What is an International Business Practice Firm?
Simply put, a business practice firm (BPF) is a simulated business that mirrors the real world. The BPF is a company set up by students with the assistance of a teacher/facilitator. The "companies" function like "real" businesses-the only difference is that they cooperate with other BPFs in a closed network. Linked by technology, each BPF conducts all operations necessary to run a business: finance, purchasing, marketing, and human resources. In an authentic office setting, the student/employee engages in simulated business transactions with other firms both here and abroad. A real business (partner firm) serves as a model for the BPF. The class is a hands-on approach where students take responsibility for their own learning.
The Business Practice Firm model is extremely flexible not only in the curriculum, but also the student population that it serves. It has been effectively implemented to meet the needs of high school, college, or workforce development. The BPF can support courses in International Business, Management, Entrepreneurship, Marketing, etc.