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Here's a great post from Joel about exactly that. It doesn't start off like it's answering the question, but it does:

http://www.joelonsoftware.com/items/2006/06/16.html

"Watching non-programmers trying to run software companies is like watching..." and you'll have to read the article to find out :)




He's talking about software companies, not businesses on the web in general. Moreover, he's demonstrably wrong: many successful software companies are run by people without developer backgrounds.




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