Thanks for your post. I will admit, the first time I read your profile, it seems Part time MBA would fit your needs very well. How, for example, do you expect to do a full time MBA commitment while running one or more companies? This may come across as unrealistic to the adcoms. Additionally, youwouldn't have to worry as much about the GMAT, since PT programs are more forgiving on that front. Truthfully, you will not likely get much attention from the schools on your #1 list without a great GMAT score. For the schools that offer PT programs, this is not as much a factor. To answer your question directly below is difficult, as it's about so much more than the GMAT, but I would say that as an Indian Male with M7 school list, you would want to shoot for low 700's on the GMAT. Other answers are below:
- Are chances to get in higher if I apply in round 1?
Some say round one has best chances, and if you think about all the seats being open, there is a good argument for round 1 for sure. Others say that because round one gets the most applicaitons, it is tougher, but I have not found this to be the case. Some schools even have early action plans, which allows you to get some favorable consideration in exchange for exclusivity if they let you in. Something to consider especially if you have several things you are concerned about in your profile.
- Is my choice of schools OK if I want a general MBA with focus on entrepreneurship? Any school in the top 10 will help you as an entrepreneur, but again, the PT option will allow you to apply in real time your learnings from school, whereas the FT programs will likely keep you too busy to actually exercise what you learn until you finish.
- Whom do I get my recos from as don't have a supervisor and clients are students?
Do you have any vendors you use, or surely you have dealt with bankers as you have grown your business? These can be good resources for recos.
- How long do I need to study for my GMAT / write the essays? I am most scared about this as I think I won't be able to put in a lot of time in the preparation.
Unfortunately, if you want to pull together a winning application, you are going to need to carve out some good time for both GMAT prep and essays. I know this will sound biased, but if you are limited on time, you might consider GMAT study courses and/or consultant help with your application as well. Frankly , if you are worried about the time involved, you will be really miserable in b-school, which is a huge demand on your time.
- Does the admission team ask for any proof of business like financial statements etc.?
No they will likely take your word for it, some of which will be corroborated by your recos, to the extent the recommenders are involved in the business or familiar with it. They might check out your website, etc. but don't expect them to ask you for detailed or audited financials.
in the end, I find the most successful entrepreneurs pick up b-school knowlege in piecemail, because they are frankly too busy running their successful business to take the requisite time off. Entrepreneurship is not easily taught in the classroom, and is best learned in the school of hard knocks, as you know. This is why a part time or executive one year MBA might serve you best--since you are not really looking for access to top recruitiers for a job, per se, and plan to grow your business(es) after b-school, many of the benefits of the full time programs will be unuseful.