Game Dev Tycoon is really worth trying out. If you've ever played Kairosoft's Game Dev Story on iOS or Android (I highly suggest it. It's addictive, won't eat up much time, has RPG elements, and a tinge of strategy...as do most of their games) then GDT is a more detailed, strategic based sim. It's actually inspired by Game Dev Story. Some features:
-Start from the 80s developing games in your garage then move on to offices and more workers
-Improve your graphics and design skills among others
-Research genres and themes
-Pick up licenses for a console. The license, the amount of features, and effort all factor into the game development time and budget
-You don't want to make too many of the same games in the row, but you can. Also there are trends that could be popular at that moment (ex: "FPS are popular at the moment" "Mature games are popular", etc.)
-There's popularity as well.
Lots of stuff. I haven't gotten to the point where I can develop a console. I would like if it were possible to become a 1st or 2nd party developer.
For a free, text-based sim based on game development you'll definitely want to go with Gamebiz: The Magical Year and Gamebiz 2. Both predate GDS and GDT and are a little more detailed in content. You have awards ceremonies and stuff like that. The game gets relentlessly difficult when the mid 90s roll in and you have to save up to make your own console.
Gamebiz is to game development sims what TEW and EWR are to wrestling booking sims (where you run the company and not just play a match) whereas GDS and GDT are to development sims what the WWE 2KX series is to wrestling sims.