I don’t necessarily disagree with you, just wanted to draw a distinction between a blatant failure to manage finances and an excessively aggressive growth strategy that fails to pan out.
And I also think it's OK to have an excessively aggressive growth strategy too. Why not? Maybe it will work out.
The problem is when such a strategy can't be falsified until after all the money is spent. That's not a strategy, that's just gambling. It's been really common in my experience - when a strategy isn't hitting its objectives, double down on it, and spend more! Until ultimately all the investor's money is wasted.