Your first instinct may be that mentioning your family business on your MBA application is irrelevant, if not detrimental to your prospects of admission. But not entirely. In this blog post, we will examine why family business candidates make excellent MBA students and how to approach your application if you come from a family business background.
WHY SHOULD A FAMILY BUSINESS APPLICANT APPLY FOR AN MBA?
If you are a family business applicant, you offer a unique perspective and mindset to your MBA application that you should highlight. Your demonstrable achievements and leadership roles in your family business must be highlighted in your MBA application. Donation abilities, definite leadership responsibilities, and engaging personal and professional experiences are just a few examples of what makes you an excellent prospect. You may also have an engrained feeling of collaboration with your coworkers, leadership abilities, and adaptability in the face of adversity — all of which are highly sought after qualities among MBA candidates. Those from family businesses typically come from more stable professional environments than candidates from more conventional backgrounds.
WHY DO BUSINESS SCHOOLS HAVE AN INTEREST IN FAMILY BUSINESSES?
According to statistics, candidates from family companies are more likely to become CEOs or advance to higher levels of leadership as graduates. This is because, when you graduate from business school, you already have a built-in network in your family business and, more than likely, a senior-level position waiting for you. In other words, you can quickly find employment while also improving your school's ranking.
Another reason why business schools like family business applicants is that you frequently share great experiences in the MBA personal essay portion. Many family companies have unique origin stories that are represented in their company’s values, which is an important component of the application.
As a family business candidate, you already have a remarkable story. Developing the ability to combine a professional story with a personal experiences is an effective strategy for gaining admission to your desired MBA program.
Most family business applicants are heavily involved in all aspects of the company, from manufacturing to management and even design. And having a diverse set of talents is appealing to MBA schools since it distinguishes you from highly specialized applicants.
As the family business is passed down to the next generation, MBA candidates must prepare by utilizing creativity and innovation to keep their firm competitive. Great communication skills are required to convey these concepts to the elder generation still in positions of leadership - a skill the admissions committee is looking for.
Last but not least, most family businesses have been established for decades and may quickly donate funds to the business school upon graduation.
WHAT TO AVOID WHEN WRITING YOUR BUSINESS SCHOOL APPLICATION?
While you may have a diverse set of unique abilities and expertise required for success, you must be aware of several application no-nos.
The first thing to avoid is soliciting recommendations from family members. You may have spent your whole professional career in the family firm, but you should instead ask a close coworker or a corporate affiliate to recommend you. In this manner, business schools will start to take you seriously.
Secondly, keep in mind the specific need that your family company fills in the community. It may be tough to generate enthusiasm because most family companies are not well-known. But personal anecdotes that demonstrate how exciting and dynamic the organization is will make your application stand out.