1. Is coaching necessary for GMAT?

Cheers!

Depends entirely on you. I did not take a GMAT coaching (I scored 710 with a 3 weeks prep) - one of my very good friends quit her job and stayed in Bangalore on rent for 3 months for her GMAT prep (she scored 720).

2. We converted from a Partnership to a Pvt. Ltd. in May 2010 after graduation. But we had officially launched in July 2009 as a partnership while in college. Any way around this to get the committee to accept this as added work ex?
Cheers!

Tricky. But you will have to take your chances.

You can say that you have been working for your company for 3 years without mentioning the overlap with your full time acads. You will also have to mention the time period during which you were a full time student, and hope they don't reconcile the two.

I don't think the workex would muddle thinigs up for you - it would be your acads. Most entrepreneurs at ISB, have an engineering background (usually IIT, or international). Many already have a Masters degree.

And - even for people with workex - its what you do with your years that counts.

AND - consider a 2 year MBA programme outside India. A 1 year programme is academically more intense, if you want a 'thorough academic grounding' a 2 year would make more sense. Also, you can pick up majors in marketing (specialise in marketing luxury products).

ALSO - what I have written above does not mean that you would not be able to crack ISB entrance if you prep well.


H.

@CA - check post #10358. I did answer your question earlier.

H.

Hi

I am taking the GMAT in July for ISB - can somebody please tell me what my chances are like?

cheers

1. What after ISB? Well, the idea is to know enough to start another 'more professional - more scalable' venture. Have more than just an idea in my head, not so sure about whether to discuss that with the panel. What is your take on 'I would like to continue with my entrepreneurial aspirations after making the best use of resources at ISB, if selected, both academic and non-academic' as an answer to that question.

The question is irrelevent at this stage. Tollgate 1 is an interview invitation - you will get a short term goal / long term goals question in the essays (you are most likely to get, that is). If you answer is 'you want to start something of your own' - define it. The clearer you are in your post acad plan - the more mature you are likely to sound.

Figure out how does ISB help in the 'entrepreneurial aspirations' - i.e. which resources at ISB (if it is incubation cell, then why), and then how will you use these resources. Reach out to the admissions office and speak with the entrepreneurs club if needed. Again, the effort you put in will get recognised in the quality of your essays.

And the help gets better.
2. 10th & UG I presume is alright. Need to justify the 12th bit - guess will just have to put it plainly if called for an interview and concentrate on what is under my control, a good GMAT score.

Correct on the GMAT part. Just one more thing - ISB or other B Schools would not look at your certificates individually, but will do so collectively.

3. Here is the tricky bit. I can talk about the numbers showcasing how our start-up grew making more tangible sense in the process as you rightly pointed out. The part I am worried about is the 'How much did you exit at'? Basically, I have seen a lot of people being shot down because what they currently do seems to be a better paying job than avg. ISB domestic ctc. Obvious answer would be I am not looking at placements so I don't care about it. But unsure about how it will be perceived.

You will have to use the numbers to get invited to the interview. No other way out. The numbers you need to mention in your essays are the Key Performance Indicators for your business - not the amount of money you made. E.g. "I grew Trippy from a start-up that was worth 7lac rupees raised with difficulty by solicitinig contribution from my family and friends to a profitable business worth more than 70lac rupees in less than 2 years" is acceptable; "I made 60 lac rupees in 2 years" is dumb.

Stop thinking of yourself as a rockstar - the worth of your venture, or the amount of money you made by divesting will not impress anyone. These will most certainly not subdue ISB. Also, you've achieved whatever you have managed to achieve just once - how does that stop people from billing you a flash in the pan.

The risk you carry is that you are likely to sound cocky and naive in your essays unless you are careful - all 21year old entrepreneurs do so. The risk you also carry is that you may appear like a 21year old kid who perhaps got lucky. Lucky 21 year olds are likely to be misfits in ISB.

Regarding the exit, I am going to state the facts. We had a fairly simple easily replicable business model, were short of resources and it made strategic sense to exit profitably and let the idea develop than maybe make a mess of it.

You can use this in your 'why ISB' - you can say that once you started dealing with the reality of controlling a expaning profitable business you found that you lacked context, ISB with its diverse and experienced student body provides an opportunity to develop this context which you know you lack at present.
Think some more, I am sure there can be a better theme than what I have written above.

