Comparison of Business, Profession, Employment

Comparison of Business, Profession, Employment

	Basic	Business	Profession	Employment
1	Mode of establishment	Entrepreneur’s decision and other legal formalities, if necessary	Membership of a professional body and certificate of practice	Appointment letter and service agreement
2	Nature of work	Provision of goods and services to the public	Rendering of personalised, expert services	Performing work as per service contract or rules of service
3	Qualification	No minimum qualification is necessary	Qualifications, expertise and training in specific field as prescribed by the professional body is a must	Qualification and training as prescribed by the employer
4	Reward or return	Profit earned	Professional fee	Salary or wages
5	Capital investment	Capital investment required as per size and nature of business	Limited capital needed for establishment	No capital required
6	Risk	Profits are uncertain and irregular; risk is present	Fee is generally regular and certain; some risk	Fixed and regular pay; no or little risk
7	Transfer of interest	Transfer possible with some formalities	Not possible	Not possible
8	Code of conduct	No code of conduct is prescribed	Professional code of conduct is to be followed	Norms of behaviour laid down by the employer are to be followed
9	Example	Shop, factory	Legal, medical profession, chartered accountancy	Jobs in banks, insurance companies, government departments