Updated: Thursday, July 23rd, 2009

Finally, there's a good reason to sit on Facebook all day thanks to a new application that may help individuals enrolled in an MBA program with their studies.

Those with Facebook accounts can access the business education application that is intended to give potential business owners and the curious a chance at managing their own business while receiving input from peers.

Called IndustryMasters, the program brings together aspiring entrepreneurs who want to see how their business plan would thrive or fail in a virtual marketplace. Others can buy shares in the company if they so choose.

Users sign in to the application and they build and manage their own companies through Facebook only.

Tycoon's CEO Thomas Lehnert explains "players can compete 24/7 in real-time with users from anywhere in the world in this...multiplayer business simulation game."

Meanwhile, real-time business exectutives are embracing the iPhone as a viable tool, according to ChannelWeb.

The article cites Apple executives who stated that businesses are buying iPhones in bulk for their workers to use and remain better connected.

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