This paper outlines an experiential learning exercise designed to improve business students' ability to apply flexible leadership. The exercise is a two-step process for which students complete a simulation and then write a self-reflective essay. Two mixed-methods studies were conducted to investigate the overall learning experience and changes in students' ability to apply flexible leadership. The findings showed that students perceived the simulation as being satisfying and engaging, realistic and immersive, easy to use, and valuable for teaching work-related skills. After completing the simulation and self-reflective essay, students' perceived ability to apply flexible leadership improved significantly, and they also showed improved self-awareness of their use of flexible leadership.