The Application Process

I'm rushing to complete applications and apply for the last round at the top b-schools because it's recently become apparent that there's a very strong change my startup is going to run out of money this summer and shut down.

In the unlikely chance that it does not, and it is in fact on its way to success by the time the semester begins, would this present a compelling case for a year's deferral? Would it likely be accepted?

Thanks. I'm primarily interested in HBS and Stanford.

This is not a good scenario. You're going to apply in Round Three to some of the top schools (make sure they have one), and then, if you're lucky enough to get accepted in this most risky of all Rounds, you may want to request a deferral? Sounds pretty desperate and not a good move if you are seriously considering doing an MBA at a top school in the USA in the near future. An MBA is not a fall-back plan.

kindly answer some of my questions

1)WHAT IS THE IMPORTANCE OF UNDERGRAD INSTITUTION,I HAVE DONE MY UNDERGRAD FROM AN INSTITUTION WHICH IS FAMOUS HERE IN INDIA BUT NOT SO FAMOUS IN THE WORLD,HOW IS THIS COMPONENT OF THE APPLICATION REVIEWED?

2) I HAVE JUST CLEARED MY UNDERGRAD,WHICH THINGS I CAN DO NOW TO BECOME A COMPETATITIVE CANDIDATE IN THE NEAR FUTURE?

3)WHAT TYPE OF EXTRACURRICULAR ACTIVITIES SCHOOLS R SEEKING? HOW MUCH [IN MONTHS] SHOULD BE AVERAGE DURATION OF EXTRACURICULAR ACTIVITY?