I would like to hear other people's answers to this as well. For me, it took receiving a 4-year business degree just to begin to know the answers to your questions. Furthermore, I intent to spend about 4 more years in school receiving a law degree and MBA as well to help make me a business expert so that I know the answers completely (and I'd get a masters in economics as well if I had the money/time).

I think the most important question is, how do you plan to create value? Perhaps if you are an engineer, you gain enough of a business education to understand the environment, but partner with a business expert to allow you the freedom to unleash your creativity without being bogged down by administrative tasks. I don't think you necessarily want to swap being a value creating engineer with being a business adminstrator, however, obviously the better you understand the theories of business and the administrative tasks that must be had, the better you can create value in the world for others.