There are several differences that disqualify a business approach to politics.
An understanding of constituents, public opinion and their core issues.
An understanding of how the political process works and the various players and their motivations in it.
An understanding of history, context, and complexities on various issues.
An understanding of diplomacy which is different than "deal making" or "contract negotiation".
Let’s assume business people in this context are CEOs. They have to understand market dynamics, public opinion, their diverse workforce which may span multiple countries.
Political process can be learned. As in the case of Mitt Romney and Michael Bloomberg. They can delegate and get people with strong expertise.
I would argue that most business leaders have a better knowledge of how economic shifts have happened and can happen. I don’t think just general history and context provides much of a strength here.
Modern diplomacy in inherently economic. Trade agreements, international alliances, partnerships. This is all CEOs do.
For me the most important thing is results. In business if you don’t produce you get fired. Gavin Newsome taks his way out of massive economic and social failures because he knows how to be a slick politician and play the game. He would be fired immediately for negligence in a business. We need more people that are able to take accountability for not carrying through with their promises.