plans according to different situations.

Subjective norm is an important determinant of intention which approves and disapproves the behavior of an individual toward entrepreneurial activities (Krueger et al., 2000). The results show that student’s intentions toward entrepreneurial activities have a negative relation with the support of the society in terms of student referents. Data for this study were collected from students belonging to developing nations. Because, in developing nations, opportunities to become entrepreneurs are relatively low. Uncertain economic and political system results in the destruction of entrepreneurship and most developing countries are facing such problems (Ács, Szerb, Autio, & Lloyd, 2017). In this regard, entrepreneurs can not only contribute to the development of economy but may also help for the development of societies. They can help to improve the standard of people living in a country by providing innovations and then supporting into gross domestic product (Kirkley, 2016). According to Yordanova and Tarrazon (2010), in developing countries, uncertainty avoidance is high which means people are reluctant to take the risks. Subjective norms are the social pressure which forms people intend to take an action toward the certain role. According to Alsos, Isaksen, and Softing (2006), subjective norms affect entrepreneurial intention, as these norms are the determinants of intention (Leeuw, Valois, Ajzen, & Schmidt, 2015). This research shows that students are willing to be entrepreneurs, but there are social pressures that create barriers to their intentions to become entrepreneurs.

Conclusion and Implications

The study concludes that simulation-based studies are a useful, easy, and amusing way of learning, which help the students to think critically. There is a need to shift from traditional methods of instructions (e.g., classroom lectures) to learner-based methods that help students to learn more while engaging themselves in the practical implication of theories. The simulation-based studies are considered as the supplement tool in classroom learning that enhances collaboration among students and they get involve and help each other in the overall learning process (Otting, Zwaal, & Gijselaers, 2009). It is important for educators to use simulation-based learning methods to gain students’ attention and interest so that they can develop a better understanding of theory in a more convenient and pleasant environment. According to Pratt and Hahn (2016), the addition of entertaining or exciting elements into educational approaches can maximize the learning process. Educators should take feedback from students regarding its usefulness, easiness, and learn in order to make modifications accordingly. The results show that student’s entrepreneurial intention is negatively associated with subjective norm but at the same time, self-efficacy (PBC) is positively associated with intentions, which shows that students have the potential to start a new venture.

The high unemployment rate in the world can be reduced by introducing entrepreneurial courses, related training, and workshops to young graduates; this could help them in improving their entrepreneurial skills (Wang & Wong, 2004). There are lots of challenges in the implementation of simulation-based learning. In this regard, there is a need to train educators and instructors to learn new technologies and methods of teaching so that they can enhance student’s creativity and learning performance. People are always reluctant to adopt new ways of doing things so that there is a need to create awareness of simulation system adoption and its benefit for both students and instructors. Future research should examine what governmental policies can be implemented in designing curriculum at high school level that can motivate the referents of subjective norms to encourage their relatives to become entrepreneurs. All stakeholder of the country should join hands together to build an entrepreneurial ecosystem in the country.

Footnotes

Declaration of Conflicting Interests

The authors declared no potential conflicts of interest with respect to the research, authorship, and/or publication of this article.

Funding

The authors received no financial support for the research, authorship, and/or publication of this article.

Author Biographies

Salman Zulfiqar is currently a PhD scholar at the University of Science and Technology of China, School of Public Affairs. His research interests include entrepreneurial intention and learning, online social capital and trust, and social networking policy.

Binesh Sarwar is currently a PhD scholar at the University of Science and Technology of China, School of Public Affairs. Her research interests include social media and public administration, online student engagement and collaborative learning, social capital, and entrepreneurial learning.

Saira Aziz is currently a PhD scholar at the University of Science and Technology of China, School of Management. Her research interests include retailing and consumer behavior issues in retailing management.

Khurram Ejaz Chandia is currently a PhD scholar at the University of Science and Technology of China, School of Public Affairs. His research interests include Economic Policy and Management.

Muhammad Kaleem Khan is a PhD scholar at Beijing University of Posts and Telecommunications, Beijing China. His areas of interest include finance, crowd funding, entrepreneurial finance, and corporate governance.

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