An overlook of Xu Hongyan's homestay restaurant in rural Nanjing, Jiangsu province [Photo by Li Bo/Xinhua]

According to a report released by the prestigious Renmin University last year, nearly 90 percent of college students have considered starting up their own businesses and 26 percent of them have even expressed a strong interest in entrepreneurship. 

But amidst economically difficult times, with a shortage of funds and unsatisfactory sales being common issues, for many students their situation has worsened and it has made it difficult for many  businesses to continue. 

Xu Fei, another nominee, said he had encountered similar problems in his initial days and so he took a roundabout way to fulfill his dream of producing unmanned aerial vehicles (UAV). 

He and his fellow makers realized it would be very hard for small companies like theirs to get financed, so they started by profiting from aerial video shooting services and used part of their earnings to produce UAV. 

"It took me three years to make both ends meet, and now, we have accumulated a well-defined group of customers," Xu said. 

He regarded starting up his business as more than simply a way to make money, it was a test of himself, and it was his ambition and determination that drove him forward. 

"We live in the best of times, I hope with our efforts, we'll all realize our personal and social values," Xu said.