Difference between business Profession and Employment

 

Difference between business Profession and Employment

Basis	Business	Profession	Employment
1. Nature of          Work	It involves production       and exchange of goods and services.	Providing specialised personal service.	Performing the work assigned by the employer.
2.Qualifications	No specific qualifications are required.	Specialised qualifications prescribed for the profession will be required.	Qualifications are linked to the nature of work to be undertaken.
3. Mode of Establishment	Legal formalities, if required will be performed	Membership of a professional body is needed.	Appointment will be sufficient to take up the job.
4. Capital Investment	Investments are needed as per the nature and scale of operations.	Some investments are needed to set up office.	No investment is required.
5. Reward or Return	Profit is the reward for business.	Professional fee is charged from the clients for service.	Salary or wage is the reward for service.
6. Risk	It is faced by lot of risks.	Risk is limited.	There is no risk.
7. Code of Conduct	It may follow the code of conduct devised by business or trade associations.	Following of code of conduct of professional body is essential.	Only rules and regulations related to the job are followed.
8. Motive	Profit earning is the motive.	Service of society and earning of income or fees is the motive.	Earning of salary or wage is the motive.

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