Do you guys feel sick in the stomach when you've to fork out money for product creation?

[Xeon]

Say, you've to foot out the costs for product sourcing, creation and other misc. development costs before your business can be up and running.

I mean, I know this is necessary but everytime when I think of my hard-earned money leaving me (funded by my day job), I feel so sick.

Do you guys ever feel that way?

 

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[Envision]

I think of Elon Musk blowing $100 million on three rockets that didnt work and then putting the rest of his money into one final rocket.

Then I grab my balls and do whatever I gotta do.

 

[MattR82]

Say, you've to foot out the costs for product sourcing, creation and other misc. development costs before your business can be up and running.

I mean, I know this is necessary but everytime when I think of my hard-earned money leaving me (funded by my day job), I feel so sick.

Do you guys ever feel that way?

I feel sick now when I have an idea I want to execute but catch myself faking. Like a sick in the stomach feeling. Or maybe I just drank one too many coffees...
Off topic but the medication is to get back to grinding.

I haven't had that feeling when spending money on building something like you are talking about. Kind of the opposite. You are taking action and committing at least. And if it doesn't work out a huge success, don't think of it as a loss but another thing you learnt on the way, maybe.

 

[ZF Lee]

Say, you've to foot out the costs for product sourcing, creation and other misc. development costs before your business can be up and running.

I mean, I know this is necessary but everytime when I think of my hard-earned money leaving me (funded by my day job), I feel so sick.

Do you guys ever feel that way?

Nope. Feels like a better investment than Slowlane stocks and index funds lol.
Once the profits come in, your sickness will go away!

Nope, just the opposite. When I find myself spending my precious time working on something that I could pay someone $25 or $50 per hour to do for me, I feel sick. Remember, if you're doing a task that you can hire out for $25/hour, then you're essentially earning $25/hour for that time. I didn't become an entrepreneur to create a $25/hour job for myself.

For me, this makes me feel like I have a terminal disease, not sick hahaha.
Ahhh well, we learn from experience.
But I would rather have a product that earns me $25 bucks a unit sold than an hour spent.

 

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[happybhoy]

Try and validate the product before spending money on developing it.

 

[luniac]

Say, you've to foot out the costs for product sourcing, creation and other misc. development costs before your business can be up and running.

I mean, I know this is necessary but everytime when I think of my hard-earned money leaving me (funded by my day job), I feel so sick.

Do you guys ever feel that way?

I can't wait to pay a programming expert to redevelop my shitty self made apps.
I'll have more time to do the fun stuff, designing new apps.

 

[PureA]

I think of Elon Musk blowing $100 million on three rockets that didnt work and then putting the rest of his money into one final rocket.

Then I grab my balls and do whatever I gotta do.

He also did something similar when both Space X and Tesla were failing.

He had 500m left from the paypal exit (all his personal net worth) and put all his money into a failing Space X and Tesla... He even admitted that at the time he predicted both would go onto fail despite his last ditch cash injection.

The man blows my mind. Safe to say he isn't in it for the red Ferrari's...

 

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[Xeon]

He also did something similar when both Space X and Tesla were failing.

He had 500m left from the paypal exit (all his personal net worth) and put all his money into a failing Space X and Tesla... He even admitted that at the time he predicted both would go onto fail despite his last ditch cash injection.

The man blows my mind. Safe to say he isn't in it for the red Ferrari's...

Because he knows he can easily make back that amount in a couple years?

 

[TTG SS]

I did at first but now I've sorta divorced emotional attachment from money.

What you're describing is kind of a scarcity mindset IMO. Which is not good to have in business or life in general.

 

[AgainstAllOdds]

You have to be careful with every penny you invest. You shouldn't feel "sick" about it, but you should feel nervous.

Personally I look at investing into product in one of two ways:

1. I know the product will create a solid return, and invest knowing that it's a gamble that has to be done.
2. I don't know if the product will create a solid return (beginning of a business), but invest anyways knowing that the amount I'm investing is less than the education that I'll gain.

You need to reframe your thinking so that you keep #2 in mind. This is a journey. Failure will happen at some point. But as long as you learn from it and continue on, then things will only get better.

 

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[Delmania]

Say, you've to foot out the costs for product sourcing, creation and other misc. development costs before your business can be up and running.

I mean, I know this is necessary but everytime when I think of my hard-earned money leaving me (funded by my day job), I feel so sick.

Do you guys ever feel that way?

Do I feel bad when I spend $149 for a license to IntelliJ? Nope. It's a great tool that helps me build software.
Do I feel bad when I spend $30 a month on a subscription to PluralSight? Nope. I've learned a lot of new skills from that site that I can employ.

It's not product creation, but it's the same concept, leveraging. I'm using my money to obtain things that will, either directly or indirectly, get me more money.

 

[StevieB]

I used to feel that way because I lacked focus and direction. I did a lot of action faking and in the back of my mind my confidence in this actually moving forward anywhere was very little. I didn't have an end vision of what the result I wanted to look like as was just lost doing whatever I thought at the time was 'doing something' (when in fact was doing very little since I wasn't focused).

Even during that process I still did learn, so although I did spend a lot of time and money it was still valuable.

My mindset has made a major shift and now I can see an end result and have an overall vision and the research to backup what I know in the end will either completely change my life or give me an extremely valuable experience. So no, I don't feel that way anymore.

