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17 JAN 2021
This essay is part of a collection of personal statements written by Crimson students who were accepted to their top-choice universities in the US and UK. By bringing together nearly 25 of our best students’ essays, we want to provide inspiration for future students with the same aspirations and goals. This series will showcase the wonderful variety in our student’s essay creations — powered by their personal voice and supported by their dedicated Crimson essay mentors. Ready to be inspired? Let’s go...
Since watching “The Billionaire'' 4 years ago, my fascination for business and management was sparked by the life story of the university dropout who became the owner of TaoKaeNoi, a snack company that now makes millions in net revenue each year. I was particularly intrigued by how they identified market opportunities for a new product and increased their brand awareness internationally.
Determined to understand the keys to this kind of business success, I pursued A Level Economics which introduced me to both the macro and microeconomic factors that impact businesses. I learned how operating in different market structures - perfect competition, monopoly, and oligopoly - affect price determination. Reading The Economist's article - “Should digital monopolies be broken up?” - gave me a deeper knowledge of the barriers of entry to a monopolistic market structure. A Level Maths has also enabled me to apply statistical analysis to consumer data, such as when making demand predictions, regression analysis is an ideal tool to determine optimal prices.
I am also fascinated by how brand positioning affects price determination - this led me to explore marketing strategies, specifically consumer psychology. Through Babson College's “Digital Strategy and Action” course, I learned how businesses, such as Netflix and Amazon, utilise user-friendly interfaces to extend their product life cycle. When building my hypothetical online business as part of the course, I built a strong company culture and pursued customer-focused innovation for sustaining my business growth. To further my knowledge of consumer psychology, I turned to Sunstein and Thaler's "Nudge" and discovered how anchor prices facilitate effective negotiation and promotion, and the importance of choice architecture that underpins successful marketing strategies.
Last summer, I completed a marketing internship at Finnomena, a financial literacy startup, where I developed a marketing campaign for a new product. Through using Facebook and Google Analytics to test the digital advertising campaigns, I adapted strategies to target the campaign effectively for maximum brand awareness and reach. What was most eye- opening was gaining management experience in the events team. I directly managed a product launch, where I set event objectives, managed the budget and assigned staff roles and responsibilities. Through coordinating different departments, I learned the importance of effective management in a business's success.
I put the practical knowledge gained from my internship to use while competing in the national SCG Hackathon business case competition. For our team's business idea, I utilised my consumer research skills when investigating the target market. During the competition, I worked under time-pressure and sharpened my management skills when delegating tasks and coordinating discussions. I led my team to qualify for the semi-finals, where we gave a successful five-minute pitch.
I have also developed invaluable business and management skills in other areas. By creating my own charitable initiative, FUTURE4U, I provided opportunities for Thai students to learn about business startups. As House Deputy and a member of the Student Council, I have developed leadership and communication skills. Furthermore, I have demonstrated my academic abilities through earning the school Honorary Scholarship Award and Academic Excellence Award. I also play for the JV Basketball team, and so can balance academics and other pursuits.
While my schooling and independent learning experiences in Thailand have enriched my understanding of business, studying business and management at a higher academic level will allow me to gain other skills vital for entering the workforce. My ambition is to build a successful entrepreneurial company like TaoKaeNoi that addresses a gap in the market, and I believe that university will take me one step closer to accomplishing that dream.
NEXT WEEK: Read the essay that got Alanna M. into Duke University!
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