VIRTUAL BUSINESS CONCEPT

Virtual Business, or Practice Firm, presents an exciting, innovative learning approach to education and training, especially regarding business or commercial studies. The concept originated in Germany more than 80 years ago and has since spread throughout the world. Currently 39 countries with over 3500 simulated enterprises are actively involved in this concept. All these countries with their national networks are involved in the global network of practice firms, EUROPEN.

EUROPEN is a non-profit association, which co-ordinates the work of the Virtual Business/Practice Firm Network. It supports the training and retraining of trainees in Virtual Businessess/Practice Firms, with its national central offices, utilising telecommunications, trainee exchanges and appropriate vocational training. It pioneers with its participating members the development of vocational qualifications, utilising the latest telecommunications. It assists and promotes co-operation in business training, the development of business language skills and cultural skills. The network has over 4,000 Virtual Businessess in over 40 Countries. This includes countries which are establishing Virtual Businessess, and do not yet have their own Central Offices.

Practice Firm in Action		Students sell virtual products

A Virtual Business (practice firm) is a simulated business that is set up and run by students as part of their study program with the support of an educator (trainer) and staff from a real business. Practice firms conduct business with other practice firms in a simulated market economy on a local, national or international basis.

The only two differences between a real firm and a practice firm are:

1. no exchange of physical goods and services takes place
2. no real money is being handled.