Ask Admissionado

Hi,
Kindly evaluate my profile for an MBA program.
I am 32 years or age, have about 8 years of IT industry experience focused towards the Media and Entertainment sector.
Academic Qualifications: B.Tech, IIT. CGPA - 5.69/10 (I know it is below average)
Question : How much does the undergrad CGPA weigh after 8 years of experience?
GMAT Score - 720 (Quant - 51, Verbal - 35) AWA - 4.0, IR - 6.0
Question: Is there a need to rectify my skewed score? If yes, how can I achieve it? Should I re-write the GMAT again? Or can a good TOEFL score suffice?
Work Experience - 8 years in IT Industry as of today. Out of the 8 years, the last 7 years have been in the same organization, which is focused towards IT solutions for Media and Entertainment companies in the US, UK, and India. Working in this industry, I have gained good domain expertise in areas of broadcast, online, and publishing media. I have gained valuable insights in advertisement sales as well as intellectual property rights management. I have handled multiple roles - Project/Product manager, business analyst, team leader, and individual contributor and have successfully been able to multi-task among these. I have handled team sizes varying from 6-10 members who were not only spread across India and US but also spread across functions (development, quality assurance, database admins, etc.). I had 5 onsite visits (cumulatively account for about 15 months) to the US primarily to interact with the clients and project stakeholders to understand business and have gained perspective. I have worked with the company's strategic team to generate new business ideas as well as helped the sales team by preparing client demonstrations. I have developed project road maps, identified risks, and created their contingency plans. For the past few months, I have been involved in a part-time entrepreneurial role as a co-founder of an IT company and acting as a CTO (I don't take a salary for this.).
Questions:
1. Does experience in one specific domain help me stand out as a diverse candidate in a vast pool of applicants? Or is it just looked upon as any other IT candidate?
2. Does working in a part-time entrepreneurial role (while having a full-time paid job) looked upon as bad ethics? I do not violate any code of ethics of my company - I do not share their intellectual properties nor do I work in the same domain or with my organization's clients.
Major Achievements at Work/Outside:
1. Work
a. Over the past 7 years, I have had 4 promotions in my organization and have always been rated in the top 5%.
b. As one of the first few people in the organization, I have been involved in the company's growth. I have been actively involved in recruiting talent, and have introduced new processes and techniques to attract the best. I have taken various initiatives in the organization to increase employee satisfaction.
c. I designed and initiated a cross-functional training program in the organization to expand knowledge base and improved talent utilization.
d. Because of my strong domain understanding and fast learning capability, I have been looked upon by the management as the point person to lead any new business initiative.
e. I have always challenged the status-quo and thus have been able to persuade the management to improve organizational processes.
2. Outside
a. During undergrad studies, I was heavily involved in extra-curricular activities. I had no background in Music and learned it on my own during my first year. I was elected as the Music representative in my second year - conducted more than 20 music events in that year, participated in more than 30 music events over a span of 4 years.
b. I was also an active member of Dance and Dramatics club - participated in more than 20 club events over a span of 4 years.
c. Won various awards for outstanding contribution in cultural activities.
d. Secured a national top 1% in National Graduate Physics Examination, 2000.
e. Completed 3 MBA level MOOC courses from coursera in the past 6 months.
f. I have helped my wife in 2-3 business ideas - unfortunately none of them worked.
Questions:
1. I have not had much extra-curricular activities recently. How much do recent extra-curricular activities matter?
2. How much does helping in family business matter? I don't have any documents to prove that because I was always in the hind sight.
3. How much does doing online courses matter? Does it help the adcom in judging my current academic ability?

Career Goals:
Post MBA, I want to take up the role of a Product Manager in a Media technology company like Google or Facebook. I want to leverage my experience and want to be able to come up with innovative ideas that change the media-tech landscape. As a product manager, I want to be able to make strategic decisions.
Last year, I applied to ISB, IIM exec programs, and a couple of US 2-yr MBA programs. Unfortunately got dinged everywhere. Looking at my experience and age, I think that a 1 year MBA program suits my profile. Your feedback is most welcome. I would like to know what exactly is missing. Do you think that a professional certification like PMP will be beneficial in securing my future goal post MBA? I read in lot of places that roles offered post 1 yr MBA is mostly aligned with past work experience.
Please also suggest me the schools that I should apply to.

Looking forward for your detailed feedback.