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Write four difference between business and profession?
Verified Answer
Write four difference between business and profession?
Difference Between Business and Profession

1. Minimum qualification

→ No qualification is required to start a business.

→ A minimum technical or academic qualification is needed to join a profession.

2. Capital 

→ An adequate amount of capital is required to run the business efficiently.

→ Real capital is the competency and specialized knowledge of the profession.

3. Objective 

→ The main objective of the business is to earn profits.

→ Service first, profit second is the main objective of the profession.

4. Risk

→ There is an element of risk in the business.

→ In profession, there is minimum risk.


5. Secrecy

→ The secrecy in the business transactions is not necessary.

→ A professional must maintain the secrecy of dealings with his clients.


6. Code of Conduct

→ There is no specific code of conduct for the business.

→ There is a code of conduct for every profession for regulating their dealings.


7. Specialization

→ A businessman need not to have a specialized knowledge for starting a business

→ A professional must have a specialized knowledge in the profession which he wants to join.

8. Advertisement

→ Generally, the goods are advertised in business to increase sales.

→ Advertisement is prohibited in all the professions according to their code of conduct.


9. Criteria of Efficiency

→ Profits in business is the only criteria of efficiency.

→ Quality of service rendered is the basis of measuring the efficiency.

10. Transferability

→ One can easily transfer his interest in business to other. For example father can transfer his business to his son.

→ Profession involves the specialized knowledge which can not be transferred to any other person.
This question is part of UPSC exam. View all Class 11 courses
Most Upvoted Answer
Write four difference between business and profession?
Differences are as follows... Profession:a)Meaning:It refers to that economic activity for which specialized knowledge is required and have to pass the respective exam to come in the guild of professions. b)Motive:Main motive of being in a profession is to provide service to the public. c)Risk:In profession there is not any risk but the risk may be arise due to the unfollow of code of conduct. d)transfer:The professionals can't transfer his duty to any other person like this son or any family member. Business:a)Meaning:The activity related to the production or manufacturing and sales of goods of services for the purpose of earning profit. b)Motive:Main motive is to earn reasonable profit supported with providing services. c)Risk:Business involves uncertain risk because of uncertain future. d)Transfer: Businessman can transfer his job to his heirs.
Community Answer
Write four difference between business and profession?
Business simply means to remain busy in any work on daily basis and where your intention is to gain profit.To Start a business you don't need to have any technical or professional knowledge. While as proffesion need the specific knowledge to became a professional.Business includes Budden of losses while as in proffesion no such Budden is there Business enjoy profits while as in proffesion ur getting salary.
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