August 26 ,2016 | by Claire Payne

More workers pursuing business ideas inspired by hobbies

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More workers are leaving their current job role to chase an idea for business that has been created by a hobby, according to research from Samsung Electronics UK in association with the CEBR and YouGov.

The research, which surveyed 511 micro-businesses, showed that 12 per cent of UK employees have abandoned their job role to become an entrepreneur and turn their “passions into pay cheques.”

Desire

The study also showed that the majority of new business owners in their first year expect to earn a salary of £22,594.

Over 30 per cent of workers who left their job to follow a business idea that they are passionate about said that their reason for doing so was because they wanted to change their lifestyle, while 14 per cent said that they wanted to be their own boss.

Women were found to be more likely to chase a business idea that they are passionate about, with 13 per cent doing so compared to 11 per cent of men.

The most popular types of businesses were identified, with people most likely to consider technology, retail, blogging and vlogging.

Benefits

Commenting on the research, CEBR Senior Economist, Alasdair Cavalla, said of the company: “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,” he said.

Claire Payne

Claire Payne is a journalism graduate and News Writer for LSBF. She writes about SMEs, education and careers, entrepreneurship, women in business, and sustainability.

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