The essay is going to be a bitch. No two ways about it. Will have to find a way to squeeze all this.

Agreed.

Thanks again, in advance!

You are most welcome.

H.

P.S. - Opinions, prejudices, errors - all my own.

@Varun - here goes the more elaborate post.

Must caution you that I am likely to sound sarcastic and caustic - primarliy this is because I don't know you enough; second, because I have my own set of prejudices around non-conservative profiles (wildcards in the Indian mileu). You are as wild a card as any.

Lets talk ISB app strategy first - you will have to get invited to the interview to present your case effectively. Your invite will depend on your application, your CV and your answers to the essay questions. Check out the application page once it becomes active for Co2013 (late April), the essays had a 300w limit (for Co2012), the CV has to be a one / two pager, and there are specific pages where acads need to be mentioned.

When you write your application, where / how will you justify your low academic scores? You backpacked during your 12th and used your experience to start your venture sounds like a good theme - but how do you substantiate this in a set of 300 word essays. Remember you will have to use the same essays to outline your candidature as an ISB fit, to justify your decisions to become and entrepreneur, justify your decision to fold up, outline your post ISB goals and so on. ISB are pretty sharpish about the academic rigour. Perhaps, you will have to score a 700+ in GMAT, or even more - maybe 740+.

You have done a lot of EC work - but standalone EC would not cut much. It has to be academics plus EC. This is completely contrary to what you believe now, ask me questions if you have any.

When reading your application, would the admission office feel convinced enough to interview you? The ISB board is likely to recieve apps from entrepreneurs with ventures in different stages of gestation, or monetization and realisation - would you, as a candidate, be compelling enough?

Lets talk about 'compelling' - personally, I get impressed if I am presented conservative rationale to prove that you have 'grown' in your vocation/profession/job. Its easier to talk about growth for someone who has a salaried job - a promotion is growth, awards/recognition is an affirmation of growth (growth being an outcome of competitive processes leading to quantifiable or non-quantifiable gains). It is difficult for entrepreneurs to prove 'growth' - because you cannot compare and easily benchmark. This may becocme more difficult for you given that you have unplugged yourself in a short timeframe. The other challenge is that the ISB essays are just 300 words and it makes it very difficult to explain all that you need to, to present yourself well.

Would suggest that you focus on what your venture achieved - i.e. how many of the 650 concepts were you able to sell, how many partners were you able to get, how much money did you generate in the process, etc.

Repeating, Sukhoi Sortee, Auschwitz incarceration, Glenfiddicch pilgrimage -- sound great, but you thought your product out when you were a UG, 'growth' is what you did with the product. Focus not on your product but on the results.

ISB is also notorious for its quest for a good 'what after ISB' - in your answers I did not see a lot of content around it. Think you should action that.

Finally, all this tangential advise is being given for your interview invitation. Invitation is tollgate 1 - the actual interview is going to be tougher.


H.

P.S. Views, opinions, prejudices, errors - all my own.

@ Harsh

Thanks for the reply man, appreciate it.

I am looking at this as a mock interview. Of sorts, atleast. So I will answer accordingly.

I think the 'Why ISB' and 'Why MBA now' are the two questions I have a fairly easy answer for. ISB because of the experience peer group and the incubation cell to continue with my entrepreneurial aspirations. Why MBA now? I just do not see a better timing. Sold my venture and finished my responsibilities of integrating our portfolios. Going back to a job does not add value and I do not want to start another venture until I plug the gaps I found in my skill set during my first venture.

A bit about my venture - Trippy. We are a B2B service provider to the Outbound Travel & Leisure Trade. We offer a portfolio of around 643 experiences in 51 countries across the globe. These 'once-in-a-lifetime' experiences help our partners to stand out from the crowd in the extremely cluttered travel space and offer a value proposition which otherwise was considered to be inaccessible.

Simple examples. Arranged a Sukhoi - 30 MKI sortie over Moscow for a client of our partner. Arranged a 6-hr stay in an Auschwitz Concentration Cell. Got access to the cellars of the Glenfiddich guys in Scotland.

Coming to the rather important question of why sell out so soon?

1. The model is easily replicable and there is almost no 'FMA' as bigger players with deeper pockets can enter into contractual agreements with the service providers at better rates making us irrelevant in the game.

