This is the main difference between occupation and profession. Money might be the underlying motive for all jobs but a professional sometimes also contributes a lot in terms of knowledge while business provides employment opportunities to many. On the other end, the risk factor may or may not be present in a profession. 2. As opposed to the profession, the code of conduct is prescribed by the professional bodies which must be followed. However, those defined in a company or by a profession must be followed by you, since breach of these principles or rules may harm your reputation and status. Employment: People those who work in their offices of banks, insurance companies or government department, as managers, assistants, clerks, peons or security guards are the employees of these organizations Q2. A payment known as fees or salary in some cases is given to professionals whereas businesses make profits. Specialised Knowledge: No specialised knowledge is required for a business. A few years ago we as a company were searching for various terms and wanted to know the differences between them. Difference Between Profession and Business (With Table), https://heinonline.org/hol-cgi-bin/get_pdf.cgi?handle=hein.journals/jlsocty19§ion=10, https://scholarship.law.vanderbilt.edu/cgi/viewcontent.cgi?article=2633&context=vlr, Comparison Table Between Profession and Business (in Tabular Form), Main Differences Between Profession and Business, Word Cloud for Difference Between Profession and Business, Difference Between Local Time and Solar Time (With Table), Difference Between Core Banking and Internet Banking (With Table), Difference Between McAfee LiveSafe and Total Protection (With Table), Difference Between HCPCS and CPT (With Table), Difference Between Catholic and Lutheran (With Table), Difference Between Articles of Confederation and Constitution (With Table), Difference Between Verbal and Non-Verbal Communication (With Table). Difference Between Business, Profession and Employment. While having a profession is less risky and an opportunity to provide service to fellow human beings, setting up a business makes you your boss and hence aids the economic development of the nation. The main theme of professional rendering services to those in need of them while businesses exist for the sake of making profits. Capital → An adequate amount of capital is required to run the business efficiently. Advertisement is prohibited as per professional code of conduct. The followings are some of the differences between profession and business. Keep in mind the "business" part of business casual, and leave your old comfortable clothes at home. According to the Shorter Oxford Dictionary, “business” includes a state occupation, profession or trade; profession in a wide sense means any calling or occupation by which a person habitually earns his living. These businesses employ people who work for the company. Businesses span in scale from alone proprietorship to a worldwide enterprise. in Business, Tech. 1. In business, transfer of interest is common, like transfer of business by the father to his son. 3. Your email address will not be published. → A minimum technical or academic qualification is needed to join a profession. The words occupation and profession are interchangeable. A businessman/ woman is a person who may or may not be professionally trained but works entirely towards economic profits and might even employ professionals or employees for the cause. Thanks for the A2A. 1. Hope you liked it. Business is an economic activity where people sell goods or services. Many think that occupation and profession are synonyms, but the fact is they are different. 1. Business: Business is where goods and services are exchanged for one another or for money. But actually to become financially secure person need to mind their own business. It can be business, profession or employment that a person undertakes to make money. Explain the following terms: 1. Business 2. Having a profession is less risky and is bound to offer some amount of cash at all times without any investment whereas a business might fail or go into loss. Many governmental bodies govern teachers’ unions, like AIPTF for primary teachers in India which is an affiliation of 24 teachers unions from different states. Ten major differences between business and profession are presented in this article. A business is interpreted as an institution or enterprising element committed in retail, industrial, or skill related procedures. Vocation specifically defines the career or occupation that is considered suitable according to the person’s qualifications and personal inclinations. Even teaching is a profession as you need skills and the degree to become eligible to impart knowledge to others. In business, there is no prescribed code of conduct. The objective is to earn money but by using their skills and knowledge for their own or the company's or other people’s betterment. An economic activity concerned with the production or purchase and sale merchandise and rendering of services with the purpose of earning profit is called business. Example: starting from roadside vendors to huge multinational corporations everything is a business on its scale. While both professions and businesses are viable career opportunities they are entirely different from each other. While there is no fault in using these words as synonyms, there is a slight difference between occupation and profession. Following are the main difference between business and profession. 4. Required as per the size and nature of business. Difference Between Business and Profession. The following is a collection of the most used terms in this article on Profession and Business. Having a career is a very important part of one’s life as the end of the day all we do and strive is for money. Any type of work that requires special training or skill and hence a higher level of education and expertise. The main difference between Job and Profession is that the Job is a role of a person in a society and Profession is a vocation founded upon specialized ... A person can begin a job by becoming an employee, volunteering, starting a business, or becoming a parent. Many of us want job that is employment but many of us want to start business also. • The field in which a person works is referred to as his profession while the role he is performing relates to his job. Thank you for clarifying the point, and helping us wrap our heads around all the challenges in the industry. No qualification is required for a business and making that person rich or not to be members of profession! 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