Top B-schools look for the following:
1) Leadership -- examples of how you took initative and had and impact on business / community / others
2) Innovation -- Brains and creativity as demonstrated by GMAT & GPA
3) Teamwork -- How well do you work with others
4) Maturity -- How well do you know yourself and your career goals
To your second questions, those applicants tend to have worked at very small companies. Most b-school students don't come in with those sorts of titles.