Over 3.8 million British people are turning their passions into careers, with more than one in ten (12%) leaving jobs to become a ‘funtrepreneur’ and 24% of working millennials planning to do the same.
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. They are also expected to have increased job satisfaction (84%), according to new research from Samsung Electronics UK in association with Centre for Economic and Business Research (CEBR) and YouGov.
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.
So why did these workers decide to leave? 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.
Alasdair Cavalla, senior economist at CEBR, 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.”
What we can take away from these findings is that people who are passionate about their work see huge rewards, with increased job satisfaction and improved focus at work also reflected in a greater economic contribution too.
In other words it pays to be passionate.