This article will help you to learn about the difference between business and profession.
Difference between Business and Profession
Business
1. Specialised Knowledge:
No specialised knowledge is required for a business. A layman can start a business.
2. Objective:
The prime objective of a business is to maximise the profit. Service motive is a secondary one.
3. Advertisement:
Advertisement is necessary in a business
4. Amount of capital:
An adequate amount of capital is required for starting a business.
5. Risk:
Risk is involved in business from beginning to end.
6. Measurement of Efficiency:
The efficiency of business can be measured to see its profitability.
7. Secrecy:
The secrecy of customer’s dealings is not necessary in the business.
Profession
1. Specialised Knowledge:
A profession requires a specialised knowledge.
2. Objective:
An element of service along-with economic objective is present in the profession.
3. Advertisement:
Advertisement of profession is prohibited by professional organisations and associations.
4. Amount of capital:
The competence of the person is more important than the amount of capital.
5. Risk:
The element of risk is quite negligible in a profession.
6. Measurement of Efficiency:
The efficiency of a profession depends upon the quality of service provided to the clients.
7. Secrecy:
In profession it is necessary to maintain the secrecy of customer’s dealings.