Difference between Business, Profession, and Employment

Each one of us gathers certain qualifications to work and make our career. In the process, we often choose to work for a company or begin our own start-up, etc. We are often employed by the top companies to achieve the company's objectives. Well, we know that there are certain pros and cons associated with working in a company or a start-up (business). For instance, beginning a new business requires a lot of investment and publicity. On the other hand, one has to be qualified for a particular job one is applying for.

There are many more features, advantages, and disadvantages associated with them. Today, we will be discussing about business, profession, and employment. All these terms seem to be the same. Don't they? Well, there are certain points of contrast between them. But let us first begin with the meaning of the terms.

Business

A business is an institution that is engaged in professional, commercial, and industrial matters/ activities. The cumulative efforts of individuals in producing goods and services in order to earn profits is also called as business. For instance, a house on sale is a kind of a business as the goods are sold and purchased along with the services. Interestingly, the primary purpose of the business is to maximize the profits. It is essential to maintain social and corporate responsibility while running a business. There are four kinds of business organizations, i.e., Sole Proprietorship, Corporation, LLC (Limited Liability Company), and Partnership. From the businesses mentioned above, partnership and sole proprietorship are considered to be the best kind of businesses. Now, several businesses have a specific business plan. The main purpose of the business plan is to identify and analyze a business opportunity. The feasibility of a business is also measured through the business plan.

Profession

A profession is a remunerated job that is acquired by professional training and an official qualification. In layman's language, a profession is a kind of a job in which a person works. For instance, doctors acquire prolonged training for treating their patients. Thus, being a doctor is a profession. The people who are in a particular profession get money for the services they provide to other people. Examples of learned professions include doctor, physician, teacher, lawyer, accountant, psychologist, dentist, etc. There are many professions that are practiced by people. Some of the features of a profession include great preparation, accountability, a service motive, etc. A profession is a specialized body that comprises of both theoretical and practical knowledge.

Interestingly, a profession includes some qualities like growth opportunity, a good working environment, good colleagues and boss, etc. When a profession comprises of such qualities, it is considered to be an ideal profession. Students must look for these qualities in a profession before going for prolonged training.

Employment

Employment is defined as a cordial relationship among two parties. The relationship is contract-based, wherein one party is the employee, and the other is the employer. The employee gets paid for the goods and services delivered to the employer. In simple terms, when someone has a paid job, they are considered to be employed. There are several types of employment like full-time employment, part-time employment, seasonal employment, freelancers, consultants, etc. Now, why is employment necessary? Well, according to Sociology, employment is essential to have a sense of self-satisfaction and pride. For instance, a person employed at McDonald's getting paid for each hour he/ she worked. Some of the prominent features of employment include the aim for which a person is working, the necessary qualifications required, the monetary returns and expectations of the employees, etc.

Now, there are certain differences between a business, profession, and employment. So, let us have a look at them.

S.NO.	BUSINESS	PROFESSION	EMPLOYMENT
1.	A business is an institution that is engaged in professional, commercial, and industrial matters/ activities.	A profession is a remunerated job that is acquired by professional training and an official qualification.	Employment is defined as a cordial relationship among two parties. The relationship is contract-based, wherein one party is the employee, and the other is the employer.
2.	There are four major kinds of business organizations, i.e., Sole Proprietorship, Corporation, LLC (Limited Liability Company), and Partnership.	Various types of learned professions include doctor, physician, teacher, lawyer, accountant, psychologist, dentist, etc.	There are several types of employment like full-time employment, part-time employment, seasonal employment, freelancers, consultants, etc.
3.	A business is established through the owner's decision and other legal formalities.	A profession is established through membership of a specific professional organization and an official qualification.	Employment is established through an appointment letter and service contract.
4.	A business is aimed at providing goods and services to the general public.	A profession is aimed at providing expert and personalized services to people.	Employment is aimed to performing work as per the contractual agreement.
5.	No minimum qualification is required for a business.	Expertise and prolonged training are required in the professional field.	The qualifications regarding work are mentioned by the employer.
6.	The reward of the business is profit-earned.	The reward of the profession is the professional fee.	The salary is provided to the employee.
7.	Capital investment is required in a business.	Limited capital investment is required for a professional.	No capital investment is required in employment.
8.	The risk factor is present in the business.	There is less risk in the profession as compared to business.	There is no risk in employment.
9.	The transfer of interest is possible in a business.	The transfer of interest is not possible in the profession.	The transfer of interest is not possible in employment.
10.	There is no code of conduct in business.	A professional code of conduct is followed in a profession.	Behavioral norms prescribed by the employer have to be followed by the employees.

So, these are some of the contrasting points between a business, profession, and employment. All of them provide profits, expertise, and experience to the people. It is interesting to note that business, profession, and employment are essential for a person's career growth and future opportunities. Thus, all three of them hold a significant part in an individual's life.

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