write four differences between business and profession
Answers
Key Differences Between Business and Profession
1.An economic activity concerned with the production or purchase and sale merchandise and rendering of services with the purpose of earning profit is called business. A form of economic activities, wherein special skills, knowledge, and expertise is required to be applied by the person, in his occupation is known as the profession.
2.The primary objective of a business is to earn profit whereas profession is aimed at providing services.
3.A business can be established by the decision of the entrepreneur and after fulfilling certain legal formalities. On the other hand, profession requires membership of the respective professional body and certificate of practice, for the establishment.
4.Any person can start his business; there is no minimum qualification to run a venture. On the contrary, specialised knowledge of study, training and expertise is the major requirement for the profession.
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