Difference between Business and Profession

June 30, 2022November 5, 2022 Supriyo Sir

Distinguish between Business and Profession.

Or, What are the differences between Business and Profession?

Both business and profession fulfill the needs and wants of the people. The purpose of both is to earn money in exchange for production, distribution, and services and to do social welfare work. Yet business and profession are not the same. Several differences between the two are present. The differences are:

Point of Difference	Business	Profession
1. Definition	The continuous production, distribution and ancillary functions of goods and services are called business. Such as – grocery store or various industries.	Profession is what people take as a service to earn a living with special education and training. For example: Doctors, engineers are professionals.
2. Educational Qualifications	In order to do business, a businessman does not need to be highly qualified, but he needs to be qualified enough to run the business.	Profession requires higher education and special training.
3. Association affiliation	It is not compulsory to be a member of any association.	It is compulsory to be a member of a professional association.
4. Transferability	A business organization is transferable.	Professional qualifications are not transferable.
5. Efficiency	Even if efficiency is lost, a business can be run with the help of others.	If one loses his ability to work, he cannot stay in the profession.

Important Questions from this Chapter:

• Difference between Business and Profession
• Economic objectives of business
• Business risk and its economic objectives
• Characteristics of Commerce
• Classification of Industry with examples
• Short Notes on Warehousing and Advertising

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