The difference between these terms is more than semantics. 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. • A profession has many jobs, and a job is only a part of a profession. IRS Small Business Week Tax Tip 2017-04, May 3, 2017 Millions of people enjoy hobbies that are also a source of income. The words occupation and profession are interchangeable. Many of us want job that is employment but many of us want to start business also. People remain especially confused between vocation and profession as they have similar meanings and often used interchangeably by people. Once you understand that a job is something that comes under a profession, then the confusion between profession and job will disappear. 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 Entrepreneurship most commonly manifests in the form of self-employment. 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. Job, occupation and career all relate to the same thing -- what you do to earn your living. 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. Ten important differences between occupation and profession are discussed in this article. Specialized personal services for a fee with discretion to work. 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. Differences between Business, Profession and Employment Employment Basis of difference Business Profession Employment 1. Q.2:- Compare business with profession and employment. ... there are differences between vocation and profession that will be brought out in this article. These are the differences between profession and job. 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. Difference between Business, Employment and Profession Dear Friends, you must have heard about business, employment and profession. 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