Question

Distinguish between Business and Profession on the basis of:

(i)mode of establishment

(ii) reward or return​

Answer 1

Answer:

ormation – Born out of desire to make money.

2. Qualifications – No formal qualifica­tions needed other than a burning de­sire to succeed.

3. Membership – Businessmen can become members of an association—vol­untarily.

4. Nature of work – Serve customers well putting re­sources to best use. You need to deliver services at an af­fordable price too.

5. Motive – Make money by meeting customers’ needs.

6. Resources – Put resources to best use always to survive and flour­ish in a competitive environment.

7. Rewards – Profits.

8. Risk and un­certainty – Business environ­ment is risky and full of uncertainties.

9. Transferability of interest- Ownership interest transferable.

10. Code of con­duct – Moral and ethical behaviour born out of inner desire to serve customers well, no formal code exists.

Difference # Profession:

1. Formation – Earn a degree and a certificate of prac­tice.

2. Qualifications – Degree, skills, knowledge and ex­pertise in a field required.

3. Membership – Professionals are required to be members of a pro­fessional body reg­ulating their affairs.

4. Nature of work – Serve clients by offending expert ad­vice, quality service and showing genu­ine commitment.

5. Motive – Offer best advice and quality service for a fee.

6. Resources – Invest your time, money, effort to acquire expertise and offer the same to clients.

7. Rewards – Professional fee.

8. Risk and un­certainty – Professional life is tough, competitive and very challeng­ing.

9. Transferability of interest – Not possible.

10. Code of con­duct – Code exists and to be followed.

Difference # Employment:

1. Formation – Appointment letter speci­fying what to do and how to do.

2. Qualifications – Employee must have job related skills, knowledge and experience.

3. Membership – Employees can join unions and employers can fo

Explanation: