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Babson w/$$$ vs. ???

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Babson w/$$$ vs. ??? [#permalink] New post 14 Feb 2012, 10:29
I have a very difficult decision to make.

I apologize for the length of this post but I think my story is relevant to my decision.

I graduated from an undergraduate business program in Canada in 2007 and immediately pursued entrepreneurship. I began a franchisee with a small ice cream franchise, and opened my first location in 2008. We had way too much success the first year and I made far too much money for my own good. Because of this early success I expanded incredibly quickly, and was up to seven locations in two years.

The bottom fell out about 12-18 months ago. Sales dropped heavily and I knew many of the locations would have to close. We were far enough along through the winter and close enough to summer that it didn't make any sense to close down, given our seasonality, but I knew we wouldn't survive another winter.

Waking up each morning and checking the bank accounts and knowing I could barely afford to pay my staff - let alone my landlords, the bank, and investors - was incredibly stressful. The one "happy thought" to get me through each day was that I knew if everything went to s---, even if I had to declare bankruptcy in Canada, if I got into the Harvard Business School, I could move to the US, get a no-cosigner loan for international students, and start fresh.

I got a 740 GMAT, applied to Harvard, with Stanford and Chicago as "backups" (ha!).

I closed five of the stores down, sold one, and clung tightly to the last one. My future was very much up in the air as I worked with creditors to allow me to keep the remaining store.

I got dinged at all three schools and knew I had to decide whether I really wanted to go do an MBA or not.

I toured the US and applied to seven schools, just in case, with a focus on entrepreneurship: MIT, Tuck, Duke, Ross, Stern, Haas, and Babson. Babson was the only one without an international loan program in place, and I knew if I were to get in I'd have to have something happen in terms of scholarships.

I received interview invites from Duke, NYU, Ross, and Babson, and self-initiated at Tuck. The NYU one was a pleasant surprise given my earlier dings at "top tier" schools. Have not heard from MIT or Haas yet.

I received word today that Babson is giving me a full ride, tuition and books. I am so grateful, but I did not expect anywhere near this much and now have absolutely no idea what to do. My goal in pursuing an MBA was "grander scale" entrepreneurship, but my ups and downs in ice cream have toughened me up a bit and made me realize having a "corporate backup" might not be a bad idea. I am excited about pursuing entrepreneurship at Babson but scared about job prospects if I don't do something on my own. Making a decision without first hearing from MIT is also a little scary.

Appreciate any thoughts you might have for this very confused former ice cream baron.

Thanks,
Rob
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Re: Babson w/$$$ vs. ??? [#permalink] New post 14 Feb 2012, 10:44
Well first of all, congrats on the full ride!

When do you have to accept your acceptance at Babson by? Do you have enough time to see which other schools accept you?
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Re: Babson w/$$$ vs. ??? [#permalink] New post 14 Feb 2012, 11:13
Extend as long as you can with Babson. If you are forced into a decision, put the money down at Babson and only withdraw if you get accepted by MIT. :)

Sorry to hear about your shops, but I'm sure you're going to do very well with your next venture.
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Re: Babson w/$$$ vs. ??? [#permalink] New post 14 Feb 2012, 11:17
Babson wants a deposit by March 6th. I interview with Duke and NYU on February 25th weekend, so I doubt I will have heard by then.
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Re: Babson w/$$$ vs. ??? [#permalink] New post 14 Feb 2012, 11:40
I'm not sure how much the initial deposit is, but if I were you, I would just send the deposit by then, and wait for the other schools.
The worst that can happen is give up the deposit right?
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Re: Babson w/$$$ vs. ??? [#permalink] New post 04 Mar 2012, 18:45
I am in this exact same situation. I was accepted to Babson with full ride and am waiting for news from MIT, Tuck, Georgetown and USC. I paid the initial deposit at Babson to secure my place because their deadline is tomorrow.

If I got into the other schools (and that's a big IF!), what would you guys do? I've also got some entrepreneurship leanings, given that I started a business straight of school, but I moved into asset management after two years. I'd like to start my own business down the line, so Babson interests me, but I'd like to work in consulting right out of MBA, something I will probably have a better shot at going to the other schools on my list. A full ride definitely merits consideration though.
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Re: Babson w/$$$ vs. ??? [#permalink] New post 05 Mar 2012, 00:03
tastywaves wrote:
I am in this exact same situation. I was accepted to Babson with full ride and am waiting for news from MIT, Tuck, Georgetown and USC. I paid the initial deposit at Babson to secure my place because their deadline is tomorrow.

If I got into the other schools (and that's a big IF!), what would you guys do? I've also got some entrepreneurship leanings, given that I started a business straight of school, but I moved into asset management after two years. I'd like to start my own business down the line, so Babson interests me, but I'd like to work in consulting right out of MBA, something I will probably have a better shot at going to the other schools on my list. A full ride definitely merits consideration though.


I'd definitely go to MIT or Tuck (scholarship or not). G-town/USC vs. Babson($$$) would completely depend on your preference and how much debt you would be willing to take on.
Re: Babson w/$$$ vs. ???   [#permalink] 05 Mar 2012, 00:03
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