Mention the relationship between two profesion with an example
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Comparison of Business, Profession and Employment
Economic activities are divided into three major categories, namely business, professions and employment. While all these may seem similar in the world of business they are distinctly different. Let us learn about all three and also the differences amongst them.
Business Functions at the Enterprise Level
The business includes many numbers of functions performed by many different types of organizations known as business enterprises or firms. To carry on any business the enterprise has to perform four major functions namely financing, production marketing & human resource management.
Mobilizing & utilizing funds for running a business enterprise is meant by financing. The conversion of raw material into finished goods comes under production. Facilitating the exchange of goods & services from producers to the people who need them, at a place they require, at a time they need & at a price they are ready to pay is known as marketing. Human resource management means ensuring the availability of working people who have proper skills to perform various jobs in a firm.
Difference between Business, Profession, and Employment
Basis Business Profession EmploymentCommencementBusiness may commence with the decision of entrepreneur.The profession may commence on completion of a degree course & by getting a certificate of practice.Employment commences on joining duty by entering into a service agreement.
QualificationNo minimum qualification required before starting a business.Prescribed & professional qualification & training required.Qualification depends on the nature of the job.
InvestmentCapital requirement depends on the scale of business.Limited capital investment is required.No capital investment is required.RiskIn business, there is always risk & uncertainty.In the profession, there is little risk present.In employment, there is no risk involved.Transfer of interestTransfer of interest is possible with some formalities.Transfer of interest is not possible.Not possible to transfer the service contract.Main objectiveThe main objective of business is to earn a profit.The main objective of a profession is to provide service.The main objective of employment is to earn income in the form of salary by satisfying the employer.Code of conductThere is no prescribed code of conduct for business.Code of conduct is prescribed by the professional associations.The terms & conditions of service contract are applicable to an employee.Nature of work involvedIt involves production, purchase & sale or exchange of goods & services.It involves the rendering of personalized services of specialized nature.It involves performing the work as assigned by the employer.
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Education and profession are two side of same coin and they are closely related with each other. the education is the basic requirements ...