Table of Contents
What is Business?
Business is a person’s regular occupation, profession, or trade to engage and acquire wealth. An organization or business engages in commercial, industrial, or professional activities.
Businesses can be for-profit or non-profit. Business types range from limited liability companies to sole proprietorships, corporations, and partnerships. It is an economic activity in which a person earns profit from the products by selling them to customers.
It doesn’t have to be a company or organization. It includes a street hawker or shoemaker. The main objective of business is to earn profits and wealth. It comes from the term busy, which means doing something.
Moreover, the entity may be involved in manufacturing or purchasing merchandise and supplying items for customer satisfaction.
Like a publicly owned business, it may be a profit entity.
These are a few characteristics of a business, like an economic activity. Production, sale, and purchase of goods are involved in the business. The main aim of the business is to make money and profits by offering services and products to the customers.
It includes many business activities like production, distribution, and customer support services. It also involves business activities like packaging, baking, manufacturing, transportation, and insurance. Before starting a business, a full business plan is essential.
What is Profession?
A profession is a field of work in which an individual is professionally acceptable. A profession is a paid occupation. They work for pay, especially if it involves formal training or qualifications.
This includes any activity that requires an individual to acquire specialized knowledge and skills through formal learning and experience and apply these in their profession.
The professions include doctors, lawyers, chartered accountants, engineers, architects, etc. it needs highly skilled persons in any specific field to provide the best services.
The profession needs formal education, learning, and skills to become competent. The professional work under different circumstances and on the guidelines or SOPs provided by an organization.
The main purpose of the profession is to provide services to the people. Unlike business, one cannot start the profession overnight. One has achieved a formal education in a particular field of interest.
They must find opportunities, give interviews, and pass them to get a professional job. The qualification, skill set, ability to perform tasks and organization decides the pay against your services.
Professionals should be self-driven career and goal-oriented to succeed in life.
Difference Between Business and Profession
Business is an economic activity concerned with producing, purchasing, selling merchandise, and rendering services to earn a profit.
In contrast, a form of economic activity wherein special skills, knowledge, and expertise are required to be applied by the person in his occupation is known as the profession.
The main aim of business is to earn a profit, while on the other hand, the profession’s objective is to provide services.
A business is established by making important and strategic decisions after fulfilling a few legal formalities.
In contrast, the profession requires membership in the respective professional body and a certificate of practice.
Comparison Between Business and Profession
|Parameter of Comparison||Business||Profession|
|Definition||Business is a person’s regular occupation, profession, or trade to engage and acquire wealth.||The profession is a field of work that an individual professionally accepts to adopt in his life. The profession is a paid occupation.|
|Purpose||To earn profit and make money.||To provide services and earn money.|
|Qualification||is not required.||A relevant qualification is required to achieve a job or profession.|
|Advertisement||Business needs advertisement.||No, advertisement is required.|
American Heritage Dictionary. Archived from the original on March 31, 2019. business [:] 1. The activity of buying and selling commodities, products, or services.