Personal Statement:Industrial Economics 1

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Industrial Economics Personal Statement

As far back as I can remember, I have questioned the world around me . I have a long standing desire to understand the world we live in and this has given me a great interest in current affairs, both local and global . News programmes and newspapers are now an addiction. Coming from a business orientated family my interests naturally turn to business affairs . The internet has provided me with a source of information and introduced me to the world of e - commerce; a playground for me to explore my own entrepunerial ideas. I set up my own online business at the age of 14 . This was my first real insight into the world of business. A few years on and I have established myself in the game server market, a rather hard market to break into due to the oligopolistic structure, but my hard work and determination has seen me through. Now I am determined to build upon my initial success by studying for a degree in economics, as this will give me a greater opportunity to understand the intricacies of the business world, in which I intend to make my mark.

Since I started business studies at GCSE level , I have been fascinated by PLCs and the idea of them floating their shares on the stock exchange . This led me to enter Student investor for the first time . My team was rank ed 7 in the country for over 3 months . Our downfall came when Vodaphone announced the biggest loss in corporate history. I am now playing the game for the third year running, taking full advantage of my economic knowledge in the economic down turn to outperform the FTSE , and determined to achieve a successful outcome.

I enjoy the analytical nature of economics and economic skills are invaluable , as I learned through Young Enterprise . As managing director of a YE team, I witnessed the power of elasticity of demand, selling our products at £2 we sold little over 20 units a day, however once we lowered the price to £1 we saw sales more than double to 50 units a day. In the local competition we took the award for best accounts, adding to my earlier success of leading my team to securing second place in the Medway social enterprise competition.

My economic knowledge has become applicable recently, while working for my parents . I have seen first hand how their small business is affected by the current economic climate . Rising food prices in the shop have hit profit margins . W hen I attended a housing development and investment course locally, I became aware of the impact of high interest rates and the housing slump, leading to a reduction of rental income and cause negative equity in our community. Also on a more global scale I have been intrigued by the tiger economies of the east, something my geography course work is focused on, exploring the causes and implications of such rapid growth and development, a common topic with “The undercover Economist by Tim Harford” a book I have recently indulged in.

Although my business and academic commitments keep me busy, I am accomplished in both Judo and “Wada Ryu” holding several medals and the “best boy 2005” title . Gaining the rank of 5th Kyu in under a year, I also help out with teaching younger children katas when possible. Previously I was also a Cub Scout, something that really helped to build my character, by my second camp I was the leader of my Cub Scout team and when progressing to Scouts I became patrol leader . To build my confidence I was part of a dance troop for a year, putting on two shows, although I enjoyed being on stage, my major joy was helping manage and organise the shows. Charity is also an important part of my life; I am currently using my IT skills to develop a web site for BYCAS. (Barnet Young Carers and Siblings)

Economics for me so far has been a fascinating and challenging subject, offering a broad array of topical subjects, in both macro and micro economics. With the current economic uncertainties, understanding the economy has never been so important, this real world importance is what makes economics an attractive subject to study at university, it will provide me with a set of marketable skills and a good basis to run my own business.

Universities Applied to:

• Warwick - Industrial Economics
• Nottingham - Industrial Economics

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