Business development · 24 August 2016

Growing proportion of Brits pursue passions to become “funtrepreneurs”

vlogging
Vlogging is an increasingly popular career choice for funtrepreneurs

More of the workforce than ever before are leaving jobs to pursue careers they’re passionate about, with 12 per cent of Britons now considered to be “funtrepreneurs”.

According to the results of a recent YouGov poll, individuals who choose passionate careers have an increased job satisfaction of 84 per cent, and can expect their earnings to double within five years of taking the leap.

The new study, in association with the Centre for Economic and Business Research (CEBR) and Samsung UK, revealed that so-called funtrepreneurs can expect to earn £22,594 on average in their first year of work, with the figure rising to £33,845 within five years.

Indeed, it was discovered that passionate entrepreneurs currently contribute around £165bn to the economy, based on wages, taxes and profits, with this figure expected to rise to £228bn within five years.

Polling over 2,000 UK working adults in July 2016, YouGov found that millennials were more likely to leave their job in favour of more fulfilling work than any other demographic. Nearly a quarter of 18 to 34 year-olds said they were preparing for a change, compared to just two per cent of workers aged 55 and over.

Throughout Britain, women were found to be slightly more likely than men to turn their passion into a business venture, while as many as 15 per cent of Londoners have done so – a greater proportion than anywhere else in the UK.

Senior CEBR economist Alasdair Cavalla said that the figures provided a clear indication of greater risk-taking among UK workers. “Many dynamic micro businesses may never have been set up were it not for people taking this risk to pursue work they care about.

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

The research suggested that workers boost creativity by up to 63 per cent once becoming funtrepreneurs, while focus improves by 59 per cent as a result of pursuing a passion.

Business Advice recently revealed the extent to which younger people were choosing to put entrepreneurial plans into action at the expense of safer, more traditional career paths – the number of under-35s starting new businesses in 2016 is 70 per cent higher than in 2007.

Of the industries that funtreprenuers are most passionate about getting into, blogging and “vlogging” are considered an increasingly viable option, while technology and retail remain popular sectors.

Forget the pay packet – If you want to attract millennial talent, aim for the heart.

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ABOUT THE EXPERT

Fred Heritage is deputy editor at Business Advice. He has a BA in politics and international relations from the University of Kent and an MA in international conflict from Kings College London. He previously worked as a reporter at Global Trade Review magazine.

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