The Association of Banks in Jordan, in collaboration with the Crown Prince Foundation, organized a small business simulation exercise at the Foundation’s office in Mafraq from September 24-26, 2024. This event was held under the framework of the Memorandum of Understanding signed between the Crown Prince Foundation and the Association of Banks. The exercise was attended by 25 entrepreneurs and existing business owners, and certificates of participation were awarded to all participants at the conclusion of the exercise.

The “Small Business Simulation” aims to enhance the efficiency of small business owners and entrepreneurs in managing their projects effectively and preparing them to secure appropriate financing. The exercise is based on practical, hands-on learning and making informed decisions, allowing participants to acquire the necessary skills to successfully manage their projects.

During the exercise, participants were divided into different groups, each representing a family owning an orange juice shop. The participants faced various scenarios and had to make the best decisions to overcome challenges, which enabled them to manage their project’s budget and expenses. The focus was on improving product quality, increasing revenues, and honing general management skills to ensure the success of the project.

The “Small Business Simulation” consists of three different rounds, where participants are required to make decisions related to supply, storage, management, and human resources. They also forecast sales, track income and profits, and understand the financial tools needed to succeed in their project. Additionally, they navigated unexpected events that could arise.

It is worth noting that this exercise helps improve financial literacy, entrepreneurship, and project management skills. It was designed using interactive and experiential learning, engaging participants in simulated business scenarios to make financial decisions, manage risks, and plan investments.

At the end of the exercise, participants were able to understand accounting principles, learn financial tools to prepare revenue accounts and final statements, develop customer interaction skills, understand marketing fundamentals, estimate expected sales, and recognize market dynamics, including managing suppliers, introducing new products, and gaining knowledge in small business management. This was achieved by understanding the relationship between financial institutions and customers, along with the associated impacts.

The training was conducted over three days by certified trainers from the Jordan River Foundation, as part of the ongoing collaboration between the Association of Banks in Jordan and the German Savings Banks Foundation for International Cooperation (DSIK).