... there are differences between vocation and profession that will be brought out in this article. One of the biggest differences between self-employment and employment … Comparison of business, profession and employment: Business refers to those economic activities which are connected with the production or purchase and sale of goods or supply of services with the main object of earning profit. The difference between occupation and profession can be stated with a simple example: Designing a building would be called a profession, whereas, constructing a building is an occupation. Answer:- Economic activities may be divided into three major categories (i) Business Business refers to those economic activities, which are connected with the production or purchase and sale of goods or supply of services with the main object of earning profit. IRS Small Business Week Tax Tip 2017-04, May 3, 2017 Millions of people enjoy hobbies that are also a source of income. From catering to cupcake baking, crafting homemade jewelry to glass blowing -- no matter what a person’s passion, the Internal Revenue Service offers some tips on hobbies. One such difference is that occupation does not require any sort of training in a particular field, but the profession requires specialization in a specific area and that is why training is must. These include, employment, job, profession, vocation, occupation, and so on. An entrepreneur is someone who starts a new organization – a business, or takes on an existing organization with the intent to revitalize it. Distinguish between Business Profession and Employment on the following basis : asked Apr 10, 2018 in Class XI Business Studies by priya12 ( -12,631 points) natureofbusiness Q.2:- Compare business with profession and employment. These are the differences between profession and job. Performing work according to the orders of the employer with no discretion. Nature of work Supply of goods and services to the customers for money. Job, occupation and career all relate to the same thing -- what you do to earn your living. Once you understand that a job is something that comes under a profession, then the confusion between profession and job will disappear. Specialized personal services for a fee with discretion to work. Many of us want job that is employment but many of us want to start business also. Distinguish between business,profession and employment - 10215140 Occupation vs Profession. Profession and occupation are almost the same, with only minor differences between them.. Ten important differences between occupation and profession are discussed in this article. People remain especially confused between vocation and profession as they have similar meanings and often used interchangeably by people. 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