2. Bottlenecks had begun to appear and our founding team is completely made up of BBA freshers with no significant experience.

3. Lack of financial resources. Our venture was offline with a, lets say, simple business model and hence not visibly scalable at a fast rate. Hence lack of VC interest.

4. Travel occupies 70% of e-commerce transaction. We reckon online is the place to be and hence would like to pick up skills in that specific direction during my MBA.

Hence, selling out when the price is right made sense. We can now offer our portfolio to the buyer who can further drive down rates with committing numbers and capitalize on the first movers advantage.

So it is not like we grew exponentially and hence became a target. More like we had a good product and almost zilch resources and decided to exit at moderate profits to ensure the idea is not shot in the process. The founders are not more important than the idea itself - something I believe in.

Acads -
10th - 88
12th - 67 (No regrets. Backpacked almost the entire year. Not sure how the panel would take it though.)
BBA - 77

Apart from all this, I am banking heavily on my well rounded extra curriculars. Highlighted the important ones in the previous post. Headed/Presided a couple of other clubs (Toastmasters) and events as well.

Basically, I am at a weird juncture where I am almost compelled to finish my MBA now because job is out of the equation and launching something new does not make sense. I also cannot write (I am not sure if its that) like Chetan Bhagat. So few options here.

I know I am asking for a lot here, but are US/European schools even a possibility?

Appreciate your work in this forum. Better than paying a bomb just to get our 'profiling' done.

My point precisely. Your venture is likely to sound like a UG entrep project.

Am on phone right now will poke more holes tomorrow.

H.

@ Harsh

Thanks for the reply man, appreciate it.

I am looking at this as a mock interview. Of sorts, atleast. So I will answer accordingly.

I think the 'Why ISB' and 'Why MBA now' are the two questions I have a fairly easy answer for. ISB because of the experience peer group and the incubation cell to continue with my entrepreneurial aspirations. Why MBA now? I just do not see a better timing. Sold my venture and finished my responsibilities of integrating our portfolios. Going back to a job does not add value and I do not want to start another venture until I plug the gaps I found in my skill set during my first venture.

A bit about my venture - Trippy. We are a B2B service provider to the Outbound Travel & Leisure Trade. We offer a portfolio of around 643 experiences in 51 countries across the globe. These 'once-in-a-lifetime' experiences help our partners to stand out from the crowd in the extremely cluttered travel space and offer a value proposition which otherwise was considered to be inaccessible.

Simple examples. Arranged a Sukhoi - 30 MKI sortie over Moscow for a client of our partner. Arranged a 6-hr stay in an Auschwitz Concentration Cell. Got access to the cellars of the Glenfiddich guys in Scotland.

Coming to the rather important question of why sell out so soon?

1. The model is easily replicable and there is almost no 'FMA' as bigger players with deeper pockets can enter into contractual agreements with the service providers at better rates making us irrelevant in the game.

2. Bottlenecks had begun to appear and our founding team is completely made up of BBA freshers with no significant experience.

3. Lack of financial resources. Our venture was offline with a, lets say, simple business model and hence not visibly scalable at a fast rate. Hence lack of VC interest.

4. Travel occupies 70% of e-commerce transaction. We reckon online is the place to be and hence would like to pick up skills in that specific direction during my MBA.

Hence, selling out when the price is right made sense. We can now offer our portfolio to the buyer who can further drive down rates with committing numbers and capitalize on the first movers advantage.

So it is not like we grew exponentially and hence became a target. More like we had a good product and almost zilch resources and decided to exit at moderate profits to ensure the idea is not shot in the process. The founders are not more important than the idea itself - something I believe in.

Acads -
10th - 88
12th - 67 (No regrets. Backpacked almost the entire year. Not sure how the panel would take it though.)
BBA - 77

Apart from all this, I am banking heavily on my well rounded extra curriculars. Highlighted the important ones in the previous post. Headed/Presided a couple of other clubs (Toastmasters) and events as well.

Basically, I am at a weird juncture where I am almost compelled to finish my MBA now because job is out of the equation and launching something new does not make sense. I also cannot write (I am not sure if its that) like Chetan Bhagat. So few options here.

I know I am asking for a lot here, but are US/European schools even a possibility?

Appreciate your work in this forum. Better than paying a bomb just to get our 'profiling' done.

@lseguy - not sure but this should be third week April. Am assuming this since reporting is April 9 and week 0 continues for 1 week.

