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Depending on the field of business, most PhD holders have degrees in engineering, and very few have a business education (BBA or MBA) before pursuing a PhD. In fact, if you're applying for areas like Operations Management, Supply Chain Management, Procurement, Finance, or IT, not having an engineering (or Econ or Math) degree decreases your chances for admission.
I'm not sure the basis for the comments about the utility of a PhD in business, but the posters are basically correct: a PhD in business is designed as a research-oriented position. Do PhD holders end up going into industry? Sure. But if that is your end goal, you are better of in an MBA program. MBA programs are much easier in terms of admissions (PhD programs in business usually admit between 0 and 2 students a year, so competition is incredibly fierce - even compared to engineering programs, which might admit 10-30 students each year). In addition, the PhD curriculum is probably only about 30% not relevant to industry.
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