Exactly. This will be the best theme. Tell them the story of your startup with lots of passion.

1.Leadership showcasing: Mention how well you have led to make it work. Utilisation of available resources to maximum and at the same time it gave you a reason to think about an MBA

2.If your background is in business development, it would be useful to draw from your experience, even contacts, to help the organization form new partnerships. Again it shows leadership.

3. You have to show a game plan, targeted goals and a realistic timeline to achieve them so you can ensure you have results you can point to that demonstrate your commitment and value to the MBA class

4. Never show or let them feel that you are going for an MBA as an escapist. It should not look like a knee jerk reaction. your business school application doesn't look like a "last resort" now that your entrepreneurial efforts haven't panned out.

5. Look like a star(entrepreneur should look like one). Collect good recos to prove that.

6. Show accomplishments while you worked on your startup

Make good news outweight the bad news.Admissions officers will undoubtedly ask, "If you thought you could make it on your own two years ago,how come you now feel like you need to sit in a classroom and learn again?"Your reasons will obviously depend on your own situation, but a stronger answer will emphasize your desire to learn and move toward new goals,while a weaker one will focus on your
desire to get away from the start-up scene.

By emphasizing that you understand what went wrong and that you are now actively seeking learning
opportunities in order to shore up your skills before you make another go at it,you can pull together a nice application story.

Hi Anirudh,

Yes you should mention this. Make sure you do this in a good light. Tell them what you wish to get out of the MBA and 2yrs would be a learning phase for you. This is definitely not a leave. So your choice of words matter. Do let us know if you need any further advice.

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One thing which I missed was, always research as much as you can.

For the rest we are there.

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Thank you so much everyone.
All this insight is really helpful. I will change some of my essays to incorporate these suggestions.
Thanks!