This article will help you to learn about the difference between business and profession.

Difference between Business and Profession

Business

1. Specialised Knowledge:

No specialised knowledge is required for a business. A layman can start a business.

2. Objective:

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The prime objective of a business is to maximise the profit. Service motive is a secondary one.

3. Advertisement:

Advertisement is necessary in a business

4. Amount of capital:

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An adequate amount of capital is required for starting a business.

5. Risk:

Risk is involved in business from beginning to end.

6. Measurement of Efficiency:

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The efficiency of business can be measured to see its profitability.

7. Secrecy:

The secrecy of customer’s dealings is not necessary in the business.

Profession

1. Specialised Knowledge:

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A profession requires a specialised knowledge.

2. Objective:

An element of service along-with economic objec­tive is present in the profes­sion.

3. Advertisement:

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Advertisement of profession is prohibited by professional organisations and associa­tions.

4. Amount of capital:

The competence of the person is more important than the amount of capital.

5. Risk:

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The element of risk is quite negligible in a profession.

6. Measurement of Efficiency:

The efficiency of a profession depends upon the quality of service provided to the clients.

7. Secrecy:

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In profession it is necessary to maintain the secrecy of customer’s dealings.