Thanks for the quick response!
I think my only concern about finishing my application before round 2 is the time frame for recommendations and GMAT score. I have had internship experience and work experience involving leadership (including being a Resident Assistant), but not any extensive work experience. Why I would really like to enter the MBA program this early is to be better equipped for my work overseas. I will essentially be planting a new program for a non-profit organization overseas that provides a MBA or masters for a discounted price (about $12,000) in conjunction with accredited online universities in America. I really believe in this program and would like to do this effectively. Initially, the president of the organization asked me to be a part of this and the plan was for me to go through the program first, but I think I would be better qualified to plant a program with the best education possible. My job will also include coaching/teaching during the students' process to help them with the material.
I have a very engaged social life and have many extracurricular activities, but am willing to cut back to focus more time and energy on getting a high GMAT score so that I can be more effective overseas.
Also, if I could possibly ask another question, do you have any other recommended reading to be better prepared for the application? Those articles were great!