Comparison of Business, Profession and Employment: Employment Basis Business Profession How to Start? Based on Getting membership Getting an entrepreneurs of a professional body appointment letter /owners decision What is its nature? Providing goods Rendering of Performing work as and services to personalized expert per service contract the public services Qualification/Who can No minimum Requires qualification Requires start? qualification and training in a qualification and specific field training Return/What will you Profit Professional Fees Salary get? Capital/How much you Requires capital Requires limited No capital required need to start? as per the size of capital the Business Risk involved More risk Less risk No risk Transfer of Interest – Can Is possible with Not possible Not possible you transfer? some formalities Code of conduct No code of Professional code of Code of conduct is conduct is conduct to be prescribed by the prescribed followed employer to be followed Classification of Business Activities: Industry: Production or processing of goods and services. It is concerned with changing the form of the products. It gives form utility to the products. It is classified into the following: Industry (Producing or processing of Goods as well as breeding of animals)
Comparison of Business, Profession and Employment: Basis Business Profession Employment How to Start? Based on entrepreneurs /owners decision Getting membership of a professional body Getting an appointment letter What is its nature? Providing goods and services to the public Rendering of personalized expert services Performing work as per service contract Qualification/Who can start? No minimum qualification Requires qualification and training in a specific field Requires qualification and training Return/What will you get? Profit Professional Fees Salary Capital/How much you need to start? Requires capital as per the size of the Business Requires limited capital No capital required Risk involved More risk Less risk No risk Transfer of Interest – Can you transfer? Is possible with some formalities Not possible Not possible Code of conduct No code of conduct is prescribed Professional code of conduct to be followed Code of conduct is prescribed by the employer to be followed Classification of Business Activities: Industry: Production or processing of goods and services. It is concerned with changing the form of the products. It gives form utility to the products. It is classified into the following: Industry (Producing or processing of Goods as well as breeding of animals)
987465865class_xi_business_studies.docx