DIFFERENCE BETWEEN BUSINESS PROFESSION AND EMPLOYMENT 

https://youtu.be/yU1NzfomfnA

1.MODE OF ESTABLISHMENT

BUSINESS – Decision of opening up a business and some legal formalities, if required. For e.g. Small clothing store or Clothing manufacturing Industry.

PROFESSION – Membership of a professional body and certificate of practice. For e.g. Doctor, Chartered Accountant.

EMPLOYMENT – Appointment letter and service agreement.

For e.g. – Cashier in SBI Bank, Marketing Manager in ITC Ltd.

2.NATURE OF WORK –

BUSINESS – Provision of goods and services to people according to their needs. For e.g. Selling daily use goods to consumers.

PROFESSION – Rendering of personalized, expert services. For E.g. Auditing company accounts.

EMPLOYMENT – Performing work as per service contract or rules of service. For e.g – Working as a human resource executive in XYZ company and dealing with recruitment, remuneration and handling orientation and training programs for employees.

3.QUALIFICATION

BUSINESS – No minimum qualification is necessary. It depend on the nature of Business.

PROFESSION – Qualifications, expertise, and training in specific field as prescribed by the professional body is must. For e.g. Doctorate degree, Engineering Degree, CA Degree, CS Degree, Law Degree, B.Ed. Degree.

EMPLOYMENT – Qualification and training as prescribed by the employer. For e.g. Assistant Manager Job for Bank- Person should be Post graduate having an MBA or M.Com Degree is required

4.RISK –

BUSINESS – Profits are uncertain and irregular, risk is present as a business is controlled by many external and internal factors.

PROFESSION – Fee is generally regular and certain, only some risk is there like any pandemic happens or shift in cliental base.

EMPLOYMENT – Fixed and regular pay; no or little risk.

5.TRANSFER OF INTERESTS-

BUSINESS – Transfer is possible with some formalities. For e.g. A father giving his proprietorship to his daughter.

PROFESSION- Not possible. You cannot give or sell your professional degree to someone else.

EMPLOYMENT – Not Possible. You cannot give your job title to someone else, until or unless you leave your job.

6.CODE OF CONDUCT 

BUSINESS – No code of conduct is prescribed but it depends on the nature of business. Though every business should follow business ethics.

PROFESSION – Professional code of conduct is to be followed as prescribed by the profession body and they are mandatory to follow.

EMPLOYMENT- Norms or behavior laid down by the employer to be followed.

7. EXAMPLES 

BUSINESS – SHOPS, FACTORIES, STORES

PROFESSION – CA, LEGAL,MEDICAL,TEACHER, ENGINEER, CHEF, CS, GRAPHIC DESIGNING, WEB DESIGNING, ETC.

EMPLOYMENT – JOBS IN GOVERNMENT DEPARTMENT, PRIVATE COMPANIES, FIRMS, BANKS, SCHOOLS AND OTHER SECTORS.