I’m a sophomore now and i am not yet involved in any clubs. Will Penn(and other colleges) see me participating in an activity for only 1-2 years as a negative? Also I am completely lost on what other activities to do for Wharton specifically.
Better late than never. Activities relevant for future business majors would include things like Future Business Leaders of America (http://www.fbla-pbl.org/), Stock Market Game (http://www.nationalsms.com/), leadership positions (for management majors), fundraising/promoting/public relations experience (for marketing majors), real estate involvement (for real estate business majors), mathematical modeling (for insurance majors - actuarial science), etc. Go check out what clubs and competitive teams your school has and get involved. If they don’t have anything relevant, then start a club/team and become the instant president. Some people are also in entrepreneurial clubs that write business plans and start businesses.