Hi Haisuresh,
I specialize in working with non-traditional applicants, many of whom have out-of-range GMAT scores. I agree with everything Jessica has said.
I would encourage you to expand your notion of what a "good" B-school is as well. For example, Babson in Boston is consistently ranked highly for a variety of reasons, many times Entrepreneurship. (See here:
https://mba.babson.edu/info/rankings.aspx). Their average GMAT score is 600-640. You are still out of that range, but not by far. I would highly recommend their MBA program and that you apply to other schools like this one. You can go to business school this year or next year, but you are going to need to write some stellar essays, your LOR are going to need to rock (like Jessica said), and you need to apply to a good number of programs (5-7 or up to 15 if you're feeling zealous) where your profile matches their typical admits.
Good luck!
Kaneisha
Harvard Business School MBA 2010, Harvard Kennedy School MPA 2010
Founder, The Art of Applying
Admissions Consulting for MBA, MPP, Joint Degrees, and Fellowships
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