Sam Allardyce became the eighth Premier League coach to lose his job this season when he parted company with Newcastle United last Wednesday.
The former Bolton Wanderers manager was recruited by former Newcastle chairman Freddy Shepherd last May but fell out of favour with the new owner Mike Ashley.
"What's happened is that since the formation of the football league, with Sky television, football has become 24 hours a day with all of this money that has now been put into the game," Taylor told Reuters in a telephone interview.
"What that has done is that it has attracted business people who are not football people, who want immediate success. It is very hard to get immediate success in anything."
Taylor, who managed England between 1990 and 1993, was speaking on the sidelines of a cricket coaching session in Birmingham to promote the Chance to Shine campaign set up to reinvigorate the game in state schools.
"A lot of the business people who have come in have been so used to being successful in their own businesses. They don't realise that football has a slightly different sort of aspect to it," he said.
"You are also in the public eye, you are dependent on other people for you to be successful. I think there is a misunderstanding of exactly what it takes to be a successful football manager.
"And then off whatever manager they put in, some things will not change. We know the top four clubs have got the most money."
Taylor said business people came into the game to make immediate profits. Getting rid of a manager was consequently an easier option than sacking 20 other people.
"Where Newcastle is concerned, Sam was in place before the new owner came in. We do see this, when new people buy into businesses they do make a stand," he said.
"So even though Sam has only been there eight months, I suppose there could be an argument presented on behalf of Mike Ashley that this manager was not my choice.
"In football terms the one thing that won't change is that out of 20 clubs in the Premier League there can only be one at the bottom and there can only be one at the top.
"There's always going to be pressure from those people who are so used to being so successful in business. The manager is the one person that comes under intense pressure."