Deepening Your Understanding of the World

As we go into competition season, many DECA members are studying performance indicators, best business practices, and key terms, just to name a few.

This is all great, because successful businessmen and businesswomen know how to speak the language of their business and have a fundamental understanding of how to run a business.

However, what most competitors often miss during their role-plays is the bigger picture.

The bigger picture is what has happened, what is happening, and what will happen in various economies around the world and the political climates around the globe.

This big picture view is what makes businesses successful. You can have a great product and business model, but the economic and political conditions must be right for success. For example, the Chinese slowdown hurts Miami tourism because economies that relied on a successful China, such as Brazil, are no longer feeding into Miami tourism like they used too.

Another example would be that doing business internationally could be hindered because of increased travel visa requirements.

For myself, I have related JC Penny, Hewlett Packard, JP Morgan, Dell, among others in previous role-plays. It’s not the globalization examples I gave in this article – though I’m ready to use those when is see fit – but it shows I’m knowledgeable about businesses and business climate. It really depends on the specific role-play scenario that you are given as to which examples you should use.

Now, let’s talk about resources. Website such as CNN, NBC News, ABC News, Business Insider, Bloomberg, CNBC and so on have business, world affairs, and politics sections that you can access for free. Many of these news agencies also have apps that you use to get the news even when you’re on the go.

A few great subscription options include The Economist or The Wall Street Journal. 

Expand your knowledge beyond the basics of terminology and best business practices. Know what is happening in the world and which way the winds blow.

This will not only make you a great competitor, but also a knowledgeable business professional.

Follow Brandon Guy on Twitter @brandonguy520.

Categories: Business Simulations, Case Studies, Collegiate Competitive Events, Compete, Home Page Compete, HS Competitive Events, Presentation Prep, Role-Play, Strategies