Money and time are the two quantities that cannot be quantified on the same balance. In our initial days as a bootstrap business, time and money were crucial resources. At Hachimichi, we often had them neither in ample nor had any clue to be efficient at using them; and hence the blog about our travesty and our thought of becoming better at it.
One perspective that Pradeep had developed is inclined to give more importance to time than money; to look at time as a constant and limited resource. Amid an ever-increasing competition, the available 24hours/day is the same for all the competing parties. At every moment we have choices to make and even these choices are competing against each other. For every choice that is made, a different future or a different horizon of the universe is born. In a randomly selected universe, the available resources might be different, except the time. Then, regardless of our universe of different resources, if time is going to be always constrained, we rather become good at utilizing it. If we achieve the best efficiency at time utilization then regardless of any future we are dropped into, we shall have favourable odds.
Let’s have another context. This one does not prioritise one over the other but gives us a perspective to make us judicious. Let’s say your hourly wages are Rs. 400. You want to have lunch. It takes you 15 minutes to go to the nearest food joint and 15 minutes to come back. The lunch price is Rs. 150. On the other hand, you can spend 10 minutes on Swiggy, order lunch at the same price from the same place, and pay delivery charges of Rs. 50.
Here, you would probably choose to spend that Rs. 50 extra of delivery.
We have quantified time over here. It helps to simplify the answer. Often, 1) We do not quantify time. 2) We cannot quantify time. More of 1 than 2. That people do not quantify time is one of the reasons people do not value it. The answer also changes when we change the context as to what you have more and what less (and the importance that one gives to the task)
If I want an off-the-shelf DC motor, I can go to China, visit the factory, and directly buy a few motors. Or I can get it air-shipped. Again, this is a very comparative example of time and money; but in reality, such clear differentiation does not occur. Each scenario differs with the change in context.
1) Spending more money.
Pro: It saves time, unnecessary utilisation of the brain, and overthinking.
Con: Leading to the habit of not studying enough on finding the most efficient options. An attitude that lack of money is the problem.
2) Spending more time.
Pro: Gives more knowledge on the subject. With more time spent on a subject, one feels more connected to the subject.
Cons: Can lead to procrastination, frustration, and loss of motivation. Spending and asking more time are often the result of inefficiency. And the vicious loop leads to the habit of inefficiency.
Is it that the time and money are inversely proportional — that the more you have of one, the less you have of the other?
On a broader level, a start-up (including Hachimichi) cannot spend more of both resources. And should spend both judiciously.
Time is Money. Money buys time.