Applying to Business School as an Entrepreneur

MBA AdmissionsFor the vast majority of business school applicants, pursuing an MBA is primarily about the opportunity to secure employment at their dream corporations. If you are one of the the ambitious few who are interested in entrepreneurship, your MBA dreams may align with incubating your own venture and forgoing the sanctity and security of the more traditional post-MBA career paths.

Applying to business school as an entrepreneur sets up a very specific set of considerations applicants should be aware of, however. Let’s discuss a few things that should be considered before applying to MBA programs as an entrepreneur:

Chances of Success:
How confident are you in the viability of your concept/business? Applying to business school as an entrepreneur is very risky from an application perspective. The Admissions Committee will surely scrutinize your plan and its potential for success, so it is important you have run a similar “stress test” on your concept or business.

Generally, business schools want to make sure their students are employed after graduation – an MBA who is not placed at a job at graduation (or 3 months after) can not only bring down the statistics of the school’s post-graduation employment report, but it can also cause that graduate to be an unhappy alumnus, which can lead to a negative perception of their MBA experience. As such, it will be best to make sure your entrepreneurial ambitions are clearly achievable, to both yourself and to the Admissions Committee.

Back-up Plan:
A high percentage of startup businesses fail. Do you have a contingency plan if your concept fails or if you just decide entrepreneurship is not for you? Schools will be looking to know that you have thought through all of the permutations and combinations of your decision. This can commonly manifest itself as an application question, essay prompt or an interview question, so have an answer ready that is well-thought-out and aligns with your past experiences.

Program Support:
Are you targeting MBA programs that have a track record of supporting entrepreneurship? The more your school is receptive to the challenges of the entrepreneurial lifestyle, the more well-received your application will be. Don’t think this makes your chances of admission much higher, as these schools are also looking to weed out those less committed to their goals. Also, some programs support entrepreneurs as alumni through funding and loan forgiveness, which could be advantageous during those lean early years of launching your business, and will be handy to keep in mind as you compile your list of target schools.

Does your timeline for diving into entrepreneurship make sense? Often, applicants will identify entrepreneurship as their short-term post-MBA goal. However, if the road map to starting your business appears a bit murky, shifting this short-term goal to the long-term may help make a better case for your profile. The Admissions Committee tends to be a bit more forgiving with long-term goals, given that so many things can happen before reaching them, but with short-term goals, the expectation is these should be highly achievable.

Applying to business school as an entrepreneur can be challenging, but can also represent a tremendous opportunity to pursue your dreams. Consider the above factors before you start your own application process.

Applying to business school? Call us at 1-800-925-7737 and speak with an MBA admissions expert today, or request a free MBA Admissions Consultation for personalized advice for your unique application situation! As always, be sure to find us on FacebookYouTube, and Twitter.

Dozie A. is a Veritas Prep Head Consultant for the Kellogg School of Management at Northwestern University. His specialties include consulting, marketing, and low GPA/GMAT applicants. You can read more articles by him here.

Why Go to Business School: The Benefits of an MBA

Columbia UniversityWhy business school? This is a question encountered by many ambitious people who decide to pursue a master’s degree. Individuals in an MBA program take courses that deepen their knowledge of accounting, marketing, management, and finance. They also take classes that improve their leadership, communication, and problem-solving skills.

Acquiring this advanced level of knowledge and earning an MBA benefits a professional in the business world in a variety of ways. Check out some of the specific benefits of an MBA degree:

Gain More In-Depth Knowledge of Business
Why go to business school? In addition to expanding their knowledge of accounting, management, and other basic business practices, students who earn an MBA can specialize their degree. For instance, a professional who wants to achieve greater success in a public relations career can earn an MBA with a focus on that particular discipline. Other examples of MBA specialties include Internet marketing, hospitality management, and sports management. A student who earns an MBA walks away with a deeper understanding of their particular field of work.

Earn a Higher Salary
One of the most appealing benefits of an MBA is that it can lead to a higher salary. Someone with this advanced degree has a greater understanding of business practices than someone who possesses only an undergraduate degree. A person with an MBA has specialized skills and knowledge that can benefit a company’s bottom line.

