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Concept of Business, Profession and Employment and its different definitions

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In this article we will discuss about Concept of Business, Profession and Employment and its different definitions by different authors and its features or characteristics.  We also discuss difference between them and its comparison chart.

Business, Profession and Employment

Concept of Business, Profession and Employment and its different definitions

1. Business

The term business has been derived from busy, which means being busy. It refers to an organization where goods and services are exchange for the satisfaction of human wants.

Concept of Business, Profession and Employment and its different definitions

In another words we said that business is an economic activity on continuous basis. involves production or purchases of goods for sale, transfer or exchange goods, or supply of services for the purpose of earning profit.

It is a regular process of exchanging goods and services which involve risk and uncertainty. In fact, business is an economic activity aimed to fulfill the need and wants of customers through the supply of goods and services for their satisfaction.

Definitions

According to L.H Haney, “Business may be defined as a human activity directed

Towards producing or acquiring wealth through buying and selling of goods.”

According to James Stephenson, “Economic activities performed for earning profits are termed as the business.”

Features of Business

  • Dealing in goods and services.
  • Continuous process.
  • Regular dealing.
  • Employment opportunity.
  • Satisfy human wants.

 

2. PROFESSION  

Profession refers to activity which includes knowledge and skills and person adopts its after getting specialized training.

Concept of Business, Profession and Employment and its different definitions

According to Louis Allen,  “A Professional manager is one who specializes in the work of planning, organizing, leading and controlling the efforts of others and does so thought systematic use of classified knowledge, a common vocabulary and principles and who subscribes to the standard of practice and code of ethics establish by recognized body”.

 

Features

  1. Develop person knowledge and skills.
  2. Use of new technology.
  3. Decision making ability
  4. Accepting new challenges

 

3. EMPLOYMENT

Employment refers to requirement of occupation in which person’s works on daily basis. The  employees works on regularly and they get salary to working.

Concept of Business, Profession and Employment and its different definitions

Employees doesn’t having right to transfer his/ her job from one person to another. An employee is ready to follow rules and regulation of an organization.

Features

  1. Employment opportunity
  2. Regular dealing
  3. Rewards to employees
  4. No risk available

Difference between Business, Profession and Employment

BASIS BUSINESS PROFESSION EMPLOYEES
 

Meaning

 

Business refers to an economy activity, which involves purchase and sales of goods and services

 

Profession refers to activity which includes knowledge and skills and person adopts its after getting specialized training

 

Employment refers to requirement of occupation in which person’s works on daily basis.

Nature of work Provision of goods and services Rendering services Performance of work
Risk Involved May be or not No risk
Transfer of interest Possible Not possible Not possible
Qualification No minimum qualification required Requirement of training Qualification required
Capital requirement Required Limited capital Not required
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