core competencies

Cluster of extraordinary abilities or related 'excellences' that a firm acquires from its founders, after consistent striving over the years, and which cannot be easily imitated. Core competencies are what give a firm one or more competitive advantages, in creating and delivering value to its customers in its chosen field. Also called core capabilities or distinctive competencies. See also core rigidities.

You may know how to design a widget, but not know a thing about running an efficient manufacturing plant. Apple designs and markets its nifty iPods and iPhones, but lets someone else slap them together. Countless Webpreneurs farm out the design of their sites and back-office payment systems. Wasting resources just to be mediocre is suicide. Stick to core competencies and find trusted partners to handle the rest.

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