Getting into a regular MBA with a Family Business background
Getting admission into a full-time general MBA program of a top global B-school, while coming from a family business background, might be easier than you think! Now, if you have been a part of your family business for a considerable amount of time, it more than often means you dived into your company right after your graduation. In such cases, when you pursue an MBA program, the admission committee is compelled to believe that since you have been restricted to a particular kind of business, you are narrow-minded. Your views have been shaped by your family, with you having no exposure to the bigger corporate world. We, at Crack Admission, know exactly how you can tackle this situation with elan!
Highlight the process-oriented work culture of your business: The first question that the admission committee would bombard you with, is that since you have never interacted with the world outside your family business circle, how will you adjust with fellow teammates of the program who come from an MNC background? In India, most of the family businesses are promoter-driven and are by no means similar to MNCs. Counter this in your application by highlighting how your business operates in a very process-oriented manner, with steps, designations, departments, assignments, etc. allotted for different workstreams.
Portray how you changed the scheme of things: For example, you can say how, after you joined your business, you introduced a new type of product or service. Perhaps, your business initially traded only at a B2B level. Once you joined, you took charge and spearheaded the new B2C sales or retail model.
Share your ambitious future plans: Tell the admission committee how you want to further fortify your family business and expand it. Perhaps all the money invested in your business is promoter capital and debt funding, and you want to explore institutional capital, equity, or PE funding. While you have been exposed to these to a certain extent, you still need to know the fundamentals like the back of your hands to take your business to a new level of success. The MBA program is just the thing you need to achieve this professional goal.
Make your experience count: You have been there on the field for years slogging to make your business, profit. Your experience can prove valuable to all those members of the cohort with entrepreneurial plans. Who else would know the Dos and Don’ts of a privately owned business better than you?
General MBA vs an MFAB (Master of Family Business MBA): Your application should demonstrate that you have evaluated a family business oriented MBA program as well as and you are convinced based on the curriculum, peer group, faculty, career opportunities, experiential learning avenues that a general MBA is more suited for you. Unless you do this, admission committees might assume that you are not self-aware.
Lastly, and most importantly, let your experience power your confidence! Keep calm and face the admission committee with poise. To prepare yourself and get admission into a coveted top global B-school, get in touch with us at CrackAdmission.com.