Virtual Business Enterprise (VBE)
VBE is an on-going collaboration between IES and the UQ Business School which creates an engaging way for students, teachers and the corporate sector to develop practical skills in business management, accounting and communication. VBE takes game-based learning to a new level. Teams operate a retail business and compete against each other in a virtual environment. Participants are challenged to work in teams to manage a virtual business and create a sustainable, profitable company in a highly competitive and unpredictable environment. The program also provides learners with the ability to apply theory to practice through the production of realistic, unique financial reports for each student-run business.
IES' Virtual Business eCommerce program was developed as a simulated online retail environment aimed to hone students' accounting and financial management skills. The platform allows students to experience first-hand real life business transactions and provides an interactive and innovative way for students to learn accounting. Students' mission is to drive sales revenue and profit growth for their virtual business. They create marketing strategies, which include recording promotion videos, making e-Postcards which showcases their products and provides a QR code that gives people fast access to their online shop, as well as promote their businesses to potential customers on social media platforms. Processing the transactions, students are able demonstrate relevant practical and theoretical knowledge of the role of accounting within the business system. See our Students Virtual Shops through this link.