This time of year, many applicants—even highly qualified ones—face the dreaded news that they weren't accepted into the school of their dreams. For those of you wondering if there's a magic solution to reapplication, consider this: With just 5 percent of applicants making it into Stanford Graduate School of Business's Class of 2012, and 12 percent landing a spot at Harvard Business School in the Class of 2013, getting into a top M.B.A. program isn't as easy as pulling a rabbit out of a hat. However, I can recommend a few tricks that might yield more positive results.

First, give yourself a break from this intense process. Applying to business school is stressful, and starting over without taking a breather only sets you up for failure since you'll be burned out before you even begin. Once you've taken the time to mentally regroup, it's time for some intense soul searching. Everyone has room for improvement, so take a cold, hard look at yourself and your first application to see where you can do better next time.