Will IM Experience Considered as work experience for admission in MBA Universities?

Yes, if you have your own business that should count as experience.

How exactly can you define "Your own business?"

Does it mean setting up a proper checking account and incorporating the company or forming an LLC?

Do they really ask for it or just the essays describing our work experience is enough?

Like others, I can't produce a work experience certificate.!

Your own business = a real business on file so that they can confirm from public records.

If you don't have that, maybe tax statements would be accepted.

Yes you need to show tangible proof of your business... You can also explain how you researched your markets and marketed your products, that would also help

Yes it counts as work experience, only of a type different from regular 'employed' work. Backing up any application with documentation and examples of what your work has entailed, and detailing the competencies you have developed and utilised will go a long way. Breakdown the elements of your IM work, e.g. research and development, strategic planning, time management, creative thinking etc.) and show how these skills you've honed are transferable (even better, give specific examples of when you have done this outside of IM). I've done a lot of recruiting and interviewing, and on the whole individuals who have invested efforts in their own enterprise come out very favourably, especially during actual interviews. Although don't forget that many companies and academic institutions give merit for candidates who can demonstrate team working proficiencies and who contribute positively to social communities. If IM developed your skillsets, yet tended to be a bit of a one man show with little face-to-face interaction, then consider supporting any application with a variety of more social 'off-line' experiences and activity.

Thanks a lot everyone

From my experience hwo they documente this is via industry references. A friend of mine, with no undergraduate degree, applied for entry into an MBA and had to provide business references from leaders in his industry...this was how he substantiated his experience claims.