Hi Mbaflight and thanks for your post. Please see my comments below:

Gmat: 640
BA and Masters in Psychology from India : 68% and 62%

Work Ex:
I worked for 14 months at a Leading Market research agency.
After this, I moved to my family business (Commodity Trading). In last two years, we have opened our outlet at another centre. I am also looking after the overall operational and supply management

Extracurriculars:
I was involved with a Drug rehab centre for 2 years .
Also, for last four years i have worked with several ngos and orphanages
With friends, we have started a youth paper for local youth.

Factors I feel may stand out:
I have MA in psychology .
I have a year of corporate experience with a leading agency in its field. In the short time, i have handled two international studies and have worked to make presentations.
I want to start our own store brand (also my reason to pursue MBA now)
My extracurricular are ok

Please do let me know the following :
I want to apply to Ross and Fuqua , but am not sure if i have a compelling story or am i in a fools paradise ?

What is it that attracts you to Ross and Fuqua? What are your short term and long term post MBA goals? An essential part of completing a solid application is researching the schools which you apply and demonstrating a "fit" with the program. Fit can be reflected in your goals in particular if it's something the program is known for or specializes in. Fit can also be demonstrated through your interest in clubs and other campus organizations.

Is my Gmat an Issue ? How should i overcome this?

The average GMAT score and both Ross and Fuqua is 706+. How many times have you taken the GMAT? Would you consider taking it again? What did you do to prepare for it? I strongly recommend that you consider taking the GMAT again.

Are the Gmat low success stories a feel good factor?

Every program has success stories of people being admitted with GMAT's well below the school average. The GMAT is just one component of the application and those that are admitted with low scores may indeed make up for it in other areas such as undergraduate course of study, GPA, work experience and extracurricular activities.

What constitutes a stellar essay?
There is no definition or description of what constitutes a stellar essay. However, from my experience successful essays strike a balance between using professional and personal examples (such as from extracurricular activities). Often times applicants make the mistake of using only work related topics to answer the essay questions. By doing this they miss out on the opportunity for the admissions committee to truly learn more about them and their fit with the program.

Please feel free to send your resume to [email protected] for a free detailed assessment of your profile.

Best,

Stacey