A business is organized to produce or distribute goods or services to society in order to earn profit. It involves various kinds of activities such as purchase, sale, store, transport, finance, service which all aim at gaining profit.
Huge capital required to start a business and transfer of ownership and interest possible in business. All Business is useful to society in many ways.
- It provides material needs to the people
- .it gives them employment and regular income
- Business carries on research and thus makes the best use of scarce resources of the country
- It strengthens the economy
- Business raises the standard of living of the people
- It provides income to the state.
Profession, on the other hands, refers to a vocation which a person adopts after getting specialized training. So the professional men provide services of specialized nature to community. Minimum technical and academic qualifications are necessary to enter a profession. Hence an element of service along with earning of money is present in profession. Transfer of profession is not possible. The efficiency judged by the quality of service provided to the clients.The professionals are manly of two types.
- Those who carry on the profession only for profit motive
- Those who not guided by profit motive but strongly motivated to provide service to the community. The professors, doctors, engineers, accountants, artist, scholars, etc. fall in the category of professionals. Therefore number of professional who render service to the people on non profit basis or free of cost very negligible.
In the materialistic world of today, the professional men are rendering very useful service to the society as they have a specialized knowledge in a particular field. Hence a cost account or instance, can give valuable suggestion to the management or minimizing cost of production consistent with efficiency. Similarly, a professional manager can better meet the challenge created by rapid race of innovation and technological inventions in the business growth.