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mukundv18
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Hi there:

I strongly recommend you retake the GMAT. As you are likely aware, as you are part of an overrepresented demographic you will need at least an average GMAT, if not better, to gain entry to these schools. Additionally when pursuing an MBA I generally advise going to the best school you can as the reputation does matter. A few notes:

1) While I don't know your personal committments, you have plenty of time to retake the GMAT and apply Round 2. I would advise finding a good tutor who help identify your weaknesses / struggles, study over the summer, and retake early fall. That still gives you four months to apply.

2) While age can be a factor - it also depends on your goals. If you want to pursue the traditional I-Banking / Consulting path schools are a bit wary to admit a certain age candidate as those jobs are hard to get with too much experience. However for goals outside "feeder" industries (which it seems yours may be) age won't matter as much.

3) European schools generally accept older candidates than US schools (though I encourage you to apply to both)

4) Failure is the path to success. Don't look at your failed start-up as a weakness but rather a starting point for understanding how to do better next time. Corporations today are putting greater and greater emphasis on the idea of "learning from failure." MBA applications are about storytelling. Leverage your failure by figuring out what went wrong and using this as a platform to explain your need for an MBA.