Not sure why this thread got consumed by a strawman that "Most people running businesses are stupid/incompetent". That is obviously not true.

What I have realized is that most employees never do even a basic analysis of their industry vertical, the key players and drivers etc. Even low-level employees who will never come face-to-face with customers can benefit from learning about their industry.

The flip side is that a lot of business people (I exclude people who start their own companies or actively take an interest in a vertical) are also mostly the same. They care about rising from low-level business/product role to a senior role, potentially C-suite role, and couldn't care less about how they make this happen. Many times, it is hard to measure a business person's impact (positive or negative) - think about Boeing. All their pains today were seeded more than 20 years ago with a series of bad moves but the then CEO walked off into the sunset with a pile of cash and a great reputation. OTOH, there was a great article yesterday on HN from Monica Harrington, one of the founders of Valve whose business decisions were crucial to Valve's initial success, but had to sell her stake in the company early on.

I think business, despite its outsize role in the success/failure of a company, follows the same power law of talent that most other professions carry. Most people are average, some really good, some real greedy etc.