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Are you a ‘funtrepreneur’? 12% of us are, according to new study

Almost one in eight (12%) British workers have left previous jobs to turn their hobbies and passions into careers, says a new study.

New research from Samsung Electronics UK, in association with the Centre for Economic and Business Research (CEBR) and YouGov, dubs the passion-pursuing contingent as ‘funtrepreneurs’.

Findings showed that people who have turned their passions into pay checks expect to make an average of £22,594 in their first year of working, with this figure set to rise by 50% to £33,845 in the space of five years.

Additional research from the CEBR found that these passionate entrepreneurs are currently contributing a collective £165bn to the UK economy, based on wages, taxes and profits, with this figure set to rise to £228bn in five years’ time.

Statistical breakdown

Two in five workers who left their jobs to pursue a career that aligns with their passions said they did so because they didn’t like the working culture at their old company, while almost a third (32%) claim they wanted a change of lifestyle, with over one in ten (14%) stating they wanted to be their own boss.

Of those that have left or plan to quit their jobs, technology (7%), retail (5%) and blogging and vlogging (4%) top the list of industries that Brits have gone into.

The additional study also found that senior decision makers in micro-businesses believe there are additional benefits to those who have turned their passions into pay checks, expecting those who have done so to have increased job satisfaction (84%), increased creativity (63%) and improved focus at work (59%) as a result of pursuing their passions.

Indicating that this trend may continue to rise, the research found that more working millennials are planning to leave their current jobs to pursue their passions than other generations, with nearly a quarter (24%) of 18 to 34-year-old workers preparing for a change of career, compared to just 2% of workers aged 55 and over who hail from the ‘career for life’ generation.

The study also revealed that slightly more women than men have taken the leap of faith to turn their passions into pay checks (13% versus 11%). Looking across Britain, a larger proportion of people in London (15%) have left their jobs to pursue their passions than anywhere else in the country, with those in Yorkshire least likely to do so (8%).

Moreover, it also indicated that technology is intrinsic in helping funtrepreneurs to build their new businesses, with 59% saying tablets and laptops would be fundamental if they were to start their own company, while over half (52%) cited Wi-Fi and 4G connectivity.

Meanwhile, nearly a third of workers (34%) claim flexible working spaces such as Club Workspace or Central Working in London would be key to kick-starting a company, with the majority of workers (42%) saying they prefer to work flexibly, whether that be at home, in a café, or in the office.

Alasdair Cavalla, senior economist at Centre for Economics and Business Research, said: “We were fascinated to find that a clear majority of microbusinesses were set up by people passionate about their sector or product.

“Many small, dynamic businesses may never have been set up were it not for people taking this risk to pursue work that they care about.

“The economic benefits don’t stop at the founding of the business – compared to whole-economy averages, we found clear evidence of fewer sick days, higher productivity and greater job satisfaction among people following their passion.”