David,
A few observations that may be helpful:
An undesirable business is one that is bogged down by regulation (aerospace, banking, utilities, etc.) one which has only one or a very few customers (government contractors, airliner manufacturers, etc.), one that has been around more than about thirty years, one steeped in nepotism, or one that believes in hiring consultants to chase the latest management buzzwords.
Good companies are entrepreneurial, realistic, and well-financed, regardless of the industry.
Engineering careers grow with projects. Most engineers are happiest where the management has a strong new product focus with continual new product development.
An engineer gets a bigger part of a project in a small company. At a GE or Boeing, an engineer becomes a "left door hinge bracket flush attachment screw specialist" and sits next to the "right door hinge bracket flush attachment screw specialist." And they have an ongoing, bitter battle with the guys in the left and right door hinge bracket non-flush screw attachment department.
Engineers who start out in smaller places often do very well when they move to a larger company because they have much more experience and confidence than the ones their age who started out in a big company.
There are many kinds of engineers -- designers, test engineers, analytical engineers (structures, dynamics, simulation, aerodynamics, fluids, electronics, etc.). Regardless of which area an engineer chooses, the best ones have a product goal in mind and work hard in school, in their job, and on their own to learn about and pursue that goal.