EVERYBODY lacked business acumen. Motorola, MOSTEK, TI (although they were better than most), Apple, Radio-Shack (Tandy), Tramiel, Commodore, Amiga and Intel. What a mess! It's a wonder that they ever got out of the swamp.
I guess MS, ARM and Intel all turned out doing OK. And, Steve Jobs grew up and returned (in greater numbers with a turtle-neck!) and became an incredible intuitive design-evaluator and huckster (is that what you call the person who starts a new religion?), but having lived through so much of this (including Compaq and Star (the Dallas one - not the Xerox one - but that counts too!), [EDIT: I forgot about ComputerLand and their sinister hand in all of this - and of course Garry Kildall missing the IBM meeting - I'm not even getting into the software stack with zip-zip-zimmerman] and the origins of Dell and the ending of Compaq (and Tandem and DEC and HP!), everything seems to chaotic and random.
I know that we all (probably) like to feel like we are the gladiators on the field, and winning from strategy and planning and cunning and intelligence and skill - but in retrospect - everything seems so random to me.
Maybe I'm just getting old and cynical.