WHAT IS A VE?
A Virtual Enterprise (VE) is a simulated business that participants organise and run as a hands-on way of learning about business practices and procedures, and most importantly, learning about their local businesses and industries.
These virtual businesses trade with each other across Australia, buying and selling virtual goods with virtual money. This activity replicates the real business economy, and results in a huge range of processes (such as marketing, purchasing, invoicing, organising salary payments, and paying regular electricity and phone bills) becoming second nature to the participants.
The "virtual" focus is important for two reasons. The lack of real money and real products means that participants are testing business procedures, practices and cultures that are based on their planning decisions, and that are not complicated by an undue initial focus on finding missing dollars!
Like most of the Australian workforce, our participants adapt quickly to their "online business" through using Internet for promotions, purchase orders and receipts. They have the added advantage of understanding the "paper trail" by learning how to write cheques, knowing the difference between invoices payable and receivable, and undertaking bank reconciliations.
VEs are mentored by a local business person who meets regularly with the participants, helping them with business planning, marketing strategies, staff management and the other issues that regularly arise in work groups.
VE graduates are in a unique position as they are tutored by someone from the local business community who can help them with seeking employment, changing careers, and introducing them to key business people.
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