Abhay, I would suggest that you keep 01 show dog first and then see how its like and the responsibility and training. Why people say is more a hobby for dog lovers rather than business, there are various reasons. You teach management hence you will understand better about business and profitabilty and return on your investment. I too am a management person and in short I will try to explain. Now if you take a dog, it will live for say 12 odd yrs, but will and should be breed ideally at 2 yrs of age. Then you should not breed every 6 months and should give the female a break, after a certain age she will not or should not be breed due to age factor. Take a medium to large breed for example Rottweilers, since I have been showing them in the past and occasionally breeding them. the cost of maintaining the dog properly is high, not to mention it is a full time job and requires a dedicated person and if its you only then say bye to family holidays etc. The productivity time/ years is comparitively less.
Then is the question of the quality of your dog/ pup. It may not turn out to be a good specimen worth breeding then what do you do, even though the parents were champions etc. If you love dogs truly you will not be able to sell her after 1 yrs or give her away as you will get attached to it. The puppies you have will need proper care and food which is expensive. To sell your pups at a good price their parents should be Champions etc, hence you will need to travel and show your dogs. The cost of travel and stay. Its not cheap.
The above are some basic points and keeping that in mind I dont feel it is a good business rather a hobby which might break even or may not even. Yes, people are trying to make it into a business and are doing so also, but they are not dog lovers and are doing it and would sell or kill a dog if it does not make money after a point. Its like all sorts of people do business like selling grains or cars, but one generally tries to go to good shops who are genuine and good stuff, but there are still people making profit by using unethical ways of doing business. It happens in all areas/ sectors of business.
All the best.