When you are using sudo command and terminal says: "Command not found"
Then use command like below.
sudo su (enter)
$ sudo mv "/Library/Developer/CoreSimulator/Profiles/Runtimes/iOS 8.1.simruntime/Contents/Resources/RuntimeRoot/usr/lib/system/host/liblaunch_sim.dylib"{,.bak}(enter)
$ sudo mv "/Library/Developer/CoreSimulator/Profiles/Runtimes/iOS 7.1.simruntime/Contents/Resources/RuntimeRoot/usr/lib/system/host/liblaunch_sim.dylib"{,.bak}(enter)
$ sudo ln -sf "/Applications/Xcode-beta.app/Contents/Developer/Platforms/iPhoneSimulator.platform/Developer/SDKs/iPhoneSimulator.sdk/usr/lib/system/host/liblaunch_sim.dylib" "/Library/Developer/CoreSimulator/Profiles/Runtimes/iOS 8.1.simruntime/Contents/Resources/RuntimeRoot/usr/lib/system/host/liblaunch_sim.dylib"(enter)
$ sudo ln -sf "/Applications/Xcode-beta.app/Contents/Developer/Platforms/iPhoneSimulator.platform/Developer/SDKs/iPhoneSimulator.sdk/usr/lib/system/host/liblaunch_sim.dylib" "/Library/Developer/CoreSimulator/Profiles/Runtimes/iOS 7.1.simruntime/Contents/Resources/RuntimeRoot/usr/lib/system/host/liblaunch_sim.dylib"(enter)
Exit(enter)
Now relaunch Xcode 7 if open earlier.you will be able to run simulators.