hide cell values until you input information?

Hey guys and girls. Is there a way to hide values in a cell until data has been inputted?

For example, I have a cell with a formula that shows 00:00.70 until data is typed into corresponding cells. I don't want weird numbers like 00:00.70 to show with 0 values because they are distracting. Another cell shows #########.

I never had this problem before because my formulas usually start off with 0 as the answer. Then I simply go to options and uncheck "show zero values."

I'm stumped

I have included a .pdf file to show you what I mean