Hello,
Sorry to hear about the GMAT. If it was your first attempt, you could certainly retake it. However, if you feel like this was the best score you could achieve, then there is no point in wasting time on retaking it. The answer to your question depends on you: are you comfortable shifting your application and school strategy to be more in line with your score (may mean applying mostly to 2nd tier schools versus top tier), or do you feel very strongly about going to a top tier school, in which case it may make sense to retake the GMAT and try to score better. Really depends on what you want at the end of the day, and what you're willing to put in to get it. That said, even with a higher GMAT score, there is no guarantee that you'd get into a top tier business school... so, you have to make the best decision here in the face of uncertainty. Not easy, I know!
Professionally, the fact that you are an Indian IT professional diminishes your odds for a top school as there are so many applicants in the pool (and many with a higher score than yours). However, I think you could really make your start-up experience stand out, and focus on the leadership opportunities you've had there. That would be one really great point of differentiation.
Academically, your profile is below average (considering your GPA and GMAT together). This is likely a reason to aim more towards 2nd tier programs in your application strategy.
All in all, if you don't feel like you can get a higher score on the GMAT, then I would shift your attention towards researching programs where you'll be competitive and where you will be happy. With your current profile, you could look at programs like Emory, University of Washington, Georgetown, Babson (if you want to stay on the entrepreneurial track). You could add UCLA or a school like that as a stretch school (another strong entrepreneurship program) -- depends on what you want to do and what you are looking for in a school, but hopefully this gives you an idea of the tiers you should be targeting.
Good luck!
Mili Mittal
Senior Consultant
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