Although he learned his lesson and that's the biggest thing to take away from this, his original mentality pretty much sums up why 75% (or whatever number it is

Although he learned his lesson and that's the biggest thing to take away from this, his original mentality pretty much sums up why 75% (or whatever number it is nowadays) of startups fail. The moral of this article is a pretty basic, common-sense parable. Not sure why the author had to fail to learn such rudimentary things as "no market = no business" and "no research = bad" but at least he learned his lesson.