Compare business with profession and employment.

Employment

Profession

1. Appointment letter and service agreement is needed to start an Employment

1. Membership of a professional body and certificate of practice is needed to enter into a Profession.

1. Work consists of Performance as per service contract or rules of service

2. Work consists of Rendering of personalized and expert services

1. Qualification and training as prescribed by the employer

3. Qualifications, expertise, and training in a specific field as prescribed by the professional body is a must.

1. Rewarded by Salary or Wages.

4. Rewarded by Professional fees.

1. No Capital is required to start an Employment.

5. Limited capital is needed to enter a Profession

1. Face no or little risk

Because of a Fixed and regular pay.

6. Face some risk as Fee is generally regular and certain.

1. Norms of behaviour laid down by the employer are to be followed

7.  Professional code of conduct is to be followed as laid down by the Regulating Body.

1. Government Jobs and Banking Jobs are good examples.

8. Legal profession, the medical profession, chartered accountancy are some of the Professions.