Just about all of the students attending business school are preparing themselves for a future in business. This means you might find yourself leading other people in a industry or situation you are not entirely familiar with. You might find yourself as the head on a marketing project for leading engineers and chemists who actually design and manufacture watches, despite the fact that you have no experience in watches!
Having a background with an extracurricular group such as student government helps set students apart from their peers, especially when it comes to looking for jobs after graduation. If you are looking to get into a leadership role, having leadership experience in the classroom, in student government and in your work experience is exactly what you need to stand out in your executive job search. Get involved in any ways that you can to help increase your chances of landing your dream job.