12% of Britons quit jobs to turn “passions into pay cheques”
Retail, tech, and vlogging among most popular start-up industries - Majority of new business owners expect to generate salary of £22,594 in their first year
A number of British professionals are quitting their jobs to pursue a business idea inspired by a hobby or passion, according to a study by Samsung Electronics UK in association with the CEBR and YouGov.
The report found that 12% of workers have left their jobs to become a entrepreneur (dubbed a ‘funtrepreneur’ by Samsung) by following a business idea that they they are passionate about. Of these new entrepreneurs who have turned their “passions into pay cheques”, the majority said they expect to take home a salary of £22,594 in their first year of working.
Technology, retail, blogging and vlogging were found to be the most popular industries for these ‘funtrepreneurs’.
32% of those that have quit their jobs to pursue a business idea said they did so because they wanted a change of lifestyle while 14% said they were driven by the desire to be their own boss.
Surprisingly, the study – which polled 511 micro-businesses – revealed that a higher proportion of women than men have taken “the leap of faith” to pursue a business idea they were passionate about; 13% opposed to 11%.
Alasdair Cavalla, senior economist at the CEBR, said of the findings: “We were fascinated to find that a clear majority of micro-businesses were set up by people passionate about their sector or product.
“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.”
Got a business idea and want to pursue your passion? View our collection of start-up guides here, covering everything from food to fitness.