Hi AragornElessar,
Thanks for sharing your info with us! You certainly have a very interesting back story.
My answer to your "elephant in the room" question might depend a little bit on where you did your MBA previously (is this the diploma in management - finance that you referenced?), but by and large, you hit the nail on the head that you'll have to have a compelling explanation for any admissions committee (AdCom) for why you're seeking a second MBA. Your reasoning about wanting to shore up your knowledge in areas outside of finance does make sense to me, but there are people out there who would argue that going to business school -- especially when you're already been once before -- isn't the only or best way to achieve that, and that it might make more sense to fill your spot in an MBA class with someone else who doesn't already have your degree or your experience.
My best advice to combat that counter-argument would be: (1) Explain in your personal essays how you focused your time and energy during your first MBA very heavily on finance (I assume that was the case?), and explain also why you didn't get more out of your non-finance classes at the time (I'm sure you had to take core requirements in marketing, strategy, HR, etc.?). Were you shooting for a certain finance job after graduation, and that took up a lot of your time and energy? Were you very active in finance clubs, to the exclusion of most other activities or groups? Show how there were certain "deficits" in your first MBA experience that you eagerly want to fill in your next one, if given the chance. (2) Become an expert on the entrepreneurial offerings of any programs that you're targeting. (I do agree that 1-year programs, whether in Europe or in the US like the Stanford MSx, are the best fit, particularly ones that are targeted towards mid-career professionals like you.) Do research on specific faculty, classes, programs, and student groups at each school that are linked to entrepreneurship, and reach out to professors and current students whom you come across online (or if you know any such people in your personal network) to see if anyone is willing to have a "coffee chat" with you. The more you can demonstrate that you're an expert in the entrepreneurial offerings that you're interested in (and the more you can explain how you intend to take advantage of them), the more compelling your argument will be.
I hope this is helpful! If you'd like to chat further with us, feel free to reach out on
www.admissionado.com. Best of luck!
Doris