Term Business Practice Firms
Code ND-2000.3500-100
Definition Simulated companies that resemble real businesses in form, organization and function, mirroring a real firm's business procedures, products and services for the purpose of training. With the assistance of a facilitator, trainees engage in all of the activities that are necessary to run a business (finance, purchasing, marketing and human relations) but rather than exchanging real goods and money, they trade with other practice firms in a closed economy. Trainees develop hands-on business skills and enhance their knowledge and experience of business practices as part of the process. The business practice firm model is extremely flexible not only in the curriculum, but also the student population that it serves. It has been implemented to meet the needs of high school, college, and workforce development trainees; and some programs focus on recent immigrants, people with disabilities or other special populations. The global practice firm network involves 42 countries and thousands of practice firms.
Created 12/18/08
Changed 2/19/09
Use References Ghost Companies
Practice Enterprises
Virtual Businesses
Virtual Firms
See Also References Work Experience (ND-2000.3500-950)
External Classification Terms Employment (AIRS EM-180)
Employment (CAN EM-180)
Employment (ACH G-01)
Job Training (UW
Job Training (NTE J22)
Job Training & Employment (NPC J02)
Related Concepts Labor and Employment
Modality/Delivery Format
Facet Modality/Delivery Format
Bibliographic References "Practice Firm", Wikipedia, the Free Encyclopedia, http://en.wikipedia.org/wiki/Practice_firm

"What is an International Business Practice Firm?", The Center for Simulated Business Services at Mercer County Community College, http://www.mccc.edu/ibpf/about.shtml

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