Business

Difference between Business and Profession

Business

A business is a set up to produce or distribute the goods or services in order to earn profit. It involves the:

  • Purchase
  • Store
  • Service
  • Transport etc.

Profession

Profession is an occupation which is started after completing required qualification or a license or membership of an association. In other words profession means “Intellectual skill or manual labour controlled by intellectual ability” Such as professor, doctor, lawyer, accountant etc.

All professions are businesses, but all businesses are not professions. Profession mainly depends upon the personal qualification.

Difference between business and profession

Nature of Difference Business Profession
1. Qualification No qualification is required for business. Profession mainly depends upon the qualification.
2. Capital Capital is the main requirement to start a business. The quality and efficiency are mainly required than the amount of capital.
3. Efficiency The efficiency of business may be measured by profit. The efficiency of profession is measured by quality of service provided to clients.
4. Ownership The transfer of ownership of business is possible. The transfer of ownership of profession is not possible.
5. Objective The main objective of business is earning profit. The main objectives of profession are earning profit as well as to provide the services.
6. Personal service The business on large scale does not involve the personal service. The profession must involve the personal service.
7. Customers The business makes deal with customers. The profession has no customers. It has the clients.
8. Flexibility The nature of business is flexible. The nature of profession is not flexible.
9. Risk In business, there is a risk of high loss. In profession, there is risk of low loss.
10. Social service There is no social service in the business. The social service is the main motto of profession.

 

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