Question

Long answer Type questions

Give comparative analysis of business, profession and employment.

Answer 1

Basis of Difference	Business	Profession	Employment
1. Commencement	Can be started by an entrepreneur, depending on his or her decision to do so	Can be practised only after successful completion of a (professional) degree or a certificate course	Commences as soon as the appointment letter and the service agreement are signed by the employer and the employee
2. Investment required	Varies as per the size and nature of the business	Limited	Nil
3. Risk involved	Depends on the nature of the goods produced/dealt with by the business and the scale of business operations	Comparatively low	Nil
4. Transfer of ownership	Is possible, subject to the fulfilment of certain legal formalities	Ownership cannot be transferred as a professional has himself inherited the required degree and the skills	Ownership cannot be transferred
5. Reward or Remuneration	Profit	Fees	Wages/salary
6. Code of conduct	A business does not require a code of conduct	The code of conduct is prescribed by the professional associations	The code of conduct is prescribed as terms and conditions laid down by the organisation
7. Qualification	No minimum qualification required	Prescribed professional qualification is required	Depends upon the nature of the job