Business schools have a number of requirements that applicants must fulfill. For one, they need to see a student’s scores on the GRE, the GMAT, or both. At Veritas Prep, we provide in-person and online instruction to prepare students for the GRE. We also help students study for the GMAT. Students learn tips and strategies from experienced instructors who have taken these tests with great success! Our tutors use excellent study resources and materials to provide students with first-rate instruction.

Establish Relationships and Garner Contacts
One of the most notable benefits of business school is the opportunity to establish relationships with other business professionals. While earning this advanced degree, students work with individuals like themselves who are likely to achieve tremendous success in their field. These relationships can continue to grow after graduation, proving helpful to an individual as they pursue success in business. Plus, students learn from professors who have relationships with executives in the business world. After graduation, a student may be able to get a recommendation from a professor or get a valuable lead on an open position with a growing company.

Often, well-known executives speak to classes of MBA students. They share their experiences and advice on how to accomplish career goals. Talking with a visiting executive gives a student another opportunity to establish a connection with a business professional that could prove useful later on.

Rise Higher in a Particular Field
Why go to business school? This is a question heard by many business professionals who decide to go back to school after working in their field for several years. One of the benefits of business school is that it gives graduates the knowledge and training they need to rise higher in their profession. They may feel that they have gone as far as they can with just an undergraduate degree in business and they need more skills to make further progress toward their career goals. For instance, a professional who has worked in the marketing department of a company for ten years might decide to earn an MBA with a specialty in Internet marketing. This could prepare them for a promotion to a higher position within the department.

Start a Business
Why business school for an entrepreneur? An entrepreneur who earns an MBA is more prepared for the challenges of starting a business. In fact, a student going through an MBA program can specialize the degree to focus on entrepreneurship. An MBA student specializing in entrepreneurship studies topics such as entrepreneurial finance, technology, and recognizing opportunities that will help a new business to grow. An entrepreneur armed with this knowledge is increasing their chances of success as a business owner.

At Veritas Prep, we assist individuals as they progress on the path toward gaining admission into a preferred business school. Contact our offices today to learn more about our test prep options.

Applying to business school? Call us at 1-800-925-7737 and speak with an MBA admissions expert today, or take our free MBA Admissions Profile Evaluation for personalized advice for your unique application situation! As always, be sure to find us on Facebook, YouTubeGoogle+ and Twitter.

3 Things Entrepreneurs Can Gain From an MBA

GoalsHarvard Business Review recently published the article, “Why More MBAs Should Buy Small Businesses” by professors Richard S. Ruback and Royce Yudkoff. This article presented the argument that it makes sense for MBA graduates to buy small businesses as, in the long run, it benefits their independence and certainty (after the initial stress of the business search process, of course).

Browsing through the comments of HBR’s original Facebook link to this article, entrepreneurs with MBAs expectedly felt validated that experts from Harvard itself supported their path. This is understandable, as they have surely received mouthfuls before from friends, families and foes ridiculing how they are “wasting” their expensive MBA credentials.

On the other hand, some stated how unnecessary it is to have an MBA to create a small business, frequently citing tycoons who did not have MBAs, and how the funds used to pay for business school could have been used as start-up capital, instead. Owning a small business may not be for everybody due to the risk and investment required, but it is a path to consider.

So, what then does an entrepreneur gain from an MBA?

1) A Strategic View
Learning about the rise and fall of industries, companies and products, as well as the market forces that drive them, will help you gain a big-picture look of business and allow you to better determine the feasibility of your ideas. It will also equip you with a general range of probabilities for your success, while also keeping you conscious of both the upside and downside of your venture. Having some awareness of broad industry and economic trends – while keeping an eye out for disruptive technologies or events – could help you spot opportunities and risks.

Key concepts on managing finances and operations, such as the trade-off between debt and equity or between stock-outs and spoilage (or obsolescence), are important takeaways from an MBA that will help save you money in the long run, or even be the difference between the life and death of your enterprise.

2) Recognition of Human Factors
During the first month of my MBA program, I was filled with stories of how giant companies – reputable ones filled with the smartest people – made errors that a rational person would not have committed. The reason? Organizational politics, silo mentalities, misalignment of incentives, or just plain misplaced egos!

Being aware of these human factors can help an entrepreneur build a strong organizational culture that is able to implement strategies and processes sustainably, while also creating a healthy work environment that encourages accountability and growth throughout.

