A strong management in a non-profit can be the difference between an underutilized initiative and a strong, thriving entity. When the focus is on the day-to-day operations, founders realize that most of the management practices seen in for-profit companies are also valid and effective in non-profits.
Business Schools have realized this need quite a while back and have incorporated courses for students interested in the non-profit sector. If you have read our article – top 5 Non-Profit MBA, you might have noticed the support that Business Schools offer through annual events and conferences, stipends, loan forgiveness and loan assistance programs.
For students interested in the non-profit sector and who intend to join top MBA programs, the competition is high, with the rising number of Social Entrepreneurs opting for an MBA program before expanding their initiative. Having a well-defined post-MBA goal is important to demonstrate motivation for top MBA programs.
Here are five factors worth considering in the why MBA essay:
1) Founding Story
Most Entrepreneurs have a story about why they started the venture. For non-profit, the stories almost always start with an event or observation. When hundreds of other Founders are narrating similar stories, you must stand out with your unique humanist take on the problem.
More than the honesty of your effort, schools would also like to see if you have achieved some success with your initiative. Conclude your founding story with a one-line summary of what you had achieved with your venture.
With the ‘Why MBA’ question, schools want to measure your motivation. If you have started the venture for the wrong reasons, no MBA can help.
2) Achievements
Top Business Schools want to know whether you have already achieved some milestones with the problems you are trying to solve.
Financial milestones are means to solve bigger problems. Successfully solving problems in the non-profit sector requires understanding culture, social context, human resource utilization, distribution, and communication.
Mention your achievements in at least some facets of the problems that you have solved. Also, state areas where you have remained stagnant due to lack of expertise.
Don’t cite the lack of funds as one reason.
Almost all non-profit Entrepreneurs use this as a reason in the MBA application.
Your motivation and potential to lead the company influence admissions more than your ability to raise funds.
3) Grand Vision
If you are planning to get into a top MBA program, your current achievements and potential achievements should look logical. Explain your vision for the company and articulate how the MBA program will help with networking, learning new management practices, and offer a platform for marketing.
4) Challenges
Business schools appreciate applicants who acknowledge the challenges faced by their enterprise.
In the essay, balance your narrative with your long-term vision and immediate implementation challenges.
Unlike profit-making ventures, setting metrics for social value is tricky, and applicants should be able to convince the admission team on the metrics chosen.
Preferably, choose the metrics according to social indicators: health, housing, education, and employment.
5) Profit Metric for Non-Profit
Those who enter the industry are idealists, who passionately believe that the state of the society is the direct result of the aggressive pursuit of ‘wealth’. Ironically, the same people are forced to persuade ‘wealthy’ donors. After a partnership is established, wealthy donors monitor the efficiency of fund allocation and last-mile delivery.
Soon, the idealists realize the importance of efficient fund-allocation and the power of wealth in alleviating the pain of millions in society.
The essays should cite this gap with a couple of examples (at least) on how the team misread the Financial incentives (microfinance) or underestimated the importance of operational efficiency (for scaling the operation) or understanding investment as a tool for social impact.
