Confused about "business"

What does business mean in the following sentence?

He's in the frozen food business.

Is he a businessman, like the head of a company who actually do the selling and buying frozen food?

Is he just someone who works in that field? Can I say the same if he's a financial analyst or an accountant of a company that specializes in frozen food?

It is defined as an "occupation, profession, or trade" at Dictionary.com.

So that means you can use it for both: the head of a company, or a low-class waiter (both having an occupation in the business).

And hence, you can say the same for people who are financial analysts or accountants of a company that specializes in frozen food.