Mathematically, profit is defined as the difference between selling price and the cost price. When you sell something at a higher price than the price at which you purchased it, you make profit. Profit in financial terms is defined as the gain achieved when the revenue earned from any activity exceeds the costs and expenses incurred to sustain that activity. Generally, profit means any gain or benefit. All of us strive to do profitable or lucrative jobs which raise one’s standard of living and make one live a comfortable and luxurious life. Profit is something that all of us crave for. It is the basic goal behind every deal or business activity. In life, even making mistakes is said to be profitable since they always teach you some valuable lessons. In this context, John C. Maxwell had remarked, “A man must be big enough to admit his mistakes, smart enough to profit from them, and strong enough to correct them.”
