Despite the increasingly rampant myth on CC that GT admissions focuses on an applicant’s major selection, choosing business will not make it any easier for you to get into Tech. If you’re going to write about a passion for a particular field, it would make sense to have your major align with the rest of your story. Otherwise, your major is just an incidental aspect of your application.
If you are accepted, it is easy to change your major before you come to orientation, and once you start classes you get 1 free major change to any major you want. After that, it’s usually very easy to change majors as long as you maintain a 3.0 GPA. This lenient major change policy is also why it would make little sense for Tech to admit based on major; they know many students will change their major at some point in their academic career.
If you want to study Chemical Engineering, put that on your application. If you want to study engineering, but you don’t know which field, put undecided engineering, etc… Your time will be much better spent improving the substantive portions of your application rather than fretting over which major to apply with. I can assure you that the admissions committee is not going to read your application and think, “Darn, we would admit him if only he had chosen major X instead of major Y.” Admissions is looking for the best people to compose each freshman class and not some set number of students for each school. If you’re still worried about it, just apply during the early action round, as no school will be “overcrowded” at that point.