Kindly consider my profile for a quick evaluation:

GMAT: 640 (AWA: 5.0)
Graduation: Throughout Distinction all 8 Sems. of Electronics Engineering (Bombay University, India)
Excellent academic record till date

Work Ex:
1) 10 Months in Accenture (IT) (Associate Software Engineer -- Didn't do much here. Tremendous IT Slowdown here)

2) 14 Months in a startup (Excellent experience here. Got to work directly on foreign client projects. Also, handled a really big Indian corporate attending meetings with CTOs and India Heads. Was a single POC for most projects)

3) Past 15 Months - Left my job to start a mobile marketing firm. Operated as a single consutant, with a small team to handle menial tasks. Revenues of over USD 150,000 in less than a single year. Got to partner with a leading Australian client. Currently working for Israel, UK and US based clients. Was also offered to setup an India office by the primary Australian client, which I refused citing I would like to maintain my firm's independence. The client also cited something about equity funding, M&A contracts etc. which I had no clue . Also, would like to understand how to scale up my business and hence felt a MBA (Entrepreneurship) could help me and gave the GMAT.. scoring 640.

My Questions:
1) My firm is marketing based, and considering my options, which MBA schools/courses will suit me the most? I am mostly thinking entrepreneurship with a blend of marketing courses, but would like help. Am a NEWBIE!

2) Anything which harms my profile currently and I can improve upon?

FUTURE GOALS: Settle, work and travel in Europe atleast for the next 5 years.

Meanwhile firm will continue managed in India, so I will keep generating revenues for the years to come.

Hmmm. It sounds like you have a lot of good experience, and a decent profile for a top MBA program. Where are you looking? Europe? US?

For top MBA programs, your GMAT will be your weak point. Normally, for entrepreneurial-minded students, I'd recommend Stanford and Harvard, but for those schools, the median GMAT scores are around 720-730.

If you think you could prepare a bit and do substantially better on the GMAT, I'd try to retake it if I were you.

If not, check out some lower ranked US schools, such as Michigan State, Georgia Institute of Technology, or Texas A&M.

If you're interested in Europe, check out Insead. They have a strong focuses in both entrepreneurship and marketing - and although your GMAT is on the low side for the average profile, you could make a strong case for yourself.

My Questions:
1) My firm is marketing based, and considering my options, which MBA schools/courses will suit me the most? I am mostly thinking entrepreneurship with a blend of marketing courses, but would like help. Am a NEWBIE!

2) Anything which harms my profile currently and I can improve upon?

FUTURE GOALS: Settle, work and travel in Europe atleast for the next 5 years.

Meanwhile firm will continue managed in India, so I will keep generating revenues for the years to come.

With a 640 GMAT, some good schools in Europe would be:
-Manchester Business School
-Vlerick Leuven Gent Management School
-Rotterdam School of Management, Erasmus University
-Warwick Business School

PS Speaking personally, I am an MBS alum (Exec. ed: not from their MBA) and won a place at RSM. I recently visited Vlerick. Of those I would really spotlight Manchester as a great programme for you.

Your overall profile is nothing fantastic and you know it.

Unless Harvard and Stanford decided to expand their programs to afford tens of times of the size they are operating I would say dont bother applying at all

Ouch! Donho, that was nasty ;-/ The poor guy needs some more practical suggestions.

Your overall profile is nothing fantastic and you know it.

I don't know. The guy has some decent, entrepreneurial-minded work experience, which in many ways has better qualities than the run-of-the-mill applicant.

I'd say that he has at least a chance of landing a 2nd tier school, and with some GMAT help and a great retake, he'd be competitive in many top tier programs.

Your overall profile is nothing fantastic and you know it.