Simtek had zero cash in 1994 and had to build a new car, then redesign and rebuild it at the last minute after all the gizmos were banned after 1993. It ended up tidy, but overweight, under powered, with a manual gearbox initially and still beat the Pacifics and started mixing it with the tail end of the grid, indeed beating them by the end of the season. No embarrassment there - indeed, a rather fantastic achievement considering what the team went through early in their debut year.
1995 they started off in the red, still made a cracking little car with 2nd hand gearboxes, hired a pay driver and were still midfield when they crumbled under their debts due to unfulfilled promises.
Whatever the failings of Simtek, a lot of it was out of their control, and they went about things properly, and suffered as a result. Probably the last truly privateer team alongside the decidedly unepic Pacific. Stewart were private too, but they had big names and manufacturer support. Forti didn't count for anything, despite being flooded in cash for their first season.
Back in 2010, we've got some true privateers again, and guess who's back trying again... seemingly trying to do it properly again too.
Not suggesting he's epic or anything, but he's far from failed in his F1 ventures so far, has done little but succeed outside of F1, and when he has done F1, he's tried to do it properly with plucky little squads.