What Makes Start-ups Burn Through Cash?
inc.com
inc.com
Personal experience: learned same lesson using other people's money. CEO hired 15 marketing and 10 sales people without a working product. Burn millions of dollar. Fired everyone after 3 years. 1 marketing and 1 sales left.
http://steveblank.com/2010/02/11/it-must-be-a-marketing-prob...
its a good article