Entrepreneurs need to develop a range of skills to be successful, including skills in decision making, risk management, problem solving, communication, and teamwork. Games and simulations are increasingly being used in both academia and business to encourage such skills development. This paper describes a business simulation module whereby postgraduate students use a game to simulate managing and operating a business. The game replicates real-world scenarios, thereby providing an innovative and contextualized learning environment. This paper presents extracts from students' reflective essays, which describe various learning outcomes. The paper concludes with some guidelines for teachers considering integrating game-based learning into their curricula to facilitate skills development, as well as recommendations for future research.