Hang in there! A low GMAT score is not the end of the world. It just requires a shift in your strategy.
To answer your questions:
1. What are some good 2nd tier schools? Very much depends on what you are looking for in a school. Different schools have different strengths. You could look at schools like UNC, Georgetown, Emory, Cornell, University of Washington.... there are a wealth of schools to choose from that are good schools, but depends what you are seeking. You'll need to identify what you are looking for in a school and then research each individually (not just academics, but also consider factors like class size, location, employment prospects, etc.)
2. What are some of the best schools for management/entrepreneurship? Again a very broad question -- many top schools are excellent general management programs. I'll focus on the entrepreneurship question. Some of the best schools for entrepreneurship include: UC Berkeley, Harvard, UCLA, Babson.
3. With 8 years of experience should I be looking at something other than a full-time MBA? Not necessarily. Executive MBAs are generally targeted towards executives that are mid career (10-15 years experience) and who plan to continue on their track. Given that you are a career switcher, I think a full time program is the right focus. That said, you could also consider a part-time program, (these tend to be slightly less competitive than full time programs), but you generally have to be employed full time to qualify for these programs (some schools may let you enroll without full time employment, but that might be complicated for you with Visa and all. If your company is willing to let you transfer to another location where there is a school you are interested in, that could be an option).
4. Is there any relation between GMAT score and success during/after MBA studies? I do not have any actual data to support this, but I can confidently say the answer to this question is no :) The GMAT is simply a test that measures very specific things -- frankly, most of the math problems you encounter on the GMAT you'll never see during the MBA! (or after, unless you plan to become a math teacher or something like that!) Don't let this test rule your confidence - you can do and become anything you want to: just work hard at it!
I hope my responses help you think this through. Remember that the GMAT is not everything when it comes to applications (or life!). The GMAT is just one data point that the admissions committee considers when evaluating you. They'll also evaluate your professional experience, leadership capacity, extracurricular and community involvement, character, recommendations, etc. You have many opportunities to prove yourself.
Best of luck,
Mili Mittal
Senior Consultant
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