The "Capstone" business strategy simulation has been used in business schools throughout the world. Scholars have investigated the impact of "Capstone" and other simulations on student learning, but there are no published studies that investigate factors associated with success. This study examines the performance of 7,347 participants using "Capstone" in 2019. Results suggest an optimal team size of four students. Overall, teams performed better in the competition mode than in the footrace mode, and better in official rounds than in practice rounds. Completion of training modules was associated with improved team performance in some but not all instances.