Well the main reason golf was used was it takes a long time to play and you have a captive audience for a while to really get to know each other. The business sort of comes along in the background.
But its a very old school sort of thing, these days coffee, cocktails, lazer tag, horse racing, lawn bowl (the only sport you can play with a beer in your hand) all work equally as well.
So it really depends on your type of clients and what they are interested in. Really its about meeting people and being able to talk about all sorts of stuff. The given activity is just the ice breaker and thing that binds you for a while ... the business, while the goal, should never be the focus, when your asked then you can talk about it for a little bit, in enthusiastic terms but then hand the focus back to them.
Entrepreneurs need to, from time to time, interact with other people in social meetings for the sake of networking, or sales or even to get some fun. Golf is just one from many options, as going to a pub.
People do business with other people they like and trust.
If you're in the habit of using the "foot wedge" on the course you won't build much trust among your playing partners. The same is true of any other social situation. People notice your actions as well as unspoken gestures. If you're sitting in a bar with a client and the waitress is wearing a low cut top, it's best to keep from drooling all over yourself.
So while the golf course is a great way to spend 4 hours with a client it's best to follow a few simple rules. Ask a lot of questions and let the other person do most of the talking. Not only do people love to talk about themselves but they'll view you as a great conversationalist to boot. Avoid bringing up any work-related topics until the other party breaks the ice. If they avoid the topic altogether that's just fine. You've signaled to them that work is not your top priority and spending time together is more important to you.