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
