Need some advice

Question

Hello,

I have a first class degree in Business and Management from Top-20 UK Universities. Also during my studies I prepared a Business plan, pitched it to Angel Investors (a registered one), obtained funding, turned a profit, kept records, payed taxes and currently in the process of selling the company. The product is electronic advertisement screen. GMAT to be given next month, but I am optimistic to get 700+.

Extra-curricular activities - Nothing much in University except a few rock climbing expeditions. But during high school, I gained a Certified Rock Climbing Instructor qualification and assisted 300+ students through 50+ climbs and expeditions.

My main interest lies in entrepreneurship and after my masters I want to join a start up company whose idea I believe in.

Do you think MIM will serve well for students interested in entrepreneurship? Is it easy to get in touch with good start up companies after the course?

Also will my entrepreneurship experience be treated as an extracurricular activity by the admission team?

With my profile will I be able to make a competitive application to top-5 MIM schools?

Also if I start another company now and after working for 3-4 years sell it and than get MBA. Will the entrepreneurship experience (and NOT a regular job) reduce my chances of being accepted in top MBA in UK?

What MIM colleges would you suggest me? My dream school is LBS.
Thanx for doing this.

bryantmichaels · Answer

Why MIM and not MBA? MBA is a more marketable degree historically and probably even more impressive to VC investors down the road. Additoinally, the network alone from a top 10 MBA will likely bode better for your entrepreneurial efforts over the long term. To answer some of your questions, no the adcoms generally will not view entrepreneurial efforts as EC activity unless it was not for profit or in addition to a full time job elsewhere, and then only if perhaps you used it to benefit the community in some way? Good news is, not many applicants to b-school can make the claims you can, that is, to have received funding, built a profitable business and sold it. This is very valuable experience for your classmates to draw from and can likely get the attention of top schools. you should hone your post MBA vision to be more passionate about the area you want to impact (your description now is rather generic, but I understand you didn't go into full detail on the forum). If you were to startup another company and do the same thing, it would not hurt your chances to do MBA but by then, you may be eligible for an Executive MBA which could save you time and allow you to keep rolling forward in your business. To sum up, I would encourage you to apply to a top 10 MBA program instead of MIM and if you can continue to get hits starting, running and selling your own businesses, do that and pick up the extra education you need as you go part time. One question b-schools always ask entrepreneurs is, if you are so successful at building a buisness, how can you afford to stop and do school for two years?

chimpanzee · Answer

Thank you for the the prompt and detailed guidance.

Why MIM and not MBA?  
 
I would love to pursue MBA over MIM but I believe I am ineligible for MBA (I hope I am wrong), because
1) The word in my college is that MBA requires post-graduation work experience but I started,ran and sold the company while studying full time 4-year degree.
2) My age is 22, most of the people I know who have gone to study MBA are 25+.

So do you think I am still eligible for MBA?

2) You should hone your post MBA vision to be more passionate about the area you want to impact (your description now is rather generic, but I understand you didn't go into full detail on the forum).

I do not have 1 big idea, but have a series of smaller ideas catering to niche market in a number of sectors. Also I would love discuss my plans in detail in a private consultation session with you, but not on a public forum.

One question b-schools always ask entrepreneurs is, if you are so successful at building a business, how can you afford to stop and do school for two years?

1) Opportunity to meet "Wow-people" and than stay in touch for the rest of our lives. I heard MBA is a lot of fun and can be a transformational experience, I do not want to miss out on the experience.
2) Most of my skills are at best intermediate, I would like to hone my skills further.
3) Use the brand name and alumni network in my advantage.

Is my thought process in the right direction? Or am I missing something obvious?

Thank you for the guidance.

bryantmichaels · Answer

You fall into a unique category of over-achievers who are off to the races early. HBS is very sympathetic to your type--too bad you are not eligible for 2+2, but you might explore them as a regular applicant because they love applicants with demonstrated leadership. I realize HBS is VERY selective, but if you can nail the GMAT and convince them you are mature, your story may resonate with their adcom. Also look at Haas, Columbia, UCLA and Stanford...again, not easy schools to reach, but your young age can be a diversity play for them--it's all in how effectively you pitch your vison. If you decide to go MBA route, please let us know if we can help you--V'tas offers free diagnostic sessions on the phone to explore.

chimpanzee · Answer

That sounds awesome, I had no idea I would be a competent applicant for top-MBA right away.

I will focus on GMAT for now and will get in touch with you immediately after GMAT.

Really appreciate your guidance, thank you.

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