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InterviewSolution
| 1. |
Compare business with profession and wmployment |
| Answer» \tBasisBusinessProfessionEmploymentCommencementBusiness may commence with the decision of entrepreneur.The profession may commence on completion of a degree course & by getting a certificate of practice.Employment commences on joining duty by entering into a service agreement.QualificationNo minimum qualification required before starting a business.Prescribed & professional qualification & training required.Qualification depends on the nature of the job.InvestmentCapital requirement depends on the scale of business.Limited capital investment is required.No capital investment is required.RiskIn business, there is always\xa0risk\xa0& uncertainty.In the profession, there is little risk present.In\xa0employment, there is no risk involved.Transfer of interestTransfer of interest is possible with some formalities.Transfer of interest is not possible.Not possible to transfer the service contract.Main objectiveThe main objective of business is to earn a profit.The main objective of a profession is to provide service.The main objective of employment is to earn\xa0income\xa0in the form of salary by satisfying the employer.Code of conductThere is no prescribed code of conduct for business.Code of conduct is prescribed by the professional associations.The terms & conditions of service contract are applicable to an employee.Nature of work involvedIt involves production, purchase & sale or exchange of goods & services.It involves the rendering of personalized services of specialized nature.It involves performing the work as assigned by the employer.\t | |