he is using the term "mediocre entrepreneur" to mean not Larry Page and Mark Zuckerberg

Yes, I agree. There are always a few outliers who by combination of luck, skill, and hard work (mostly luck though) hit a home run their first time at bat. "Mediocre" can mean "ordinary" or "unremarkable" and a history speckled with failures is pretty typical of most "ordinary" entrepreneurs. I find it actually encouraging, that someone with the admitted faults of procrastination, poor networking/social skills, and poor negotiating skills can still, eventually, find success.