Question

Compare business with profession and employment.

Answer 1

		Business	Profession	Employment
1.	Mode of Establishment	Promoter's decision registration and other formalities as prescribed by law.	Membership of a  professional body or certificate of practice.	Service contract or letter of appointment.
2.	Nature of Work	Goods and services provided to the public	Personalized service of expert nature	Performing work assigned by the employer
3.	Qualifications	No minimum qualification is essential.	Education and training in the specialized fields.	Minimum Qualification is essential.
4.	Basic Motive	Earning profits by satisfying the needs of society.	Rendering services	Earning wages or salary by serving the employer.
5.	Capital	Capital investment required as per the size of the firm.	Limited capital necessary for Establishment	No Capital required.
6.	Reward	Profits	Professional fee	Salary or wages.