Personal Statement I have always admired people like Bill Gates and Michael Dell who started their own businesses while still in college, with hardly any startup money. They poured everything they had, and even neglected their studies, into a creative business venture. They relied on what they knew instinctually, in that case knowledge of computers, and also discovered a previously untapped market niche. I believe a lot of business sense is innate, much like the talent for art or music. Having witnessed the success of my parents in their entrepreneurial ventures in China in the oil and coal industries, I grew up surrounded by business and economics and subsequently inspired by it. I am no stranger to the world of business and economics. In fact, I take for granted a lot of what I learned from my parents simply by observing them interact with their customers or by helping out in their office. When I was young, my parents often threw parties and invited friends of theirs who also owned successful businesses. Partly because I was surrounded by the exciting pulse of the business world and partly because I have a natural predilection for economics, I have never grown tired of enterprise, investment, and finance.

Three years ago, I immigrated to the United States. The language and cultural barriers...

In spite of the language and cultural barriers I took one of the biggest risks in my life, an even bigger risk than immigrating to another country.
About a year after I moved here, a few of my friends and I discussed opening our own business. We decided that the best business for us to open was something we were familiar with and could manage ourselves. So we opened an Internet cafe where customers could surf the web and also play video games. We purchased several computer systems for a good price, invested in the installation hardware and furniture, and we did our own bookkeeping and advertising. Just like Bill Gates and Michael Dell, we also enjoyed what we did and although we wanted to profit we also wanted to have fun.

The business did not do as well as we expected, unfortunately. After one year we had to close the business but the experience was incredible. We met new people through it and we learned what it was like to own a business. I think I learned more during that year than I ever had before. I also now understand that not all people who start businesses become immediate successes like Bill Gates or Michael Dell. I also think it was a fruitful experience even to have failed. First-hand experience such as that cannot be gained from inside a classroom.

I continue to cultivate an interest in business and economics and I will definitely major in economics as an undergraduate because I look forward to learning more especially from an academic perspective. I continue to pursue real-world business interests though. For example, after I closed the Internet cafe, I helped my girlfriend's father with his Los Angeles-based art company, but soon after that I started investing my own money into the stock market. Now, I buy and sell stocks regularly. My interest in the stock market grew so keen that I wanted to meet with other young people who shared my passion and joined the business club in my college…