Owning a small business, how does it look?

[Johnathon Baxter]

How does it look when I have a corporation and I am the president of that corporation also owning a small-business. It is a little convenience store that is very successful.

I was wondering if they may look negatively at this. It is a unique thing and it shows leadership, blah blah etc.

But, I've been disadvantaged my entire life. I lived with my family in a 'ghetto' home in a 'ghetto' neighborhood. I was just able to collaborate and work for the money to open this business, it wasn't easy, but I needed to pay off some of my expenses and now it is supporting my family. The issue is this. Is there anything I may have missed from this picture? Perhaps something negative I didn't expect.

What I could do is simply change the name of the owner of the business. My parents wouldn't mind taking that name. Is this a good/bad move?

^This is assuming a good enough GPA and MCAT.

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[theseeker4]

How does it look when I have a corporation and I am the president of that corporation also owning a small-business. It is a little convenience store that is very successful.

I was wondering if they may look negatively at this. It is a unique thing and it shows leadership, blah blah etc.

But, I've been disadvantaged my entire life. I lived with my family in a 'ghetto' home in a 'ghetto' neighborhood. I was just able to collaborate and work for the money to open this business, it wasn't easy, but I needed to pay off some of my expenses and now it is supporting my family. The issue is this. Is there anything I may have missed from this picture? Perhaps something negative I didn't expect.

What I could do is simply change the name of the owner of the business. My parents wouldn't mind taking that name. Is this a good/bad move?

^This is assuming a good enough GPA and MCAT.

You started a business from the ground up, and run a successful business? How would that be viewed negatively? If it isn't some controversial type of business, like a strip club or something, it could only be viewed as positive. Are you worried about being successful being viewed as negative? Don't be, when your success was of your own making. Being from disadvantaged background and making yourself into a success story looks a TON better than starting out disadvantaged and continuing to be disadvantaged. Actually doing something to better your and your family's life is nothing but positive. Starting a business and running it successfully enough to help support your family is far and away a more positive EC to put on your application than probably 90% of applicants will have.

 

[sinombre]

I'm also curious as to why you think this would be viewed negatively. It sounds impressive to me.

 

[occams_razor]

How does it look when I have a corporation and I am the president of that corporation also owning a small-business. It is a little convenience store that is very successful.

I was wondering if they may look negatively at this. It is a unique thing and it shows leadership, blah blah etc.

But, I've been disadvantaged my entire life. I lived with my family in a 'ghetto' home in a 'ghetto' neighborhood. I was just able to collaborate and work for the money to open this business, it wasn't easy, but I needed to pay off some of my expenses and now it is supporting my family. The issue is this. Is there anything I may have missed from this picture? Perhaps something negative I didn't expect.

What I could do is simply change the name of the owner of the business. My parents wouldn't mind taking that name. Is this a good/bad move?

^This is assuming a good enough GPA and MCAT.

why in the world would this ever be looked at negatively?
most small businesses fail. it's quite an accomplishment that you were able to found and run one successfully such that it allows you to be financially independent and support a family.

some students have to work part-time or even full-time to support themselves through college. other students work full-time and take post-bacc classes. it's important for adcoms to know if you were working so they know what you did with your time. it's clear that this business is how you make your livelihood. do not leave this off your application!

 

[DurgaRangoli]

I get why you think this might be viewed negatively. Correct me if I'm wrong, but you probably think they may question your commitment to medicine and wonder if your attention will be divided in medical school. As others have said, I think what you've done is really awesome and I think they will be impressed, but just be prepared to answer questions about how you will handle all your responsibilities. I wouldn't change the name to your parents'. Be proud of what you've accomplished, but just make sure you can coherently answer adcom questions.

Just as a general note, it sounds like you have a really interesting story, make sure that comes across well in your essays. Assuming your stats are good, I would assume you will get quite a bit of interest from med schools.

 

[Catalystik]

I agree with the positive opinions already expressed in this thread. To the OP: Well done!

 

[DokterMom]

Are you viewing this from a potential financial aid perspective? Is that why you asked about putting your business into your parents' names?

It's not all that common for medical students to get substantial financial aid (other than loans) anyway, so in all likelihood, you're not forgoing that much. IMO, the benefits of having started and run a successful business outweigh the potential loss of free scholarship money. Or could actually increase the likelihood of your being awarded a scholarship by making you a more desirable applicant.

 

[lovemango]

Not sure why this would be viewed negatively. I talked about my Etsy shop on my med school applications last year, and marked it as one of my significant achievements. All of my interviewers asked about it, and one of them mentioned how it was great that I was developing a unique skill set from starting my own small business.

 

[BlackBox]

I used my LLC as an EC

 

[LizzyM]

The concerns will be:
how much time do you spend per week on this venture?
Do you expect to spend that much time during medical school?
If not, how will the work you are currently doing be done in order to keep the business going?
If you won't be hands-on during medical school, how will you protect the investment that you've made in this enterprise?
These questions shouldn't be interpreted as a negative viewpoint but as a realistic concern with how you will balance work and school and how you will protect your capital investment while finishing your education.