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dannyref
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MG4MBACrystalBall
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A slightly different take here Danny, hope this does not confuse you though :)
  1. First up, some of the details here are missing which may be important to understand. What was your major during undergrad? What was the nature of your startup - was it in line with your professional work or completely divergent? Ditto for the latest startup attempt. Are you currently employed? You have also not mentioned your post-MBA goal(s). All these are vital to make a better judgment of your chances frankly.
  2. For reasons mentioned here, I won't hazard a guess on your probability really. This is exactly (probabilistic assessment) what we accomplish as part of our MBA MAP. It will be hard to say directly though that there isn't even a 10% chance - that's pretty low and if you are hanging on that number, it may actually be there.
  3. If presented well, the years of experience can be an advantage. Though you may fall out of the 80% median range, but then there is someone who will go into that remaining 20% too - so think of how you can be one of those guys. This means extensive research and networking as well as the right guidance to craft a well thought through application strategy. A better GMAT will definitely not hurt but do that after you've made a thorough assessment of what you can get with and without a higher score

Hope this sparks some additional thoughts.

Cheers,
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Hi Danny,

A few points that I could think of, not ordered in any way:

1) You are an entrepreneur with a track record. Starting a 2 million dollar business is no joke. Do you still need/want an MBA? (I'm assuming you have good reasons to want one - make sure you explain yourself clearly on this front).

2) A possible diversity of experiences - were your startups in finance planning? If not, you need to have a convincing story for why you went into a different technical area, and then came back to financial planning.

3) Under normal circumstances, I wouldn't think too much before asking you to retake the GMAT. But I see potential in your profile. Take the GMAT only if you have the luxury of time on your side. If not, spend what time you have preparing watertight applications.

4) Harvard and Stanford trend towards younger students - meaning people with 2 years of experience. If you want to apply to these schools, you should be prepared to answer why you want to do an MBA relatively late in life.

Regards,
Karthik

dannyref
Hi, I am considering to apply to Harvard, Stanford, MIT, Northwestern, and Berkeley in Round 1 this year, and I appreciate your feedback on my chances at these school.

Profile:
30 y/o Chinese-Canadian male
- born in Hong Kong, grew up/studied/worked in Canada, and then worked in China for the past few years

Work Exp - around 8 years total
- Canadian Chartered Accountant (audit/tax) - 4 years
- Found a start-up in China that raised USD2MM and had an operational business, and left after 2 years
- Worked as a Sr Financial Analyst (Finance planning and analysis) for a large multi-national company's China office for 1.5 years
- Worked to start another venture, which did not materialize for another 1 year

Extracurriculars
- Community service for >5 years
- Started other side businesses e.g. games rooms

Education
Graduated at a leading Canadian university with a 3.4/4.33 GPA.
700 GMAT (verbal 37/ quant 48 / AWS 5.5 / IR 6)

Harvard and Stanford are my top choices and the other ones follow right behind, but I am not sure this is a realistic reach for me. If this is not entirely unrealistic and I have say a 10% chance at these schools, I am considering if I should retake the GMAT to further boost these chances. I hope I may be able to reach 750 and improve AWA and IR with another month or two of studying as there are still a lot of study materials I haven't used. However, if these schools are completely unrealistic for me, then I may not spend the extra month or two to study for a GMAT retake, and I will reconsider my selections.

Please advise on my situation and thank you so much for your help!!!

Best,
Danny