@Varun, Rahul, CA, Shivani - guys a few points to get you started on your MBA prep

1) GMAT and applications are two different pieces. I would suggest prep for GMAT and take it ASAP (even if you are off padhai it would not take you more than 2 months of consistent prep to get into 700+ range). Only after you have written your GMAT (or wait at least till your first few mock GMATs) start shortlisting the colleges you want to apply to.

2) Most people choose 2 dream schools (mine were Harvard and Wharton), two reach schools (mine were LBS INSEAD and ISB) and two safety schools (mine was MDI - the part time MBA). The point is strategise by spreading (or hedging) your application rejection risk. Also, 2+2+2 is not a firm rule - feel free to hedge as you please.

3) Am I fit for ISB? Wrong question. It should be the other way round - is ISB fit for me? It is not only an attitude thing, it is also practical.
ISB for me represents lesser finanical investment (as compared to LBS and INSEAD) and an equally credible credential on my CV given my career plan to remain working in the Indian market. If I wanted to switch from ITES (where I have worked for past 11 years) to FMCG, ISB may not have made a lot of sense (again, this is not a generalisation for ISB, but an example specific to where I am in my career, and the post qualification career path I wish to take)

@Varun - you have a fairly decent profile. You will have to market it to ISB and others (wherever you want to apply). Again, first figure out Why ISB (see point 3) and then Why now (for ISB its important to link 'why now' with both 'why ISB' and 'what after ISB').
Some likely weak spots in your profile, and how you may address those - you are winding up your stake in your venture just 1 year after starting it I will definitely be curious about the venture itself and about your commitment to being an entrepreneur, and on a bad day I may start seeing you as fickle (of course, you will have to prove to the admissions office that you always wanted to divest when you did and that you have managed to skyrocket your venture from a start-up to a aquisition target).
I did not see your academic profile in your introductory post - if your acads are not strong, given your low workex, you may face challenges there as well.

@Shivani - if you give your GMAT in Jun/Jul 2011 you will be able to apply for both Co2013 R1 (aug-sep usually) and R2 (dec usually) - the final dates will be published on ISB website in April. Again, spend time for GMAT prep and aim for a 700+ score and then keep some 2 or 3 months for your application. I found apping more difficult than prepping for GMAT, so might you.

@CA - You have a good profile - given that this is Media and Brand Solution selling it will naturally give you a USP within the ISB applicant pool. Focus on your GMAT prep and aim for 700+. Also, don't fret too much on your UG scores.

@Rahul - You would face tough competition from other Engineers (and other telco engineers). Please aim for a super high GMAT (though this would not be a guarantee of an interview call) and get your application profile polished so hard that it shines.


P.S. All opinioins my own, prejudices likewise. Errors my own as well.
P.P.S. Am happy to take questions till March 30 and suggest that the applicants for Co2013 start a new thread.

H.
ISB Co2012

@Sagar - the ISB exec management programme is meant for people who are already mid career managers...I dont think you will fit given your age. At the same time I suggest that you visit the ISB website and research more on the exec program - and call the admissions / contact number given in the ISB website. You will get the best answers there.

H.

I am sagar mahajan.
I have a question.
I have done pharma management from SIES, Mumbai.I am currently working with a leading pharmaceutical company in intl mktng.
May I apply for ex mngmnt prgm of ISB?
Do people with an MBA apply for this course usually?

ummmm... I think its more zen than that -- when you are ready your mind will be made up

BTW GMAT is valid for five years for most applications. Assuming that you are young in your career and you can manage to take a couple of hours a day for padhai I would suggest take a GMAT as soon as you can (next two three months perhaps).

The other thing is application - application would actually take more than 2-3 months so budget time for that.

From your post I think you want to apply for the Sep 2012 intakes, is that correct?

H.

deepika2387 Says

hey thnx..but do u think its gud to give it rite now..generally people prefer to write it after 2 1/2 -3 yrs of exp..

Guys i have a doubt and really require some guidance..
i currently have 1 yr experience in IT Industry... planning to give GMAT in Dec. so that i can apply for any school by next yr match.But will i be able to apply for the class of 2012? and since i do not have enough work ex wil they consider my profile if i get a good GMAT score?? Or am i elegible only fr 2013 programme??

wud appreciate if i get a reply on this..:)