Difference Between Business And Profession
The main dissimilarities or difference between business and profession can be pointed out as follows:
1. Introduction
Business: Making money by performing economic activities such as production, distribution or trading or goods and services
Profession: Paid occupation or work that requires certain education, skill, knowledge and training to be applied.
2. Education/Qualification
Business: It does not require special knowledge and qualification to run a business
Profession: Qualification, deep knowledge and expertise is required to be a professional.
3. Capital Requirement
Business: Adequate capital is the main requirement to commence a business
Profession: Capital is not the main requirement
4. Risk Involved
Business: It involves high degree of risk
Profession: Level of risk is negligible
5. Advertisement
Business: Advertisement is required to promote products and services in the market
Profession: Advertisement is not allowed
6. Primary Motive
Business: To earn money
Profession: To provide a good service
7. Return
Business: Profit earned by selling products
Profession: Fee received by providing services
8. Secrecy
Business: Not necessary
Profession: High level of secrecy is necessary
Also Read:
Also Read:
9. Code Of Conduct/Ethics
Business: Not required
Profession: Required
10. Examples
Business: Producers, dealers, wholesalers, retailers etc.
Profession: Engineer, doctor, teacher, nurse. lawyer etc.
Business Vs Profession (Comparison Chart)
I hope this post is helpful to understand the difference between business and profession and to make comparison between them.
Business Vs Profession (Comparison Chart)
Basis For Difference
|
Business
|
Profession
|
Introduction
|
Earning money by doing economic activities such as production, distribution, trading etc.
|
Paid occupation that requires higher education, skills and ability
|
Special Knowledge
|
Not required
|
Required
|
Capital
|
Required
|
Not required
|
Risk
|
High
|
Negligible
|
Advertisement
|
Required
|
Not required
|
Primary Motive
|
Earning money
|
Providing service
|
Return
|
Profit
|
Fee/Salary
|
Secrecy
|
No
|
Yes
|
Ethics/Code
|
Not required
|
Required
|
Examples
|
Producers, suppliers, traders etc.
|
Doctor, engineer, nurse professor etc.
|
I hope this post is helpful to understand the difference between business and profession and to make comparison between them.
