I feel like this story really highlighted all the guy's flaws, and hopefully exaggerated them. As you say, he must've been doing something right.

The story seems like he took a terrible risk he couldn't afford, he didn't prepare or research things well, and his endeavor failed largely due to his own shortcomings. Sure, he learned something and has a story. He also borrowed and lost thousands of dollars from his friends, and severely set back his family - possibly for life. Given that he's unlikely to be a restauranteur again, his lesson doesn't seem that valuable either.