ISB Preparation Strategy

Indian School Of Business is surely one of the top preferred institutes for management studies in India. The big advantage ISB offers is that they've 1 year MBA course and their placements record is amazing! However, work experience is more or less necessary to get in to ISB. Curious to know whether we've aspirants here who want to get into ISB. What's your preparation strategy & how are you maintaining the work-life-studies balance?