Business and Profession | Meaning | Differences

Meaning of Business and Profession

means to earn profit by supplying goods and services, whereas profession is an advice or service rendered by one or a group of persons which does not include manufacturing or selling of goods.

Business vs Profession

Business vs Profession

In order to become a professional, a person has to attain certain academic qualifications and training. Examples are Chartered Accountants, Doctors, Advocates, Engineers, Cost Accountants and Company Secretaries.

Differences between Business and Profession

The points of difference between business and profession are given below.

1. Difference in Educational Qualifications

The professional should have the specified academic qualifications to practice the profession, whereas the businessman is not expected to have such specified academic qualifications.

2. Difference in Expert in the Field

The businessman need not have expertise knowledge in his field of business. On the other hand, the professional must be an expert in his profession.

3. Difference in Personal Attention

The businessman can appoint anybody to manage the affairs of his business. The professional, on the other hand, has to perform the duties personally.

4. Difference in Name of the Reward

The reward for business is known as profit. The reward for profession is called as fee.

5. Difference in Code of Conduct and Ethics

There is no rigorous code of conduct and ethics to be followed by a businessman. The professional, on the other hand is expected to follow code of conduct and ethics.

6. Difference in Governing Body

Any body or association does not govern the businessman. He may or may not be a member of any trade association. On the other hand, the association to which he belongs governs the professional.

7. Difference in Motive

The primary motive of a businessman is profit. The basic motive of a professional is service, and profit is only secondary.

8. Difference in Advertisement

The businessman can advertise his business to attract more and more customers towards his business. A professional, on the other hand, cannot advertise except displaying a name board in front of his office.

Leave a Reply

Recent Posts

Related pages

definition of decentralizationservice blueprinting processdrawee definitionwb idatrade receivables ratiodrawbacks of online bankingdifference between managerial and financial accountingimportance of a cash budgetthe meaning of autocraticlist of depository participants in indiaventure capital advantages and disadvantagesfigurehead managementmarket research disadvantagesinternet retailing definitiondefinition of amalgamationbankers and customers relationshipvoidable contractsaccounting profitability ratiosexample of a consumer cooperativeequation for inventory turnovercapex meansmultinational capital budgeting pdfadvantages of decentralization in an organizationcompute the payback periodwhat is the meaning of perilsdirect vs indirect exportingdefine payback methodmarket skimming price strategycharacteristics of a sole trader businessadvantage and disadvantage of e businessicici bank historycosting and pricing methodscluster vs stratified samplingoperating lease or finance leaseoperating cycle of working capital pptmeaning of precautionnegotiable instruments typesforms of negotiable instrumentstreasury bond meaningwhat is inductive and deductivedebt securitisation processaverage accounting rate of returnsales quotas and targetspure project organizational structuredeductive meansmixed economies advantages and disadvantagesmeaning proformahow to calculate debtors collection periodeffective delegationegm definitioncartels economicsrecent vertical mergersdemocratic style of management advantages and disadvantagesdefine customer relationnsdl indiaicra rating scaleexporting advantages and disadvantageswhat are the advantages of budgetinggatt definitioncaveat meaning lawdisadvantages of corporationsdepartmentation by functionebanking pptnpa assetsdefine juristic personmeaning of forward contractdrawer & draweetypes of demotion in hrmfirst step in rational decision makingdebtor turnoverdefinition of internationalizationmaster budget componentscontrollable variance