Question

Differences between employment and business

Answer 1

Business:

A business is organized to produce or distribute goods or services to society in order to earn profit. It involves various kinds of activities such as purchase, sale, store, transport, finance, service which all aim at gaining profit. Business is useful to society in many ways.

It provides material needs to the people.It gives theme employment and regular incomeIt carries on research and thus makes the best use of scarce resources of the countryIt strengthens the economyIt raises the standard of living of the peopleIt provides income to the state.
Profession:

Profession, on the other hand refers to a vocation which a person adopts after getting specialized training. The professional men provide services of specialized nature to the community. The professionals are mainly of two types.

Those who carry on the profession purely for profit motiveThose who are not guided by profit motive but are strongly motivated to provide services to the community. The professor, doctors, engineers, accountants, artists, scholars etc fall in the category of professionals.

In the materialistic world of today, the professional men are rendering very useful service in the society as they have a specialized knowledge in a particular field. a cost accountant, for instance, can give valuable suggestions to the management for minimizing cost of production consistent with efficiency. Similarly, a professional manager can better meet the challenge created by rapid race of innovation and technological inventions in the business growth business and profession are closely interrelated.