So if I want to start a small business, say a mom and pop restaurant, the public has to approve it first? You must be joking. Most businesses are small businesses. Hamstringing them is a recipe for disaster. Our regulatory system already disadvantages small businesses in countless ways. Indeed, that's part of the reason why large businesses can get away with so much.
The public already has a way to disapprove a business: don't buy from it. If nobody buys what the business is selling, it goes out of business.
The real oversight the public should be exercising, but isn't, is to vote out of office politicians that allow large businesses to buy their way out of trouble.