Such hypotheticals aren't of any use because again, assessors are evaluating development of CanMEDS competencies, not revenue.
It would be like me saying these two applicants have literally the same application but one is jacked and one is scrawny. Therefore I'll make the inference that person A works harder and will be a better doctor because everything else in their application is the same. You can see how this type of thinking becomes quickly problematic.
Of course, the reality is that no two applicants will ever have the exact same application and if such a situation arose, I imagine that there would be a bigger role for the biases of the individual evaluator marking person A vs. the other evaluator marking person B resulting in whoever got a higher score.
100% agree. Mention it but don't focus on it. I just want to re-iterate that my initial comment was that your activity is a very good one, but the point is to focus on the CanMEDS roles, not the revenue because the character development is what they want, not how much money you made.
1) To have a sense of your chances, you really do need an MCAT score. Just to throw in my case if it means anything, I applied in the 3rd year of my undergraduate with a 31 MCAT score (so 83rd percentile) and received zero interviews. I re-wrote it the following year receiving a cumulative 521 (99th percentile) and in my next application with virtually no changes in my EC's and GPA, I received 5 interviews, eventually being accepted at 2 schools. I'm not sure why this thread is full of conversation about your business and EC's in general when that discussion is trivial without an MCAT score in hand. Your MCAT matters so much more than EC's for Canadian applications in general (and even more so for US).
2) Your application need not be so tailored to UBC. Yes, you are IP there and that is a big advantage, but no school except McMaster in Ontario gives preference to IP applicants (barring UWO and NOSM regional policies which serve only a small portion of Ontarians) and even then McMaster's preference is very small (and McMaster has NO preference post-interviews). You should expand your focus to at least Ontario schools as well if you are actually serious about maximizing your chances. I'm not entirely sure how UBC views the MCAT, but in Ontario at least for the most part, the MCAT score is make or break. I think your focus should really not be on EC's at all until you have an MCAT score in hand. Your business as well as all your other EC's are trivial if you get a high score at many places (e.g. Western, Manitoba, Saskatchewan, McMaster). It's important to prioritize here - your EC's should not be the focus right now imo.
3) Speaking of EC's, I'll throw in my thoughts here as well. I truly believe that what you do for EC's does not matter at all. 90% of your EC score is how you present it. I would love to tell you that the fact you made $500k will greatly impress the evaluators and give you a huge advantage, but doing so would not paint the true picture and would be doing you a disservice. To be clear, it IS impressive that you are that successful in your business. I also manage my own business and it was an important piece of my application. However, I think you are slightly misguided as to how EC's are evaluated. It does NOT matter how "impressive" any of your entries are, what matters are the CanMEDS roles that you developed from them. Those can be developed from a 500k/yr successful business, or a 50k/yr successful business, or even a business that completely failed and went bankrupt. If we used revenue as a "metric" for scoring, then should we not award any points to someone who invested hours of their time and developed qualities such as leadership, teamwork, advocacy, etc. in a venture that ultimately failed? Of course not. Schools aren't looking for someone who is the best businessman, or the best athlete, or the best musician. They are looking for someone that in their eyes has the potential to best learn medicine. In order to learn and practice medicine, you must develop the CanMEDS roles. Do whatever activities you want and illustrate that you have developed those competencies in the description of your activities in your applications. At some point additional hours into the same activity has diminishing returns because you could be doing other things and developing other competencies that are equally important. As long as within the spectrum of your activities, you demonstrate sufficient development in all of those competencies, you will get a high score for your EC's.
4) Sorry to bring up the MCAT again, but really just write your MCAT and apply. I see from your thread that you were planning to apply last year but didn't. Had you applied, even if you didn't get in, you would have been given a NAQ score and would know where you stood and if you needed to change things. So at this point plan to write your MCAT and throw in an application such that worst case scenario you have a NAQ score to work with and have a more realistic picture of your chances.
5) I am going to assume you have money because of your business making 500k/yr and you taking home 200k/yr. If this is not a valid assumption, then you can ignore this piece of advice. Apply broadly to USMD and USDO schools. They are supposedly more holistic than Canadian schools and bad grades can be overcome by a high MCAT and strong EC's.
I hope that helps. Feel free to PM me if you have any other questions or want more advice.
I think you missed the point. You can't just pick what you want and call it a metric.
Revenue from a business venture is a metric for business acumen.
Revenue from a business venture is not a metric for ability to learn medicine and thus I am telling you that no medical school in North America is going to care that your business made 500k/yr, they only care how you developed from the experience, and that is completely independent of the profit made.
But anyway, you can choose to believe what you want.
In all my years on these forums and going to advising sessions, I have never seen any evidence that revenue means squat. Yes, it is a valuable experience based on leadership skills and hours put into it, but I think you will be disappointed if you think that high revenue is going to mean much to adcom. A person running a business that makes 50 grand a year can show the same leadership skills and put in the same hours and likely get a similar score. You asked for an opinion on your chances, my opinion is that this is a high value activity, but that you are overestimating its value and becoming defensive when people suggest that you diversify. The reality is that most successful applicants have 2 or 3 high value activities.
Finally, hours put in are recorded in their own box and are given consideration in the employment section. You will lose points if you insist on putting this as high performance because high performance only pertains to unpaid activities.
Completely agree. Honestly, your NAQ seems average or a little bit above at best and the low AQ score will really hold you down.
It's completely impossible to guess how many points a single item gets, but my own experience and reviewing other's posts makes me think that being well rounded is much much more important to get a high score than any one activity alone will be (i.e. spending 200 hours on research, 200 hours leading a university club, and 100 hours volunteering at a homeless shelter would probably get more points than spending 500 hours on any one of these activities. But again, this is just an assumption based on a lot of observation). Additionally, being president of a business goes in employment - I believe the application specifies that paid activities do not belong in the non-academic activities section and thus could not be considered a high-performance endeavour. Further more, I'm not convinced that they would place any extra value on the relative success of the business, the points seem to be awarded for human qualities such as leadership, tenacity, creativity, entrepreneurship.
Honestly, I would reevaluate your priorities. If you aren't prepared to sacrifice to make time to invest in volunteering, leadership, studying for the MCAT, and possibly taking more undergrad courses, I have to wonder if leaving a successful business for medicine is really a path you want to go down.