the former :) isn't the ability to make decisions, to steer and to lead a sort of freedom? it is to me. You're right though - I attended fi.co for example and they scare people away day 1 with the expectation that a business owner needs to bleed all of their lifeblood into the business.
Not really, to me. There are (in my experience) very few companies where you have one genius spending most his time making decisions and a bunch of minions just implementing those genius decisions.
If I was to estimate I would say that for every 1 hour you spend making big genius decisions, you spend 99 hours convincing people why those decisions are right, listening to why they are not right, listening to what you should be doing instead, writing reports or communications, listening to what issues people have...