Question

Distinguish between:

Business and Profession.

Answer 1

Sr. No.	Aspect	Business	Profession
1.	Meaning	It is an economic activity where goods and services are produced and distributed.	The profession is also an economic activity under which a person uses their knowledge and provides expert services.
2.	Nature	A person invests his capital and starts a business. He may or may not have the proper skill or knowledge.	A professional has to take formal training before starting their profession.
3.	Special education	Business does not require special formal education, though it is advisable.	A professional is required to take formal education to practice a profession.
4.	Returns	A businessman makes a profit.	A professional gets fees from clients.
5.	Registration	A businessman need not register with a particular body or association.	A professional has to register under the respective body or association, eg, A Lawyer has to register himself with the Bar Council of India before carrying out his profession.
6.	Capital requirement	More capital is required to run a business. Capital is brought by a businessman.	Comparatively less capital is required to carry out a profession. The required capital is brought by a professional.
7.	Code of conduct	There is no specific code of conduct for businessmen. They are the owners, so they may form the code of conduct for their organisation.	There is a specific code of conduct for a professional. This code is decided by the respective association.
8.	Examples	Manufacturer of textiles, retailer, courier service provider, etc.	Doctor, Lawyer, Architect, Chartered Accountant, etc.