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Question
Distinguish between:
Business and Profession.
Solution
| Business | Profession |
| 1. Meaning: It is an economic activity where goods and services are produced and distributed. | The profession is also an economic activity under which a person uses his knowledge and provide expect services. |
| 2. Nature: A person invests his capital and starts a business. He may or may not have the proper skill or knowledge. | A professional has to take formal training before starting his profession. |
| 3. Special education: Business does not require special formal education though it is advisable. | Professional is required to take formal education to practice a profession. |
| 4. Returns: A businessman gets profit. | A professional gets fees from clients. |
| 5. Registration: A businessman need not register with a particular body or association. | A professional has to register under the respective body or association eg. A Lawyer has to register himself With the Bar Council of India before carrying out his profession. |
| 6. Capital requirement: More capital is required to run a business. Capital is brought by a businessman. | Comparatively less capital is required to carry out a profession. The required capital is brought by a professional. |
| 7. Code of conduct: There is no specific code of conduct for the businessmen. They are the owners so they may form the code of conduct for their organisation. | There is specific code of conduct for a professional. This code is decided by the respective association. |
| 8. Examples: Manufacturer of textiles, retailer, courier service provider, etc. | Doctor, Lawyer, Architect, Chartered Accountant, etc. |
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