Rhyme, thanks for the trophy. That feels good.
Bhalla & Giddi, I'm not in IT (I was a lawyer and and for the past 4 years I've been running my own business), and I'm not Indian. However, I am definitely interested in Wharton & Stanford (don't know about Harvard yet), and the reality is that without a score above the 80th percentile of accepted students at these schools (about 750-760) my chances of getting in are probably less than 25%.
The factors that can influence your admissions are: 1. GPA, 2. GMAT, 3. Recommendations, 4. Work Experience, 5. Essays. My profile breaks down like this:
1. GPA - I've never had really outstanding grades, but I do have a law degree from an elite law school. I'm not exactly sure how they will look at that; but there's nothing I can do about it at this point. I think my educational profile should be average to good.
2. GMAT - good, but within the middle 80% of accepted students.
3. Recommendations - my recommendations should be excellent, but that is the case for nearly all applicants. As I understand it, great recommendations don't help that much, but poor recommendations can kill you.
4. Work Experience - 2 years at top law firms, which may not have much impact to a business school. Also, I started and am running a successful business. I think the entrepreneurship will be looked upon favorably, but I also think that leadership and teamwork might come into question. Also, I'm older than the average applicant at this point. Overall, I rate my experience profile as average (for an admitted student at these schools).
5. Essays - I should be able to write excellent essays. I also have some interesting stories to tell. Of course, as I've read, 90% of applicants think that they nailed their essays. I will put in the time and effort, and I hope that mine will be above average.
Overall, I think that with my current profile, I have a good shot at getting into most elite schools, and some of the ultra elite schools. But to get into Wharton or Stanford (or Columbia, which has an admissions profile almost identical to Wharton), I think that you probably need to be good to outstanding in 2 or 3 of the above 5 categories. Not much I can go about GPA, Work Experience or Recommendations at this point. GMAT and essays are the only things left to work on.