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Compare business with profession and wmployment

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Compare business with profession and wmployment

Posted by Jaskirat Singh 3 years, 3 months ago

CBSE > Class 11 > Business Studies

1 answers

Sia ? 3 years, 3 months ago

Basis	Business	Profession	Employment
Commencement	Business may commence with the decision of entrepreneur.	The profession may commence on completion of a degree course & by getting a certificate of practice.	Employment commences on joining duty by entering into a service agreement.
Qualification	No minimum qualification required before starting a business.	Prescribed & professional qualification & training required.	Qualification depends on the nature of the job.
Investment	Capital requirement depends on the scale of business.	Limited capital investment is required.	No capital investment is required.
Risk	In business, there is always risk & uncertainty.	In the profession, there is little risk present.	In employment, there is no risk involved.
Transfer of interest	Transfer of interest is possible with some formalities.	Transfer of interest is not possible.	Not possible to transfer the service contract.
Main objective	The main objective of business is to earn a profit.	The main objective of a profession is to provide service.	The main objective of employment is to earn income in the form of salary by satisfying the employer.
Code of conduct	There is no prescribed code of conduct for business.	Code of conduct is prescribed by the professional associations.	The terms & conditions of service contract are applicable to an employee.
Nature of work involved	It involves production, purchase & sale or exchange of goods & services.	It involves the rendering of personalized services of specialized nature.	It involves performing the work as assigned by the employer.

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