From a family business to an MBA

If you’re preparing to apply to a business school after having spent some time at a family business, you’re going to be among a few candidates trying to break through the uber-competitive candidate pool, candidates who would have worked for renowned firms in well defined and understood roles, for a place in the upcoming cohort at your dream B school. 

It is likely that you would be asked questions that most of your peers would not be asked. The panelist in your interview too would be trying to answer one question in particular, "why does this candidate really need to have an MBA?"

After all, most students want a holistic leadership role post an MBA, a role that allows them to lead a team, drive top lines, improve bottom lines, roll out differentiated products/services to do better than the competition. A candidate who has been in the family business should already have done some if not all parts of the above. 

Escape- Candidate is trying to escape from something- that is a subconscious bias most panelists will start with while interviewing you. Having done various such interviews, below are the pit-falls that the candidate’s story generally falls into

1. Credibility- The candidate leaves too many things to the imagination of the panel. For example, “ I left my corporate job and joined my father as he needed my help “. Or “ I was not enjoying my role at xyz company, so I thought I should join my family business”. Such narratives instantly feed into the escape bias we discussed.
2. Immediate goal post MBA- “ I want to be a consultant” is a standard response we hear from a lot of candidates in general, and family business background candidates in particular. While management consulting is a career of choice for many, you would want to explain the ‘Why’ part of your choice without being nudged. 
3. Plan to bridge skills require to meet the goal- “ I will be attending XYZ course” or “ I will be a part of ABC club” is not going to make the cut when you’re going to explain how you plan to bridge the skills required to achieve your goals post MBA
4. Link back to your family business- This is the part most family business background candidates seem to completely miss in their interviews. Remember, all that you say will be linked back to your family business. For example, why would you not be able to improve the top line of your company, if you say a business development role is your aim post MBA?

Food for thoughts for candidates

Following are some questions that family business background candidates should definitely think through before an MBA interview

1. Why did I join the family business, what constraints/objectives led me to join?
2. What did I target to accomplish at the business, was I successful?
3. What do I want my career to look like?
4. If the family business is not what I want my career to look at, what alternate options do I have other than the MBA, and how does MBA compare viz a viz the alternatives?
5. Have I researched what the school has to offer, and how I will chart my path post MBA? Have I spoken to enough people who have already taken this road before me?