 

[biophase]

Because he knows he can easily make back that amount in a couple years?

Ummm no, he would have gone bankrupt if they would have failed.

 

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[MoreVolume]

No. If you have a product that will sell, you will recoup your money in a very short amount of time.
If you aren't enthusiastic about this then maybe you should take a step back and figure out if the investment is worth it

 

[Iammelissamoore]

I don't feel sick at all, especially knowing that it is necessary to build/create worthy solutions for my market. This is the purpose the books offer huge insight into getting things done well, because business of any type is a big risk, these books serve in minimising many risks via applicable and necessary/core principles which can lead to immense outcomes once we keep working on it. If something doesn't work from the get-go, the only option is to continue perfecting it. This is what evolution in all aspects of life is all about.

 

[Van Halen]

The rich buy assets. The poor buy liabilities.

This is bread and butter stuff.

 

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[stefan]

If you can become confident about your ability to *eventually* generate a positive ROI, you won't hesitate to spend money.

Here's a good example of a relevant case study that I was reading the other day:

https://www.moneylab.co/ultimate-upsell/

(Not affiliated with this guy in any way...I just think that he publishes really transparent business experiments)

So you can see that he actually hesitated a little bit to spend $7K on creating a video course. But, he's selling the course to a proven market that's already purchased a similar product from his e-mail list. He's also successfully sold courses before, made YouTube videos, etc. He's basically hedged most of the risk. This is something that you can do too bro.

 

[MitchC]

I get so excited when I finally have a product ready and can send that money to place an order, I feel like I'm losing so much potential when there is money in my bank doing nothing

 

[Chromozone]

I mean, I know this is necessary but everytime when I think of my hard-earned money leaving me (funded by my day job), I feel so sick.

Do you guys ever feel that way?

I can absolutely relate to this. I felt this way when I started out less than a year ago. I put in the majority of my savings, also funded by my day job, into a new business. I hadn't started a business before, so the fear and lack of support from friends and family was real.

In my case it did turn out to be quite risky. At one point around Christmas last year I barely had enough money to make ends meet and sit my compulsory exams to finish my medical training. On top of that the unforeseen happened and my house got burgled!

However in retrospect, all you have to do is know how much you can realistically invest into something and also know exactly what you expect to get out of it in what period of time. Write this down somewhere if you have to. If you've invested into something and you're not getting the traction/sales/interest in the specified time frame then sit down again to figure out if you want to continue (and again you should define how much you'll spend and what you should get back in return, over what period of time).

This will make you be honest with yourself and help you understand if you're on to something or not.

The point is that this way you're protecting the downside by knowing how much you're willing to spend on a new venture. If you lose some money as you can afford it, then it's no big deal and you can move on to the next idea.

Considering that your returns could be huge in business - more so than working in a job/investing your money into other things, then all of a sudden you might find that serving people via business is actually one of the most logical and best ways to use your money.

Good luck!!

 

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[TonyStark]

I feel sick every time I spend money.

 

[Genius01]

I think of Elon Musk blowing $100 million on three rockets that didnt work and then putting the rest of his money into one final rocket.

Then I grab my balls and do whatever I gotta do.

This Musk guy must be some form of semi-psycho or something.
He's definitely not normal.

The guy is phenomenally inspirational.

 

[luniac]

This Musk guy must be some form of semi-psycho or something.
He's definitely not normal.

The guy is phenomenally inspirational.

isn't it 100 mil of government grant money? paid by our taxes?

 

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[Xeon]

Why is Elon Musk considered "overrated"? • r/NoStupidQuestions

 

[Genius01]

isn't it 100 mil of government grant money? paid by our taxes?

Lol, didn't know that.
Thought it was his personal funds from sale of Paypal and co.

 

[hungryhippocampi]

I did at first but now I've sorta divorced emotional attachment from money.

What you're describing is kind of a scarcity mindset IMO. Which is not good to have in business or life in general.

THIS! IMHO the scarcity mindset is a matter of perspective -- are you the same guy from a year ago that put in 40 hours/week at a job you don't enjoy to eek out a few extra thousand to try and fund your dreams? Or are you the guy a year from today who learned so much and now knows that money trees exist and if you haven't planted one yet you have at least tilled the ground!

 

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[SYK]

isn't it 100 mil of government grant money? paid by our taxes?

The government contracts came after he poured all his personal wealth into the initial rockets (and into Tesla) and was at the point of bankruptcy because they continued to fail.

 

[ljb7]

conversely, i feel pretty sick when i spend money on stuff not relating to my biz. assets > liabilities

 

[luniac]

The government contracts came after he poured all his personal wealth into the initial rockets (and into Tesla) and was at the point of bankruptcy because they continued to fail.

so he got bailed out like the banks did?
why would the government award contracts into a company with continuously failing rockets!?
i didn't know the government was an angel investor.

 

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[SYK]

so he got bailed out like the banks did?
why would the government award contracts into a company with continuously failing rockets!?
i didn't know the government was an angel investor.

Haha not quite. He eventually successfully launched rockets with private money to prove SpaceX capabilities, then won government contracts (which have been awarded to other private companies for years) on the back of this success.

 

[luniac]

Haha not quite. He eventually successfully launched rockets with private money to prove SpaceX capabilities, then won government contracts (which have been awarded to other private companies for years) on the back of this success.

i wonder what who's this private money was.