1. Business refers to an enterprise that is engaged in the production and distribution of goods for sale in the market or rendering of services for a price.
2. Profession is an occupation involving the provision of personal services of a specialized and expert nature.
3. Employment involves working under a contract of employment for or under someone known as the employer in return for wages or salary.
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Basis
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Business
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Profession
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Employment
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1. Mode of establish
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Promoters take de
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Membership of a
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Service contact or
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ment
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cision, registration and other formalities as prescribed by law.
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professional body or certificate.
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letter of appointment.
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2. Nature of work
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Goods and services provided to the public
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Personalized.
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Performing work assigned by employer.
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3.Qualification
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No minimum qualification is essential.
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Specialized knowledge.
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As per service requirement.
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4. Basic motive
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Earning profits by satisfying needs of society.
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Rendering service.
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Earning salary or wage by serving the employer.
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5. Capital
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Capital or investment required as per size of the firm.
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United capital required.
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No capital required.
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6. Reward
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Profits.
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Professional fee.
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Salary or wages.
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7. Risk
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Profits are uncertain and irregular
high risk
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Fee is regular and certain. some risk
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No risk.
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8. Transfer of Interest
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Transfer of interest is possible with some formalities.
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Not possible.
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Not transferable.
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