Lacking that, how far would you expect to get even with capital?

Further than they would of gotten without the capital, but still ultimately nowhere. edit: or they might end up hiring some really bright guy - by dumb luck - that will set the plan straight.

See, the advice is very solid if the businessmen are ultra intelligent people who need to be told to think more. But by the sound of it, the businessmen are not very bright people who can't come up with any workable idea and don't understand that other people can. The best advice in these circumstances is - come up with a plan or go do something else if you can't. edit: i.e. i mean, it is assumed politely that they have a plan, which they fail to convey. But it is typically the case that there is no plan in the first place, and often, not for lack of trying. In person one needs to be polite, but when we discuss people's behaviours we should try to be as close to reality as possible.