If I apply with being able to write that I am currently employed by some company, why do you think that this will boost my profile? Since I plan to apply by October this year (which is only in a few months), can it help to have such a short-term job?
This is true. However between your application and your enrollment is a year and four months!!!! And if you are going to write about your startup as a failure, they will want to see that you are busy with something else in the coming time.
Also, when I apply for 1 year programs, would it be bad to say that I want to return to finance (my original industry). I plan to write about how I tried different paths but I realized that I am committed to a career in financial services. I certainly like entrepreneurship and will try again if an opportunity comes up, but my intention is to go through an MBA, rebrand, restart, build a good network, develop my weaknesses that I mentioned in the original post, and go from there. If this is a bad idea, what is the best way to answer why MBA now?
It's not necessarily a bad idea. But it is important that it doesn't seem like you are "giving up" to go to do something you didn't want to do in the first place. Instead you need to find a way to present this story as a real advancement. The goals you have here are fine, but it is the narrative you present that will make the difference.
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