Write four difference between business and profession?

Question

Answer

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.

Answer

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.

Answer

Hello, are you asking me question?

Answer

Human activities are primarily classified into two categories, i.e. economic activities, and non-economic activities. Economic Activities are the activities conducted with an aim of earning money or livelihood. Further, these activities are sub-divided into business, profession an

Answer

Key Differences between Business and Profession:

There are several key differences between business and profession, which are outlined below:

1. Nature of Work:
- Business: In a business, individuals engage in commercial activities to earn profits. They identify opportunities, invest capital, and undertake various activities like production, marketing, and distribution of goods or services. The primary objective of a business is to maximize profits by meeting customer needs and demands.
- Profession: A profession refers to an occupation that requires specialized knowledge, skills, and expertise in a specific field. Professionals provide services to clients or society, such as doctors, lawyers, engineers, or accountants. The primary objective of a profession is to serve society and fulfill ethical responsibilities.

2. Profit Orientation:
- Business: Businesses are profit-oriented entities. They aim to generate revenue and earn profits by selling goods or services at a higher price than their production or acquisition cost. Profit is the main motive behind every business activity, and business owners strive to maximize their returns on investment.
- Profession: Professions are not solely driven by profit motives. While professionals do charge fees for their services, their main focus is on providing high-quality services to clients and fulfilling their professional responsibilities. The fees charged by professionals are often based on the value of their expertise and the effort put into delivering the service.

3. Ownership and Control:
- Business: In a business, ownership and control are usually vested in the hands of individuals or a group of individuals who invest capital and actively participate in decision-making. The owners have the authority to make strategic decisions, manage the business operations, and bear the associated risks.
- Profession: Professions are generally organized in a way that separates ownership and control. Professionals may operate independently or in partnerships, but the control and decision-making authority typically lies with individual professionals. They are accountable for their actions and decisions, and their professional conduct is governed by regulatory bodies or codes of ethics.

4. Degree of Risk:
- Business: Engaging in a business venture involves a higher degree of risk due to uncertainties in the market, competition, and external factors. Business owners may face financial risks, market risks, operational risks, and legal risks. They need to bear the consequences of their decisions and may experience losses or failures.
- Profession: Professions typically involve a lower degree of risk compared to businesses. Professionals rely on their expertise, knowledge, and reputation to attract clients and provide services. While there may be risks associated with professional liability or errors, professionals are generally protected by insurance or regulatory frameworks.

Overall, while both business and profession involve economic activities, they differ in terms of their nature of work, profit orientation, ownership and control, and the degree of risk involved. Understanding these distinctions is crucial for individuals considering career paths or venturing into entrepreneurial activities.

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