Academic institutions are becoming conscious of the importance of entrepreneurship course and subjects. Business Simulation Laboratory, business incubator and business simulator are the tools commonly integrated in the business courses in most schools, colleges, universities and even corporations in developing and the sharpening entrepreneurial and management skills of the stakeholders. The study made use of key informant and focus group interviews to determine the acceptability of business simulation laboratory as an experiential learning tool for business colleges and universities in Davao City. The respondents were selected deans of the business colleges and universities, employees, managers and entrepreneurs. The respondents affirmed that business simulation laboratory is an essential aid for training, teaching and learning; thus its use and establishment may be institutionalized to ensure sustainability. They perceived that business simulation laboratory served as a good surrogate for real-world experience as seen by the business schools and the industry to achieve higher educational values. Business schools may consider that the laboratory is a best resource of eventually materializing a “student consulting team” who will assist new and small businesses and who will work with owners of small firms in analyzing as well as devising solutions to their business problems.