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I am planning to apply in October, so an essay question may be premature, but...
Without getting too specific, I need an MBA because I want to start a company. My reasons for needed an MBA are valid (I need to know how to talk to venture capitalists for funding, i need to learn about operations, marketing a company, how to eventually expand it, management skills, etc). I already have a Masters in Accounting, a CPA, and have passed the 1st level of the CFA, so I need to supplement my quant skills with management skills previously mentioned. I digress...
Are you evaluated on the actual reason for the MBA? Meaning, yes, I need an MBA to start this company, but will they say, "But this is a bad idea for a company" or "This type of company already exists, so it makes no sense to try and do this?"
This sounds pretty good so far. I would not be too concerned about your business idea being judged on the merits at the application stage unless it is so remote from reality that they question your competence or sanity.
Here is my concern: What if the business idea comes from my personal passions. In other words, I can't really support why I want to do this based on my career experience, but it is in line with my personal life...
cfaMiami, you want to keep your focus clear. The purpose of the MBA is to gain the skills and knowledge you will need to run your business. That should satisfy the Admissions people.
The hidden question I sense comes when you think about funding your venture. For that, you need a solid business plan, which is where you will need to support the vision with numbers. How many employees will you need, what sort of equipment and building size, how many customers can you serve and to what degree, etc. You will need to do revenue and cost projections to show your idea is viable. The bad news is, that's a lot of work, and many passionate dreams don't work well in the real world. The good news is, your MBA studies will be tremendously useful in demonstrating the fuctionality of your dream, and in avoiding the dangers and mistakes which plague most businesses.
For the essay they ask.. in these application process.. can you pretty much write up your career plan in it? Like dates/what to achieve when etc.. so going in this line of writing that you want to do business.. can you get more specific as to where this will help me in business... etc.. that is pretty much go into the details as to where mba will help me where in this aspect of business?
from my perspective, for example.. If you doing a joint business, can you mention about your other partners going one route, so you are going this other route to get the complete picture so that both of us are ready to run a successfull business?
our plan(me and my brother) is to open up a financial service firm 5 years down the line.. so he is currently doing bachelors of computer science, and then plans to ms in finance(computational or financial engineering) and i get an mba (finance major) so we both of have a complete match, and we match each others weaknesses.. can you mention all this in the essay? (in a more structured way ofcourse?)