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Question 3

Compare business with profession and employment.

Answer

Business: It implies business or the state of being buys. Business means an enterprise engaged in the production and distribution of goods for sale in the market or rendering of services for a price.



Profession: Profession is an occupation involving the provision of personal services of a specialized and expert nature.

Employment: It involves working under contract of employment for or under someone known as the employer in return for wages or salary.

Basis Business Profession Employment
Mode of Establishment Promotes take decision, registration and other formalities as prescribed by law. Membership of a professional body or certificate. Service contact or letter of appointment.
Nature of Work Goods and services provided to the public. Personalized. Performing work assigned by employer.
Qualification No minimum qualification is essential. Specialized knowledge. As per service requirement.
Basic Motive Earning profits by satisfying needs of society. Rendering services. Earning salary or wage by serving the employer.
Capital Capital investment required as per size of the firm. United capital required. No capital required.
Reward Profits. Professional fee. Salary or wages.
Risk Profits are uncertain and irregular. Fees are regular and were negative. No risk.
Transfer of Interest Transfer of interest is possible with some formalities. Not possible. Not transferable.

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