College Major Business Economics: A - Personal Statement Example

Full College Major – Business Economics (A Personal ment) 11 November (estimated word count = 675+527) My Personal Statement My intended major in college is economics, in particular, business economics. This is because I got interested in this subject due to a curious phenomenon which I had observed in flipping and reading through various newspapers. I saw in the news many businesses which were going under and went bankrupt, but at the same time, one can also read how other types of businesses had thrived and grown amidst the same market uncertainties. I wondered why a firm can go bust while another kind of business can succeed in the same capitalist market environment, under the same conditions. So what is it that makes a firm succeed? I had asked. It created a curious interest in me and I intend to discover the secrets and mysteries of market success. I read a lot of books on business literature in order to know everything how to create, start and manage a business entity successfully. My curiosity led me to start and operate my own business at the young age of fifteen, which was to engage in selling self-designed logos on products such as mugs, shirts, bags and pencil cases, among many other consumer items. A key strategy was to use computer graphics for the designs and I sold them over the Internet. However, this business venture eventually failed and I suffered my first bankruptcy at the same age of fifteen. I over-invested in my business without properly knowing how to manage growth which I think caused the collapse. I also dabbled in the stock market by using a few thousand dollars borrowed from family and friends but with very little knowledge about stock markets, I lost my investment when the stock prices went south, tanked and collapsed. It did not discourage me but instead reinforced my interest in stock markets and eventually into global economics; I wanted to learn more about business deeply and understand everything. Business economics is a sub-specialty in the field of economics. It specifically deals with how firms emerge or get created, exist, grow and expand further. It explores the various factors such as business organizational structure, strategy, core competencies and management that contribute to the eventual success of a firm in relation to its economic environment like a competitive industry where profits are slim and competition intense among industry players. I wanted to acquire well-rounded ability in all aspects of business management and for a reason I got involved in many volunteer work programs to also enhance my communication skills. A brief stint with BPO Elites exposed me to the world of business consulting, where I worked in a number of projects on how to boost the sales revenues of a company, analyze its financial statements to suggest improvements, and also study the competition for crafting a corporate vision statement to increase performance and efficiency using sustainable strategies. I also interned with Larry Logic Productions which involved making films and do various sound and video recordings. Although not directly related to business economics, this internship was still helpful because it taught me how to make good visual presentations that in a way gave me good insights on how to influence people by showing my interesting ideas. On another part-time job, I was an accounting tutor and learned a number of computer software programs such as Excel, Word and Power Point which helped me greatly as a professors assistant while at the same time helped increase my typing speed and its accuracy. I volunteered at the Hong Kong Culture Club for one year and learned good public speaking, how to organize various club activities and acquired leadership skills too. I also did some volunteer work with the Pleasant Hill public library, the Red Cross and at a food center, where I gained valuable work experiences, leadership traits, communication skills, business analysis and how to work as a member of a team. All these I believe helped prepare me for a future career in business economics, and hopefully, to also become a successful entrepreneur. My Personal Qualities I plan to work after graduation as an investment banker and help my clients manage their portfolios through sound and safe financial advice. My academic background in business economics will help me in this future job because I have acquired the necessary analysis skills needed to study global markets and free-market capitalism to make good decisions for clients. Before I came to the United States of America to pursue higher studies, I was an introvert and quiet person who preferred to stay alone than join other people in conversation. All these had changed after I arrived here, and I joined many civic clubs and volunteer organizations where I learned how to be personable and outgoing. I also enrolled in several work internships so I will acquire needed experience and exposure in the real world of business. I had previously worked for one year in Hong Kong with an import-and-export company and was able to have a good idea of how to run a business successfully. I studied its business structure, organization and staffing such that I am confident I can operate and manage any business entity well. I love learning the various cultures of other countries, which was why I was the vice president of the Chinese Culture Club while still in high school back in my home country. The cultural background and knowledge I have of other nationalities helps me greatly in dealing with people from various countries. It gives me a good insight into what interests them and a way to keep engaged through a good conversational topic which will in turn help me in future as a business manager and eventually, as a self-employed entrepreneur. In todays complexity and rapid changes in a globalized economy, it is vital one has inter-cultural communications skills as a good way to get ahead of the competition. Knowing the culture of other countries can help a businessman to be successful because it will guide him to make the right decisions, such as which markets to enter, how to penetrate a foreign market, whether through a start-up or in a tie-up with a local company through a joint venture agreement, or any mode of entry. I do not get discouraged easily, as demonstrated by my first bankruptcy where I still managed to pursue my university studies in another country. I am by nature very persistent or persevering in this regard, and I consider any failure as an opportunity to learn my mistakes to hopefully avoid making the same mistakes again in the future. My abiding interest is in the field of business economics because I am curious to see how I will fare as a businessman. In this regard, I continue to learn new skills and acquire new knowledge as learning never stops. I read many books on business-related subjects, such as on entrepreneurship, business startup, and how to compete successfully in various industries. Some of the books are those authored by well-know business experts on topics such as creative destruction (Schumpeter 81) and a book on corporate strategies, core competencies and forces of competition (Porter 11). Works Cited Porter, Michael E. Competitive Advantage: Creating and Sustaining Superior Performance. New York, NY, USA: Simon & Schuster, Inc., 1998. Print. Schumpeter, Joseph A. Capitalism, Socialism and Democracy. Boston, MA, USA: Taylor & Francis Group, 2003. Print. (a re-print only; original in 1943). Read More