Competence is one of those words we all think we know but which has more than a few meanings. It may mean the ability to do something. Or the ability to do something successfully. Or the ability to do something efficiently. Or the ability to do something well. Or the ability to do something successfully, efficiently, and well. In business, we sometimes speak of a “core competency,” which is something a company does that differentiates it from the competition, giving it a competitive advantage. In this sense, competence is sometimes defined as the ability to offer products or services that are perceived as valuable, rare, and essentially inimitable.
