Only half of Australians surveyed said they are happy with their current job and 45% would consider quitting a well-paid position to start a business they’re passionate about in 2021, according to the Project Resolution research from GoDaddy Inc. (NYSE: GDDY), the company that empowers everyday entrepreneurs.
While experiencing the impacts of the global pandemic, two-thirds of Australians surveyed believe it’s now more important to pursue a career they’re genuinely passionate about.
Australians today are motivated less by financial security, and more by the pursuit of a passion or a career that provides purpose or meaning.
Not only do more than two-thirds (70%) of respondents believe, due to the pandemic, it’s more important today to pursue a career they’re genuinely passionate about, with respondents saying that they would be willing to forgo a third (33%) of their income to do so.
In fact, many are looking to change industries or sectors entirely, and it is young people – those under 35 – leading the charge, according to the research.
West Australian-based Karl Fehlauer decided to quit his job and pursue a creative passion, starting his small business Westralian Images. “I love being my own boss,” said Fehlauer.
“I’ve always had passions for four wheel driving, photography and the beauty of regional Western Australia. Combining those passions and having the opportunity to earn a living from them is genuinely a joy.
I love the independence that comes with it, and struggle to envisage a life back in traditional, full-time employment. For anyone with the drive and determination to make it happen, business ownership is incredibly empowering.”
The research findings come with the job market still recovering from the global pandemic, and many individuals, businesses and industries still relying heavily on the Federal Government’s soon-to-end JobKeeper and JobSeeker supplements.
Data from the Australian Securities and Investments Commission (ASICs), revealed that business registrations in 2020 increased 5.72% YoY compared to 2019, with a further increase likely in 2021 based on the survey respondents commenting on their desire to start a business passion according to GoDaddy’s Project Resolution research.
According to survey results, only half of Australian respondents in employment (51%) like their job, 40% are ambivalent, and 10% actively dislike theirs.
More than one in three Aussies (38%) responded that they had made a new year’s resolution around their career direction change, while a further 33% said they would consider starting their own business in 2021.
“It’s well documented that innovation, entrepreneurship and disruption thrive during times of global financial crisis,” said Suzanne Mitchell, Senior Director of Marketing at GoDaddy Australia.
“Our research – supported by increasing business registrations over the last 12 months – demonstrates a very exciting groundswell of young entrepreneurial spirit among Australians that developed over the last year and appears to be continuing into 2021.”
Millennials leading the charge
The global pandemic and its impact on the job market has disproportionately affected younger Australians – many of whom were not of working age for the 2008 Global Financial Crisis – and it’s millennials who are more willing to start a business and prioritise the pursuit of a passion in 2021.
Indeed, almost half of those surveyed aged 18-24 (46%) said they would consider starting a business this year. That number is reduced down to 20% for those aged 45 and older.
Not only does the data suggest millennials are more entrepreneurial-driven, they’re bigger believers in the importance of being passionate about their work.
Following the global pandemic, 80% of 18-24-year-olds, 78% of 25-34-year-olds and 77% of 35-44-year-olds say it’s more important to pursue a passion. Only 62% of those aged 45 and older believe the same.
“If you had asked me ten years ago where I thought I would be in my career, running my own personal training business wouldn’t have been at the top of my list,” commented Marcus Bradbury, Founder of MB Barefoot Fitness.
“Despite that, leaving my corporate life and financial security behind to take a passion and turn it into a full-time business has been one of my best career decisions to date.
It’s certainly challenging, but the rewards – such as the satisfaction, autonomy and freedom it provides – outweigh that immensely.”
New year, new career
Job mobility in Australia is high, with the average job tenure at three years, four months. Yet according to GoDaddy’s research, Aussies today are looking not only for a new job, but a new career path altogether.
Of those who would consider starting their own business in 2021, 76% of respondents said they would do so in a different industry to that of their current employment.
Retail (14%), and creative and professional services and cafes and restaurants (all 8%) are amongst the most popular industries for budding entrepreneurs.
“Many people dream about starting their own business and the autonomy, freedom and work/life balance it can provide,” Ms Mitchell said. “There’s a very strong appetite for business ownership.
Thanks to technology lowering the cost of entry, it is now more affordable and faster than ever before to create, grow and run an online presence for a venture.”