At this stage try to look at the point of view of the Business School also. With a large pool of exceptional candidates applying each Year, B-schools to want to put together a great class every time.
One Big Reason for you to choose a good B-school is the diversity of the peer group you will get there because then you will get the benefit of the diverse experiences of all your classmates. So, obviously, the school also wants that you too should be able to add to that diversity. And from their experience if they find that people who have worked for some years before coming to the MBA programs have better experiences to share with their peers, they will obviously prefer such applicants. So, another way of telling when you are ready could be when you have significant experiences of diverse kinds to share with your peers at school, which will add to the pool to make the class more interesting.
Hence, a fresh grad would probably have a different expectation from the program than someone with work experience. And while it might be true that the same FRESH GRAD might learn more from the program if he/she were to join up few years later, his or her objective might be better served by doing so now.
Likewise, a late career entrant to an MBA Program would probably not be able to attract an employer who is looking for someone younger who can be better moulded to the culture of his Company.
But, then this later entrant probably might not want to start at the bottom of the ladder in a new career. He/she probably has useful skills & knowledge from their past Work - experience & would look for some career that will utilise all those past skills as well as the ones acquired through the MBA program.
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