Relatively light studying only works when your mastery of the English language is far and above what is considered fluent. Even if you're moderately educated (like a BS in Engineering might lead one to believe), the GMAT is fairly demanding, particularly the verbal section. Since you now know it is your weak spot, you can spend a couple months of relatively dedicated studying prepping for the next time you take it.
PS - Why are you looking at business school? Not at all a knock on going to it (very valuable to many folks), but a large number of folks go there for reasons that don't really make sense and wind up equaling $50k in debt and a job they could have gotten with their existing degree and 2 years of experience. Just do whatever calculus that reflects your goals and life, but being sure to take into account the actual cost of business school plus the opportunity cost of going to it (i.e. 2 years of income and experience) in addition to the perceived and actual benefit you're seeking from it. Good luck!
Edit: And keep in mind crummy verbal scores are nothing new to admission boards, just be sure to meet the school minimums, preferably their median score as well, and be able to sell yourself well. That said, study and re-take it if you're inclined to continue.