The Rise of the ‘Funtrepreneur’ – Over 3.8 Million Brits* Are Turning Their Passions into Pay Checks
Passionate entrepreneurs set to increase their earnings by 50% in five years
- Pursuing passions: More than one in ten British workers (12%) have left jobs to pursue a career they are passionate about, with 24% of working millennials planning to do the same
- Happy campers: Those who pursue passionate careers are expected to have increased job satisfaction (84%)
- Tools of the trade: 59% of workers say tablets and laptops are intrinsic to getting their business ideas off the ground
- Limited edition TabPro S featuring top tips and advice for budding entrepreneurs to go on sale at Boxpark, London on 26 and 27 August
New research from Samsung Electronics UK to celebrate the launch of the TabPro S, a 2-in-1 Windows tablet PC for both work and leisure, has revealed the rise of a new wave of professionals who are turning their hobbies and passions into careers. The new study, in association with the Centre for Economic and Business Research (CEBR) and YouGov, found that more than one in ten (12%) British workers have left previous jobs to become ‘funtrepreneurs’, pursuing a career they are passionate about. People who have turned their passions into pay checks expect to make an average of £22594 in their first year of working, with this figure set to rise by 50% to £33845 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.
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%).
The study 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.
Commenting on the findings, Conor Pierce, Vice President, IT and Mobile Division, Samsung Electronics UK & Ireland, said: “Mobile technology has now developed to become the enabler of a modern flexible lifestyle. At Samsung, we’re passionate about creating technology to help enrich people’s lives, giving them access to the tools they need to fulfil their ambitions. With the flexibility of a tablet, the performance of a laptop and WiFi and 4G options to choose from, the Galaxy TabPro S is the perfect device to empower you to pursue your passions.”
“Our wider mobile portfolio, such as the recently announced Galaxy Note7 with its advanced S Pen, large screen size, wireless charging and enhanced security capabilities, means we offer a range of solutions to help you be at your most productive, wherever you are.”
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.”
By combining the most popular laptop features into a sleek, portable tablet form, the Galaxy TabPro S caters to those seeking the perfect multi-functional device to fit into their busy lives. Delivering full PC functionality with Windows 10 and enhanced fast charging features; it is ideal for people looking for a device to use in all aspects of their life.
To celebrate the launch of the device, Samsung has created a limited edition version of the TabPro S, featuring a top tips and insights package for budding entrepreneurs created by award-winning writer and columnist Jack Monroe, acclaimed journalist and founder of Fashion and Mash Rachel Arthur, artist and designer Luke Edward Hall and pizza pioneers Thom and James Elliot from the Pizza Pilgrims. The device, which will come in an exclusive box designed by Luke Edward Hall, will be available to purchase at Boxpark in Shoreditch, London on 26 and 27 August and online for £799 at http://shop.samsung.com/uk/
For more information, visit www.samsung.com/uk/tabpro-s/.
About the research
The research was commissioned by CEBR on behalf of Samsung Electronics to conduct a study into passionate workers, including their working habits, and their value to the UK economy.
All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 2033 adults, of which 1040 are workers. Fieldwork was undertaken between 8th - 11th July 2016. The survey was carried out online. The figures have been weighted and are representative of all GB adults (aged 18+).
All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 511 senior decision makers in micro-businesses. Fieldwork was undertaken between 4th - 8th July 2016. The survey was carried out online. The figures have been weighted and are representative business size.
*Based on July 2016 ONS labour market figures, GB adults aged 18+ (31700000). Of those, 12% have left their jobs to pursue a career they are passionate about (3804000)
** CEBR figures calculated as follows: The first task is measuring the economic contribution from businesses set up by entrepreneurs following their passion. GVA is a measure of the value of goods and services produced in a specific industry or sector. There are several definitions and ways to estimate GVA which should all yield the same result. We identified GVA as the total employment cost (i.e. wages plus national insurance and pension fund contributions) plus taxes and profits.
GVA=employee compensation + gross operating surplus + taxes - subsidies
This is the main approach used in this research. The ONS publishes statistics on both total employment cost and GVA by industry, which allows us to infer a “GVA-to-employment-cost” ratio. This ratio captures profits as well as tax contributions and subsidies (which are deducted from GVA) for each industry. Hence, knowing the total labour cost by industry as well as micro-business employment numbers and the labour cost to GVA ratio allows us to estimate GVA on a industry specific level for small enterprises.
Another way of calculating GVA is based on total turnover figures. As with total labour cost, the ONS publishes data sets with information on GVA and turnover by industry. The resulting ratios of GVA to turnover are relatively stable over time. Applying these ratios to turnover figures for microbusinesses by industry allows us to back out GVA figures.
To confirm our results, industry-specific GVA contribution of microbusinesses was also estimated with the turnover method. The results are in line with our initial estimates, corroborating our findings.
To compute the productivity boost, we assigned conservative estimates to the multiple-choice question: “Generally speaking, to what extent, if at all, do you think a person's productivity is increased if they are working in a job they feel passionate about?” This was split across businesses according to the industry they operate in. We ensured that only the founders and not all employees were allocated the boost by splitting the GVA of each micro-business evenly between the average number of employees by sector.
About Samsung Electronics Co., Ltd.
Samsung Electronics Co., Ltd. inspires the world and shapes the future with transformative ideas and technologies. The company is redefining the worlds of TVs, smartphones, wearable devices, tablets, cameras, digital appliances, printers, medical equipment, network systems, and semiconductor and LED solutions. For the latest news, please visit the Samsung Newsroom at news.samsung.com.