Meaning of Business and Profession
Business means to earn profit by supplying goods and services, whereas profession is an advice or service rendered by one or a group of persons which does not include manufacturing or selling of goods.
In order to become a professional, a person has to attain certain academic qualifications and training. Examples are Chartered Accountants, Doctors, Advocates, Engineers, Cost Accountants and Company Secretaries.
Differences between Business and Profession
The points of difference between business and profession are given below.
1. Difference in Educational Qualifications
The professional should have the specified academic qualifications to practice the profession, whereas the businessman is not expected to have such specified academic qualifications.
2. Difference in Expert in the Field
The businessman need not have expertise knowledge in his field of business. On the other hand, the professional must be an expert in his profession.
3. Difference in Personal Attention
The businessman can appoint anybody to manage the affairs of his business. The professional, on the other hand, has to perform the duties personally.
4. Difference in Name of the Reward
The reward for business is known as profit. The reward for profession is called as fee.
5. Difference in Code of Conduct and Ethics
There is no rigorous code of conduct and ethics to be followed by a businessman. The professional, on the other hand is expected to follow code of conduct and ethics.
6. Difference in Governing Body
Any body or association does not govern the businessman. He may or may not be a member of any trade association. On the other hand, the association to which he belongs governs the professional.
7. Difference in Motive
The primary motive of a businessman is profit. The basic motive of a professional is service, and profit is only secondary.
8. Difference in Advertisement
The businessman can advertise his business to attract more and more customers towards his business. A professional, on the other hand, cannot advertise except displaying a name board in front of his office.