I would do something. Even if it's volunteer/pro-bono work, or work on a project you've had in the back of your mind -- anything.

Usually the admissions people will ask you to explain any holes in your work history, and recent unemployment would be a glaring one. They'll ask why you lost your job, what you're planning on doing now, and probably most importantly, how this time in your life connects with your long-term goals. Your long-term goals can't just be to get an MBA.

Alright, I see your point. My goal after the MBA is to launch a start-up. I guess I should start on this now, at least get the ball rolling so to speak.

I have another question, perhaps you could answer. I am sourcing business schools and have come across these as good programs for entrepreneurship:

Babson
IE Business School
Darden
Cambridge
NYU
Cornell
ESMT

Assuming all options are open to me, which would you focus on?

I would rather go to the US, and Germany/Spain/UK are less interesting. I am a British citizen.

All good schools, but although launching a startup post MBA seems to be a popular thing to do now, I don't think that an MBA is the best way to go about doing it, in most cases.

That said, If I were looking at entrepreneurship MBAs to launch a startup, I would look for the programs that offer the most infrastructure, in terms of incubators and access to VCs. NYU has an incubator, for instance (Columbia does too, that might be one you could look at as well...) The Cornell Tech program looks good for this, too, if your profile fits.

Babson's not really in the same league as NYU/Cornell/Darden. This school has a reputation for entrepreneurship, but if I were you and I was really interested in it, I'd ask them to point you in the direction of grads who launched successful startups so you can ask them directly about the program.

I highly doubt that any respectable b-school would hire you if you were unemployed now and didn't plan to get another job for another 2+ years. You really need to be more goal-driven if you want an admit.

Yes, I understand. I just thought it would be nice to have a bit of a break before getting the ball rolling on all this stuff. But I do see your point. And thanks, Razors Edge, for the detailed breakdown on all the schools. I will take this all into consideration as I apply to schools.