What is the 80/20 Rule and could it actually make 80% of your work disappear?
If you’ve studied business or economics, you’re well familiar with the power of the Pareto Principle.
The Man Behind The Concept
Vilfredo Federico Damaso Pareto was born in Italy in 1848. He would go on to become an important philosopher and economist. Legend has it that one day he noticed that 20% of the pea plants in his garden generated 80% of the healthy pea pods. This observation caused him to think about uneven distribution. He thought about wealth and discovered that 80% of the land in Italy was owned by just 20% of the population. He investigated different industries and found that 80% of production typically came from just 20% of the companies. The generalization became:
(Full text at link below)
Are you an entrepreneur? The temptation always exists to try the new and exciting. There’s nothing inherently wrong with that, but it boils down to your goals. Are you trying to grow your current business? Would an 80/20 mindset help you to stay focused on your strategic plan and spend less time chasing endless new opportunities?
No matter what your situation, it’s important to remember that there are only so many minutes in an hour, hours in a day, and days in a week. Pareto can help you to see this is a good thing; otherwise, you’d be a slave to a never-ending list of things to do.
So, what 20% of your work drives 80% of your outcomes?
Full text at: The 80/20 Rule And How It Can Change Your Life - Forbes#171840da1eb5#171840da1eb5#171840da1eb5