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Practice firm

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A practice firm (also known as a practice enterprise, practice firm, or virtual company) is a simulated company that is run like a real business, simulating a normal company's business procedures, products and services, and resembles a real company in its form, organization and function. Practice firms trade with each other, and are organised nationally and internationally. There are around 5000 practice firms in Europe, and at least 2500 outside Europe. Practice firms are often supported by government programs, and usually aim to provide general training over a period of around six months, without providing certificates of achievement.

Practice firms provide a means for unemployed people to upgrade their skills, widen their network of contacts, and maintain the dignity associated with the appearance of gainful employment. A practice firm is organised and operated by trainees, with a facilitator acting as a coach. Practice firms are also often supported by "mentor companies" who provide guidance and technical information.<ref name=EPI-what>

References

  1. "About Practice Enterprises". EUROPEN-PEN International. Retrieved 30 May 2015.
  2. "What is a practice firm?". Canadian Practice Firms Network. Retrieved 30 May 2015.
  3. ^ Alderman, Liz (29 May 2015). "In Europe, Fake Jobs Can Have Real Benefits". The New York Times - International Business. The New York Times company. Retrieved 30 May 2015.
  4. Discussion Paper No. 07-009, Long-Run Effects of Training Programs for the Unemployed in East Germany, Bernd Fitzenberger and Robert Völter, Centre for European Economic Research.
  5. "What is a practice enterprise". Europe-PEN-International. Retrieved 30 May 2015.