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
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.
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.
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.
Profession refers to activity which includes knowledge and skills and person adopts its after getting specialized training.
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”.
- Develop person knowledge and skills.
- Use of new technology.
- Decision making ability
- Accepting new challenges
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.
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.
- Employment opportunity
- Regular dealing
- Rewards to employees
- No risk available
Difference between Business, Profession and Employment
|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|