I think this depends on the impact that your company has done to the society. Let's look at a small-time entrepreneur who opened up a small regional restaurant. For this entrepreneur, it'll be extremely hard for business schools to benchmark his success because he probably be the only one applying with that type of experience. For this person, it will really be about emphasizing his end goals and desire for an MBA. More or less, it's going to be a luck of the draw type of deal. Now let's look at the other side of the spectrum and explore Mark Zuckerberg and Facebook. Obviously, he's an entrepreneur who had hit it big (more like huge!!!). It'll be an easy admit for b-school if Mark applied because he was seen as a successful entrepreneur (let alone his existing fame). Generally speaking, entrepreneurship is a great thing, but w/out the ability to benchmark a person with his peers, it'll be a hard sell. However, it really will come down to how this person explains his stories through his recommendations, his essays, and his interviews. Afterall, the restaurant entrepreneur could just as likely get an admit to Cornell Johnson because of his interest in hospitality.
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