The new Intuit Future of Small Business research brief Today's Hobbyists are Tomorrow's Hobbypreneurs describes the growing trend towards passion-driven hobbyists starting small businesses.
***Update: click here to go to Intuit's post on the report***
Stemming from the new do-it-yourself (DIY) movement and enabled by technology, hobbypreneurs are turning their passions into businesses. They are also creating new and innovative products, services, methods and business models.
The new do-it-yourself movement is comprised of builders, crafters, digital tinkerers, green advocates and others looking to create alternatives to mass-produced goods. Make Magazine coined the term "Makers" to describe this group.
Unlike earlier DIY movements focused on home improvement and fixing things, Makers are about inventing and making things. Their techniques often cleverly combine traditional methods with digital technology and tools.
They are also highly entrepreneurial, with many starting part and full-time businesses based on their hobby.
The research brief describes the key trends driving the growth of hobbypreneurs:
1. It is easier and cheaper to make things.
2. It is easier and cheaper to start and run a niche business.
3. Online social networks and Web sites enable small business makers.
4. The down economy is driving up the need for part-time and niche businesses.
5. Baby boomers are turning to hobby-based small businesses.
6. Growing interest in sustainability and unusual products spurs demand for customized goods.
Emergent Research co-authored this report.
This is not a new idea. For centuries dreamers and would be entrepreneurs have been parlaying their hobbies/passions into business ventures. That's what it takes to pursue something that has no gurantees, passion for what you do. I started my automotive pinstriping biz in 1979 and it is still a hobby/business that has fed my family since.
Posted by: Mikey | December 10, 2009 at 07:49 AM
Today’s passion-driven hobbyists are tomorrow’s entrepreneurs – otherwise known as hobbypreneurs, who successfully combine their passion for a particular hobby or craft with pragmatic business smarts to create new revenue streams for themselves and their families. Intuit today released the latest findings from the Intuit Future of Small Business Report series.
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