Profession refers to that work which requires special skill and knowledge so as to do a specialized job while employment refers to working for somebody else which may be sole proprietorship or partnership or company. A profession needs extensive training and specialized knowledge. The businessman need not have expertise knowledge in his field … 2. The main difference between business and professional income is that businesses have inventory and sales, while professionals have work-in-progress and charge fees. The efficiency is judged by the quality of services provided to the clients. The implications of this change could be far reaching on the industry - and incidentally greatly reduce litigation on the employment status of agency workers. Job, occupation and career all relate to the same thing -- what you do to earn your living. The difference is that an occupation may require specialized trainging, but a profession normally requires specialized schooling. An employee does no incur any risk of business so long he remains in job. (Source: Office of Occupational Statistics and Employment Projections) Earnings and Hours. Keep in mind the "business" part of business casual, and leave your old comfortable clothes at home. Normally, those earning professional income are governed by a licensing body (e.g., architects, dentists, doctors, engineers, lawyers etc. For projected (future) employment estimates in professional and business services, see the Employment and projected employment by major industry sector table. It … Often the people switch jobs until they find a profession which is to their liking. The professional and business services industry in Oregon has grown almost continuously since the early 1990s, declining for only short periods during recessions. Those engaged in professions are known as professionals. There are some clear differences between a contract of employment and a contract for services. You have entered an incorrect email address! Capital is required as per nature of business, Limited capital is needed for establishing an office for carrying on profession. Profession is an activity that requires specialised training, knowledge, qualification and skills. Profession is an economic activity where people work with their knowledge and skill. Q.2:- Compare business with profession and employment. The difference between these terms is more than semantics. A professional job is generally one in which someone takes on the professional mannerisms and roles of a given position. Business refers to those economic activities, which are connected with the production or purchase and sale of goods or supply of services with the main object of earning profit. Hope you liked it. The main objective is to earn a living by way of wages or salaries. Those who are employed by others are known as employees. Profession includes those activities, which require special knowledge and skill to be applied by individuals in their occupation. Non-Professional Vs. Professional Jobs. Comparison of business, profession and employment: Business refers to those economic activities which are connected with the production or purchase and sale of goods or supply of services with the main object of earning profit. Job is connected to a profession. Transfer of ownership and interest possible in business with legal formalities if any. Hi, Business is the thing where in you have independence.....You have your own choice .....you can take decisions that you want whatever the thing ....profit or loss it is entirely for you ....but in case of Employment you work under someone and you should do … Formation – Earn a degree and a certificate of prac­tice. Qualification is not necessary for Starting a business. A profession is sometimes described as a job you get paid for. ). Appointment commences when a person agrees to work under a contract of employment. difference between business, profession and employment - 14334884 Example: Any person working for other on a salary basis such as Accountant, Sales Manager, Peon etc. Many of us want job that is employment but many of us want to start business also. An employee can’t transfer his job to any other person. Occupation and profession are similar in that they both refer to the general type of work you would seek employment in. Once you understand that a job is something that comes under a profession, then the confusion between profession and job will disappear. Objective: The prime objective of a business is to maximise the profit. People remain especially confused between vocation and profession as they have similar meanings and often used interchangeably by people. 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