Question
Distinguish between business, profession and employment on any three basis.
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Basis
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Business
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Profession
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Employment
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1.
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Mode of establishment
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Entrepreneur's decision and initiative.
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Specialised knowledge and certificate of practice.
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Through appointment letter and entering into a service agreement.
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2.
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Nature of work
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It involves providing goods and services to the consumers.
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It involves rendering of specialised expert services.
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It involves doing work according to contract of service.
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3.
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Reward/ Return
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Reward for business is profit.
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Professional fee.
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Salary by the organisation.
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