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It depends. If your family business is just one of those unknown small, medium sized ones in China/HK/Taiwan or India, then unfortunately, it will actually hurt your application. Why? Because it's really hard to benchmark you against all the other strong candidates who have impressive blue chip backgrounds (finance, consulting, CPG, etc.) Yes, you can present as much management and entrepreneurial skills as you can in your essays and resume. However, at the end of the day, schools will have to take your word and make a bet on you. That's a challenging risk that they have to take when there's another proven Fortune 500, Big 4 candidate's application lying beside yours.
If your family business is very well known, like Taiwan's 辜家, 蔡家, HK's 李家 or Donald Trump in the U.S., then you'll have a huge leg up even against the Goldman bankers and McKinsey consultants. Think about it, do business schools want alums who are guaranteed to be the future CEO of a well known family business or someone who probably would only go as far as becoming partner of a bulge bracket finance firm or M/B/B consulting firm. It's all about getting as much potential future leaders as possible for bragging rights, whether it's a Saudi prince or silver spoon fed legacy kid. If you're self-made, then better off if you're a blue chip applicant or one of those at least moderately successful entrepreneurs or a non-traditional (dancers, athletes, U.S. miltary, etc). |
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