I started to refute this idea with strong reasoning, but then I decided to take the low road and use counter examples.
A great business person, Steve Jobs for example, would have a very hard time with a crappy idea. Even he would have struggled if his product were something stupid, like a toaster that sings a song whenever the toast is done as opposed to something as revolutionary as personal computing. Ideas do matter, and having a unique and useful solution to a real problem is an important part of building a company.
Every business doesn't require a long slog that involves years of effort and personal financial risk. If an inventor creates something truly amazing, like a hoverboard, it will fly off the shelves despite his or her best efforts to screw it up. Great ideas tend to sell themselves and don't always need years of dedication and hard work once the product itself is finished. And fwiw, the majority of inventions require more than a few hours of thought in someone's spare time.
Both idea and execution have equal value, but they don't have to be present in equal proportion as a criteria for success. It's possible build a company with great execution on a mediocre idea or bad execution on a great idea. The best companies are usually balanced between both.