If you just want to see it in the comp, you have to turn motion blur on in two places – on the footage layer itself and up at the top of the timeline window there is a matching icon (two over from the shy icon and one to the left of the motion graph editor button). Turn that on as well and the blur will show up in your comp (assuming that the object is moving or rotating).
That top button is there so you can designate certain layers to be motion blurred in each layer but leave leave the overall effect off when you are working with your comp as it takes longer to process that effect. Think of it as a global motion blur button (but only for layers that have their own motion blur turned on.)
The default settings for rending tells AE to turn on that top button when rendering but it couldn’t hurt to check in your render settings that it is indeed set to on for rendering.
If you want to make the blur more or less, you can adjust the shutter angle in the comp settings window (cmdK or cntrlK) under the advanced tab. The default is 180 degrees which refers to how a motion picture camera used to work (their shutters were circles with a wedge cut out that light in – the wider the wedge/angle the longer the film was exposed and thus a longer blur). So a higher blur would be in the 270 degrees range – but more than that it starts looking unreal, unless that’s what you are after.