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This study identifies the meaning of students' competence conceived by 26 secondary school business teachers in Hong Kong by using phenomenographic research and discusses how these conceptions draw implications on business education. Findings show that students' competence is seen as possessing: (1) work-based skills, (2) good subject knowledge, (3) professional attributes, (4) critical thinking ability, (5) practical experience, and (6) a belief in lifelong learning. These six conceptions are illustrated with sufficient extracts and further covered in three dimensions: performance, personal, and integrated. They are basically in line with the views on developing competent youth in knowledge-based society and [empowering] the latest development of business education in a global sense.