Lee -

I took your questions one by one. Here goes:

1. Should I retake GMAT? I am not sure whether i will score more than 650 as I am still juggling between application preparation and taking care of my father. Secondly, as I want to move start my own venture, it makes no sense for me to again join any company, so I am determined to do an MBA.

If you do not think that you will have ample time to really study, I would not retake the GMAT. The average increase is about 25 points, and I am not sure it would make a material difference.

2. Can I mention the circumstances under which I prepared for my MBA? Would it look too cheesy? or as if trying to give an excuse?

I do not know where/how you would weave this into essays. It may be possible in an interview, or you could use the optional essays, but I would stress that 3-5 sentences is all you need. Remember, you can explain a relative weakness, but do not dwell on it or make it seem like an excuse.

3. Is there any particular approach I should be taking?

I do not know enough about your profile to know what you mean here. I also do not know enough about what your role was at Microsoft or why your career goal is now to start a venture. Those items (professional experiences and career goals) are much more important than your GMAT.

4. Participated in severalcommunity services, however didn't continue after school (so it's pretty old). However I do regularly teach my maid's children English and volunteer at the nearby ashram. However I do not have certificates etc, so should I mention these?

Do not mention teaching your maid's children English. It is not really community service but rather a personal favor , and in America may be seen as being very classist. You may mention the volunteer work at the Ashram. However, your resume is weak in these areas because business schools like to see that you have been a community leader or active participant in some way beyond your college activities.

5. I am planning to apply to my 'dream' schools in the first round. with my profile should I bother giving my applicatons to them? I am ready with the essays.

1. Harvard Business School
2. London Business SChool
3. Stanford Business School
4. Kelloggs Business School

I have kept my safe and 'There's-a good chance- I- may-get-into- this -one' schools for Round 2.

I feel like HBS, Stanford, and LBS might be a real reach for you. Like I mentioned above, I do not have the details on your work experience or goals for your entrepreneurial work, but candidates that are successful applying to those institutions are stellar across the board (grades, work experience, unique life stories, and strong career goals) and I feel like you are not quite that strong. You may want to think about adding a few relatively "safe" schools into the mix for Round 1.

Any pointers will be appreciated... and thanks in advance

Cheers !
Lee