Entrepreneurship as Post MBA goal

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dhonu121: Master | Next Rank: 500 Posts; Posts: 316; Joined: Sun Aug 21, 2011 6:18 amFollowed by: 6 members; Thanked: 16 times

by dhonu121 » Mon Sep 10, 2012 8:07 am

Hi,
I want to become an entrepreneur after my MBA. I have a B-Plan as well. But for some schools, I need to mention my short-term and long-term post MBA goal. I am not sure what to mention as my long term post mba goal if I mention entrepreneurship as my short-term goal. Actually, entrepreneurship is my post-mba goal.
I am finding it difficult to translate this to short-term and long-term category.
Can somebody enlighten me here ? I will be obliged.

Thanks in Advance.

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Source: Beat The GMAT — The Application Process | Mon Sep 10, 2012 8:07 am

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Jon@Admissionado: Elite Legendary Member; Posts: 3135; Joined: Fri Apr 01, 2011 8:55 amFollowed by: 332 members; Location: Everywhere; Thanked: 589 times

by Jon@Admissionado » Mon Sep 10, 2012 8:42 am

Well good sir, if you yourself are having a hard time articulating your goals in entrepreneurship, maybe its because they need to be rethought

entrepreneurship goals can be great
If you have PROVEN entrepreneurial success.
Otherwise, how would you go about convincing the AdCom that you can really do that???

Usually (not always, but usually) it's better to pick goals in an industry in which you have proven experience.

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dhonu121: Master | Next Rank: 500 Posts; Posts: 316; Joined: Sun Aug 21, 2011 6:18 amFollowed by: 6 members; Thanked: 16 times

by dhonu121 » Mon Sep 10, 2012 8:52 am

As a matter of fact, I have proven success as an entrepreneur, hence the goal. Also, this goal is in the industry in which I have experience.
One of the school asks for post MBA goal and I faced no problem there. Now, when it comes to long-term, I face issues, and exactly why I posted this question in this forum.
It would be great, if somebody can take a generic case and explain to me.

Thanks.

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GMAT/MBA Expert

Jon@Admissionado: Elite Legendary Member; Posts: 3135; Joined: Fri Apr 01, 2011 8:55 amFollowed by: 332 members; Location: Everywhere; Thanked: 589 times

by Jon@Admissionado » Tue Sep 11, 2012 8:31 am

Great, in that case the KEY is to be specific.... so you cant just write "I want to be an entrepreneur" but put on display ONE idea you have (preferably one that exists already somewhat).. so for example in the ST a great goal would be "To take my five-person NYC based It consulting company and quadruple its size", and then in the long-term you would ideally take things further "Transform my firm into one of the leading global IT consulting firms, competing with the likes of IBM, etc."...

Hope this helps!!

sagar@jk: Junior | Next Rank: 30 Posts; Posts: 26; Joined: Wed Oct 03, 2012 7:43 pmFollowed by: 2 members; Thanked: 4 times

by sagar@jk » Thu Nov 01, 2012 11:48 pm

Like an individual's career, a business too has short and long-term goals. The growth can be in terms of revenue generation, diversification, expanding market territories, etc. You need to be primarily sure of what you want.

Since you said you have a B-plan, it is understood that you are clear about every aspect of a startup – industry, financial, operational and delivery resources, costs & profit. Now, you need to have a vision about where do you think your business will be 5 years (short-term) down the line and 10 years (long term) down the line.

Even if the business schools were not asking this, an entrepreneur needs to have clarity here. Your business should have a growth chart chalked out. You cannot run a business without a vision, without goals. Sit, think, and 'find' exactly which way and how far you wish to go. You 'have' to know your answers!

Sagar
JK Masters & Career
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