1 At least five years of education, training and/or professional experience in coaching, human resources, leadership, organization development, or a related field. 2  Openness to feedback; capacity for self-examination; willingness to challenge one's own beliefs.
Definition of firm. 1 : the name or title under which a company transacts business. 2 : a partnership of two or more persons that is not recognized as a legal person distinct from the members composing it. 3 : a business unit or enterprise.
Quick Answer. Firms exist to minimize costs and, as a result, profit maximization is achieved. There are three general ways of categorizing firms: sole proprietorship, partnership and corporation. These forms differ with respect to their constitution and the extent of their liability to creditors.