A practice firm (PF) is a live, global business simulation that is a multidimensional, experiential learning model. It is a simulated business that trainees run as a hands-on way of learning, «learning by doing».
Their being part part of a worldwide network that is deployed on every continent in more than 40 countries around the world is the key difference between this model and the usual business simulation.
Job seekers and students who work in practice firms work using business procedures as they are encountered in the global economic environment. Each practice firm replicates all the commercial activities of a real commercial business: it develops and markets a variety of products or services, and then carries out transactions with thousands of its counterparts spread out around the world. Trade is really taking place, so advertisements, purchase orders, invoices and even checks circulate every day within the international network of training companies. In short, everything is consistent with reality, except the production and delivery of goods, as well as the money used for transactions, which remain fictitious.
The recommended approach of “learning by doing” is called PRIME: learning is Practical, Realistic, Inspiring, Meaningful and Engaging for the participants. The goal is to work at the 5C level: rebuild self-confidence, adjust professional conduct (attitude and behavior), develop competencies / skills, improve communication between people and foster collaboration among workers.
Thus, the trainees develop knowledge of the expectations of both the workplace and the economy, thereby improving their employability and spirit of entrepreneurship.
Practice firms associated to national and international networks form a worldwide virtual economy reproducing the conditions of globalization of markets: international transactions, currency conversion, different time zones, cultural differences taken into account for marketing strategies…
National And International Networks
To create conditions for a global market, practice firms are grouped into national networks. Thus, in Canada, practice firms are members of the Canadian Practice Firms Network (CPFN). In 2015, it is about thirty members that are part of the CPFN and served by its central office.
The CPFN is a member of the worldwide network: EUROPEN-PEN International. This international network includes trainees participating in more than 7,500 training centers, schools, colleges, universities and professional education institutions in over 40 countries around the world. With this trading between borders and cultures, participants gain practical knowledge of both the labor market and the economy, improving their employability and entrepreneurial spirit.
Flowers from Rose Drummond, jerseys and tickets for the Voltigeurs Hockey Team, promotions for the Village d’Antan. Produits du terroir
Products for health and comfort, massage chairs, therapy, mattresses
Horticultural and peat moss products, massage, gazebo, gardening tools, garden shed
1.Avril supermarket Organic Food Stores, Supplements and natural cosmetic. -Grocery -Supplements and Vitamins -Care and Beauty 2.The Grand Bazaar Sports Source -Articles and Sportswear
Charcoal and outdoor fireplaces, Telecommunication products and services, Tourism Packages
Local and ecofriendly products that evoke delight and indulgence (frozen dairy, handmade chocolates, lavender products)
Recreational products vehicles/ Scooter/ Luxury boat and Yacht / Vacation packages and travel/ cruise vacations / Financial Products & Services
Personalized publicity and advertising plastic products, computer products
Range of equipment and sports training items of different categories: treadmills, elliptical trainers, exercisers, training balls, dumbbells, exercise mats, toning strips and other sporting goods
Travel packages (Outaouais), outdoors sporting goods, wooden products
Articles of tasting for the specialized tea
Plastic products : vertical blinds, molded plastic, containers, motorcycle and snow bikes helmets
Outdoors clothing (adults and children), canoe, camping and climbing equipment, snowboards
Health and Beauty Center (with or without lodging), Sightseeing
Bikes and accessories
Flight training, aerial banners, flight simulator
Consulting in management and accounting
Products and services vary annually for the trade fair
Ski packages, outdoor activities and body products
Products and services vary annually for the trade fair
Tourist Packages / Marketing consultants
The participants in practice firms are job seekers (for the employability PFs) or students (in the pedagogical PFs).
By carrying out their duties just as they would in a real business, under the supervision of qualified trainers, they gain concrete professional experience in a real office environment within an international trade context. With an emphasis on career readiness, trainees gain a competitive edge through collaborative leaning and development of skills in business, entrepreneurship, international trading, problem solving, and communication. For students, it also allows the orientation of career choice
A few weeks training in a practice firm is like getting on-the job training, a work experience, and getting professional job search support, all at the same time!
Training in practice firm enables the participants to:
- Acquire work experience in a context of international trade
- Update personal and professional skills: in tertiary sector positions (for example: human resources management, accounting, sales, purchasing, marketing…), in the use of both official languages, in the mastery of the latest technological tools and technologies
- Make a proactive job search
In short, an internship in a practice firm allows participants to become more experienced and better skilled candidates for today’s job market.
As for employers, they have within reach qualified and motivated employees, all for free!