On what different parameters could you compare Business with Profession and employment?

Solution

Basis	Business		Profession		Employment
Mode of establishment	•	Promoters take decision, registration and other formalities as prescribed by law.	•	Membership of a professional body or certificate.	•	Service contact or letter of appointment
2. Nature of work	•	Goods and services provided to the public	•	Personalized.	•	Performing work assigned by employer.
3.Qualification	•	No minimum qualification is essential.	•	Specialized knowledge.	•	As per service requirement.
4. Basic motive	•	Earning profits by satisfying needs of society.	•	Rendering service.	•	Earning salary or wage by serving the employer.
5. Capital	•	Capital investment required as per size of the firm.	•	United capital required.	•	No capital required.
6. Reward	•	Profits.	•	Professional fee.	•	Salary or wages.
7. Risk	•	Profits are uncertain and irregular	•	Fee is regular and never negative.	•	No risk.
8. Transfer of Interest	•	Transfer of interest is possible with some formalities.	•	Not possible.	•	Not transferable.