I have been this owner AND this employee, at different times in my career. As the employee, it's as you describe -- having goals described to the team without actual tasks being assigned to individual employees/teams is a recipe for things not getting done. As the owner (especially with a small team) nothing is more aggravating than having employees who sit around waiting to be told exactly what to do, with no real concern for how the company provides value for its customers; employees who think they're underpaid no matter how much they make and therefore do the bare minimum unless they're getting a bonus/raise/promotion.
Yeah I totally get it. In this situation you could see employees burning out because of the lack of management or leadership and the chaos of the company. Like everyone cared at first and tried real hard but eventually almost formed a learnt helpless. The implicit message was don’t try, just do the bare minimum and avoid trouble. We were also paid minimum wage. Many employees were doing unpaid hours as well.
If you provided leadership in your case then I think it’s different
I think the thing that really made it horrible is like I said. The boss would say x needs to happen but would not think through the details, buy the equipment, allocate the time or human resources. Someone still had to work out how to do those things and who was going to do what.