Sno. |
Business |
Profession |
Employment |
1. Definition |
It refers to those economic activities which are connected with purchase, production and/or sale of goods and services with an objective of earning profits. |
It includes those economic activities that require special knowledge or skills in the occupation. |
It refers to the occupation in which people work for others get remuneration in return. |
2. Examples |
Fishing, Mining, Production and selling of electronic goods |
Medical Doctor, Lawer (Legal), Accountant |
Worker, Salesman, Employee |
3. Mode of Establishment |
Starts after completing some legal formalities needed. |
Membership of a professional body and certificate/license to practice required. |
Start after getting appointment (formal or informal)
|
4. Nature of work |
Provision of goods and services to the public. |
Personalized services of expert nature. |
Work allotted by employer or as prescribed by contract. |
5. Qualification |
No minimum qualification necessary. |
Professional qualification and training required. |
Qualification and training as prescribed by employer. |
6. Capital Investment |
Capital needed according to its nature and size. |
Limited capital for establishment. |
No capital required. |
7. Rewards/Returns |
Profits |
Professional fee |
Salary or wage |
8. Transfer of Interest |
Transfer fasible after some formalities. |
Not feasible |
Not feasible |
9. Code of conduct |
No code of conduct |
Professional code of conduct to be followed. |
Terms and conditions as laid by appointment letter or contract. |
Risk |
Involves high risk |
Low risk |
Verlow or no risk. |
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