What differentiates a great MBA applicant from a good MBA applicant?

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What differentiates a great MBA applicant from a good MBA applicant?
The most common and the most often requested question to me by the prospective candidates is- What differentiates a good MBA applicant from a great MBA applicant? Let me confess that it doesn’t have one simple answer to it, in fact it’s a tricky one to answer, but let me try to bring up few things that may be useful to you when you start writing your MBA applications.