Skip to main content

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. 





Comments

Post a Comment

Popular posts from this blog

 BUSINESS RISKS - TYPES, NATURE AND CAUSES                                                     https://youtu.be/5JYNLsO1jio RISK is defined as the possibility of uncertainties and unexpected events which are beyond our control. BUSINESS RISK -  When we think of starting a business or when we start any business, we often have some questions in our mind like -  There is so much risk in doing business, should I start it? What if I incur a loss in my business? What if I earn less profit than expected or less than the amount I have invested? What if my business fails? Why do we think so? Because there are some uncertain and unexpected events which can occur anytime and affect our business. So, Business risks refer to the possibility of inadequate profits or losses due to unexpected and uncertain events. Few examples are cited below: 1.You own a rest...
Post a Comment
Read more
 OBJECTIVES OF BUSINESS| CLASS XI |BST                                                       https://youtu.be/Um3C8749m-g We all have some aim, purpose and a reason to live our lives. Likewise, a business also operates because it has some objectives to fulfil. A reason why that business gets started! WHAT IS THE MEANING OF OBJECTIVES? In simple words, an objective is a point that an organization has to achieve in a specified time period. All the efforts and actions are directed towards achieving that objective. It may be anything like earning a profit, increasing productivity, providing quality goods, making a position in a specific industry, etc. Setting objectives bring prosperity to a business. They should be time-oriented, specific, achievable, relevant and measurable. WHY PROFIT IS AN ESSENTIAL OBJECTIVE? The main objective of any business...
Post a Comment
Read more
  COMMERCE- MEANING AND CLASSIFICATION                                                             https://youtu.be/FQIoSlBzz1A MEANING-  -COMMERCE IS CONCERNED WITH TRADING OF GOODS AND SERVICES AND ALL THE ACTIVITIES WHICH MAKES TRADE POSSIBLE. - IT IS A LINK BETWEEN PRODUCER AND CONSUMER WHY COMMERCE..?? -To ensure free- flow of goods and services. - To remove hindrances which comes in the process of exchange. WHAT ARE HINDRANCES..?? The hindrances may be in respect of persons, place, time, risk, finance, information. - The hindrance of persons is removed by trade, thereby making goods available to consumers from the producer.   - Transport removes the hindrance of place by moving goods from the place of production to the marketplace for sale. - Storage and warehousing activities remove the hindrance of time by facilitati...
Post a Comment
Read more