Hi Prerna!
Regarding the essay 'where do you see yourself in 3-5 years from now? '
Yes, presenting a 'non materialised' business plan won't be a wise decision according to me.
I have two startup companies that i founded approx two years back. Both running well. so in the essay i wrote how i plan to take the startups to new heights using the knowledge and international exposure i'll gain from the course.
Basically, I tried to explain what i am planning to do after the master's degree and how the master's itself will benefit me in materialising those plans. And i tried to stick to the '3 to 5 year' plans and not long term.
Hope this helps

If you have anymore question, I'll be happy to answer.
All the best!
Aakash Ahuja