Exiting my entrepreneurial venture during application cycle

[coolguns]

Hi,
I founded a company along with some partners a few years ago.
Recently, I took an exit from the company (company still exists - other partners running it now).
Things were not working out there and I wanted to focus on the MBA application.
How should I tackle this change in application?
Some people have advised not to disclose the change in application as it is too recent (Aug End).
I am really in a fix over this as I am planning to apply in Round 1.
What should be my approach?
Please advise...

[Marc@AcceptU]

Use this as a "hook" to admissions officers - your exit can lend immediacy as to why you want to pursue an MBA at this time. What are your interests post-MBA? If it's an area that draws on your previous entrepreneurial experience and combines it with the skills/knowledge that you'll gain in a full-time program, this can be used to your advantage.

[coolguns]

Hi Mark,
Thanks for response.
My post-MBA goals are perfectly in line with the entrepreneurial experience that I have. I have talked in essay about how lack of foundation in business aspects forced me to do trial and error which I want to avoid in future - so MBA.

So, in the 'why MBA' essay, should I say that as I have thought that I realized that I needed business education so I quit the company and focused on business school app?

[Marc@AcceptU]

Great, that will play to your advantage. In terms of how to address in your Why? essay - be straight with admissions officers. Did you voluntarily leave your startup? If so, why? (Also note this is not necessarily something that needs to be mentioned in your essay.) Either way, you should tie in your interest in building your foundational business skills as to why you are pursuing an MBA at this time.

[coolguns]

Will the AdCom expect an explanation about the job change in optional essay? - because, the change will be visible in the employment history section of the app...

[wayofjungle]

I think you can express that the change was planned. You wanted to leave your company in order to dedicate your time to pursuing an MBA. It would obviously be very difficult to run a business and take classes full-time. The gap between starting the MBA program and ending your business, however, might be difficult to explain, so this is what I think you should be thinking about.

[coolguns]

Hi Mark, wayofjungle for replying.
Do the schools cross-check employment history of candidates? If yes, when do they do it - screening apps/interview/granting of admission/commencement of course?

[Marc@AcceptU]

No, it's typically only self-reported. It would be beneficial not to have too significant of a gap in your employment history - from the time you left the startup to the time you decided to go to business school.

[coolguns]

Hi Mark,
Thank you for clarifying my doubts.
Best wishes!