Learning about these human factors will also help you deal with outside organizations – including clients, suppliers and service providers – in the future. Being able to negotiate and effectively manage your relationships with these key stakeholders will be as critical to your success as any business activity.

3) A Rise in Self-Awareness
Decisions, decisions and more decisions! You have craved to have more independence and to be able to do things your way; the hierarchy, multiple levels of approval and authority limits that frustrated you before is no longer there. What you have now as an entrepreneur is the responsibility to make decisions (both large and small) that directly affect your business, your employees and your family.

The classes and group exercises at business school will allow you to become more aware of your biases, strengths and limitations, both intellectually and emotionally. Being aware of these should better inform you when it comes time to consult with others, delegate projects, and pull the trigger on tough decisions. Having an idea of the potential impact of your choices should also be able to guide you as to the time and energy you should allocate for these.

To conclude, getting an MBA is not a necessary condition for entrepreneurs or a guarantee for business success, but it does improve your probabilities of getting it right! At the very least, it should also help provide you with a safety net and an option to go back to the corporate life if you later choose to do so.

Applying to business school? Call us at 1-800-925-7737 and speak with an MBA admissions expert today, or take our free MBA Admissions Profile Evaluation for personalized advice for your unique application situation! And as always, be sure to find us on Facebook, YouTube, Google+ and Twitter.

Written by Edison Cu, a Veritas Prep Head Consultant for INSEAD. 

4 Reasons to Consider a Part-Time MBA

scottbloomdecisionsWith the decision to pursue one’s MBA comes the equally large decision as to whether or not one should attend business school part-time or full-time.

While the majority of MBA applicants each year pursue the more traditional full-time MBA programs, there are many reasons that why a part-time MBA might be a better fit for you:

1) You Have a Below-Average Undergraduate Record
While your college record will, of course, still considered by part-time MBA programs, these types of programs tend to be more forgiving of poor college grades – especially if you attended college many years ago and you have had a lot of professional successes since then.

2) You Are a Career Enhancer
Are you looking to move ahead in your current industry or even within your company? Consider continuing to gain that work experience (and the salary and benefits that come with it) while attending a part-time MBA program. Additionally, many companies will offer continuing education benefits, so check with your current company to see if this is something they will provide.

3) You Work in a Family Business or Own Your Own Business
Rather than having to choose between ditching your family obligations or selling your business and attending school, why not do both? A part-time MBA program is great for those who want to continue working while they learn.

4) You Have Many Years of Work Experience
While part-time MBA students, on average, have only two more years of work experience than their full-time MBA counterparts, the spread tends to be much greater – with applicants’ experience ranging from two to twenty years. If you have a lot of work experience, you may find yourself alongside peers with more similar responsibilities and tenure in a part-time program than you would in a full-time classroom.

If any of the above sound like you, then you may find more success in a part-time MBA program than you would attending business school full time.

Applying to business school? Call us at 1-800-925-7737 and speak with an MBA admissions expert today, or take our free MBA Admissions Profile Evaluation for personalized advice for your unique application situation! As always, be sure to find us on Facebook, YouTube, Google+ and Twitter.

Nita Losoponkul, a Veritas Prep consultant for UCLA, received her undergraduate degree in Engineering from Caltech and went from engineering to operations to global marketing to education management/non-profit. Her non-traditional background allows her to advise students from many areas of study, and she has successfully helped low GPA students get admitted into UCLA. 

Power Couple

It’s Final Four time! It seems like a lot of our recent posts have had a sports theme to them, but with the start of one season (baseball) and the fast-approaching end to another (college basketball), you’ll have to be understanding. Fortunately, my recent obsession (ok, maybe not that recent…) with Yahoo! Sports has led me to this post.

There was an article put up earlier today about two guys who are running a very successful business centered around college basketball. They are the epitome of the entrepreneurial spirit, and while there is some controversy around them, you can’t deny their success.

For all you budding entrepreneurs out there (and all you college basketball fans), this one might be worth the read.

Source: Power Couple

More for entrepreneurs!

That article I found a couple weeks ago got me thinking, and I decided to try to find another good article for all you budding entrepreneurs. I managed to find one that I feel is actually very useful and important. One of the key things you’ll need as you start up your new business is some capital. To get that, you’ll need a business plan, which is what the article deals with.

Check it out!

Business Plans Should Be Simple & Passionate