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Higher education institutions are undergoing a change in their teaching–learning practices, with the core goal of giving students the necessary skills and competencies to succeed in a complex and uncertain society. This study aims to evaluate the effectiveness of business simulation as a pedagogical strategy for teaching 21st-century competencies to undergraduate students. The study looks at students’ self-perception on how business simulation impacts future skills such as entrepreneurship, employability and sustainability.

The research incorporates a one-week workshop for undergraduate business students using AnyLogic business simulation. For this study, a 24-item skills-based survey was used as the instrument for eliciting input about students’ self-perceptions. To measure the impact of business simulation on overall student learning, a theoretical framework was developed and tested using SmartPLS version 4 for construct reliability, validity and hypotheses testing.

Based on the students’ feedback, the finding shows that most of the 24 soft skills were facilitated by the business simulation used. The simulation significantly affects the development of entrepreneurial and employable skills. On the contrary, it has little effect on enhancing sustainability skills. In addition, the study suggests that factors like gender and expertise had little overall impact on the results.

The most apparent practical implication of this study is that business schools should focus more on skill development by stressing on experiential teaching methods like business simulation to help students build various skills and become more prepared for the actual world of business.

The research presents fresh empirical data that add to the continuing discussion on active learning in business education and assist educators in avoiding some potential drawbacks of these innovative teaching techniques. With the right direction and criticism throughout the simulation, this learning experience has shown to be useful for everyone involved.