(i) Qualifications: No educational or technical qualifications are prescribed for setting up a business unit. A professional is required to acquire a particular degree or qualification prescribed by the professional body in order to undertake that work. It is the expert

knowledge which a professional is expected to exercise. There is no qualification binding for taking up a service, however, a well qualified person can get a better job.

(ii) Motive: The primary aim of a business is to earn profits by providing goods and services to the society. A professional has a service motto besides earning his fees. A dedicated service to the society is emphasised by code of ethics of the professional bodies. An employer has to take up the work as per the terms and conditions of his employment or contract of service.

(iii) Investment: A business requires an investment as per the nature and scale of operations. A professional has to spend money on setting up his office or place of work for providing service to the elements. An employment does not require any investment at all. It

is employer who is required to invest and not the employee. Investment in a profession is less as compared to that of business.

(iv) Membership: A professional has to be a member of a body. A lawyer has to take permission from Bar council of India to start legal profession. Similarly, other professional bodies too give permission to members for entering their area. Though there are many bodies for the businessman but their membership is not compulsory similarly no membership of a body is required to take up a job.

(v) Risk: There is a greater element of risk in business as compared to service and profession. The motive of setting up a business is to earn profit but there can be loss too. A professional earns fees for his service there cannot be a negative fees. An employee earn wages or salary regularly. So for as he is in service, he has no risk

at all.