Difference between Business, Employment and Profession
Dear Friends, you must have heard about business, employment and profession. Many of us want job that is employment but many of us want to start business also. Both are professional development paths.
Let us today formally understand the Differences between Business, Employment and Profession in tabular form. The following table is divided into four parts that is basis, business, employment and profession:
|Meaning||It means an occupation performed by human beings regarding production and purchase of goods for sale to earn profit.||It is the occupation performed by human beings in which they work for others and get remuneration.||It refers to the occupation performed by human beings for which special skill and knowledge is required.|
|Motive||To earn maximum profit.||To get salary or wages||To get professional fees.|
|Requirement of Investment||Capital is required as per the nature of business.||No capital is required.||Capital requirement is limited.|
|Code of Conduct||No code of conduct is followed.||Employee has to follow the organisation’s code of conduct.||There is professional code of conduct of professional body.|
|Risk||More the profit high will be the risk.||No risk as the employee gets regular salary.||Risk is of fee and it is generally regular and certain.|
|Qualification||No minimum Qualification is required||Qualification as prescribed by the employer is required.||Qualification in particular field is required.|
|Type of Work||Selling goods and services to the society||Performing the job||Providing personalized services to the customer.|
I have after going through the above table you have understood the differences between business, employment and profession.