As someone with a book background in education and a street background in business - I'm constantly working to combine the two to make things work for my clients. Most of the time, I don't have to work that hard at it. My business (the internet marketing business, that is) is still fairly new, so even 'experienced' people in my field have a difficult time keeping up with the changes.
The question I get asked quite a bit by clients (especially the 'very new to social media' clients) is "How much time should I spend doing this?" Realistically, you could spend all day in front of Twitter, Facebook, etc looking for conversations to engage in, friends/connections to make and cultivating business referrals. But who really has the time to do that?