It is important here to clarify the difference between 'strategic assets' and 'core competences.' Strategic assets are assets that underpin a firm's cost or differentiation advantage in a particular market and that are imperfectly imitable, imperfectly substitutable and imperfectly tradeable. These assets also tend to be market- specific. An example would be Honda's dealer network distributing and servicing its motorbikes. On the other hand, core competences are the pool of experience, knowledge and systems, etc. that can be deployed to reduce the cost or time required in creating or expanding the stock of strategic assets.

The most important personal ‘core competence’ by far is a rich set of relationships.

A competency is an underlying characteristic of the person that leads to or causes effective or superior performance.

An underlying characteristic of a person in that it may be a motive, trait, skill, aspect of one’s self-image or social role, or a body of knowledge which he or she uses... a person’s competencies reflect his or her capability. They are describing what he or she can do, not necessarily what he or she does, nor does all the time regardless of the situation and setting.

Never outsource your core competency

competence is an essential key to being successful.

A job competency is an underlying characteristic of a person in that it may be a motive, trait, skill, aspect of one’s self-image or social role, or a body of knowledge which he/she uses. The existence and possession of these characteristics may or not be known to the person. In this sense, the characteristics may be unconscious aspects of the person. Because job competencies are underlying characteristics, they can be said to be generic. A generic characteristic may be apparent in many forms of behaviour, or a wide variety of different actions.

In the long run, competitiveness derives from an ability to build, at lower cost and more speedily than competitors, the core competencies that spawn unanticipated products.

Core values = The organization’s essential and enduring tenets – a small set of general guiding principles, not to be confused with specific cultural or operating practices, and not to be compromised for financial gain or short-term expediency.

There are three key practices needed in order to build and maintain a circle of competence: curiosity and a desire to learn, monitoring, and feedback.

Understanding the concept of competency is a prerequisite to understanding his integrated model of management.

Competence over credentials.

There are five areas where India has core competencies for integrated action: (1) Agriculture and food processing (2) Reliable and quality electric power, surface transport and infrastructure for all parts of the country (3) Education and healthcare (4) Information and communication technology (5) Strategic sectors

We are just proceeding adaptively to leverage our core competencies.