If you've read little about the rule 80/20, but not getting a clear picture of it, then, I think you've come to the right place to
know what 80/20 rule really about and for what it is applied for. Sometimes, understanding the rule leads to a confusion rather than a clear vision. If so, don't worry, this article is probably for you to get a proper understanding. (Thumbs up!! :-) )
In 1896, Vilfredo
Pareto, the Italian economist observed that roughly 80% of the land in Italy was owned by 20% of the
population. Later, he proposed the Pareto's 80/20 rule on his own. It's a common rule of thumb
in business that "80% of sales come from 20% of clients".
The 80/20 rule is not just for business or for a
certain scenario. It's applicable to any aspect/sector. The rule states to focus into certain actions/tasks, which produce much result probably in a
little time. The 80/20 rule is about saving your time so you can get more done with less. More clearly, you’re acting 20% that produce 80% of your results, when you take effective action. Acting ineffectively gets you 20% of your results with 80% of your actions. Little time of high impact efforts lead and drive you as an expert just through 20% of actions produce 80% of results rule. Through effective actions that are appropriate to your field, you become an expert in the field in surprisingly little time.
The 80/20 rule suggests that a small amount
of inputs contributes to a much larger amount of outputs. Using this rule is to
minimize time spent in the unproductive 80%. Saying that, you can’t just cut off all the trivial part every time, some things however
need to be completed for the accomplishment. It says about intelligent action
to decide on which one you should give more concentration and time, so that you
can spend quick time on trivial part. (Just like you work on MVP in any software
development). The purpose of 80/20 is to
force to be more ruthless in cutting time in areas that contribute little. Like
cutting off e-mail time to invest more in larger projects kind of a productive
scenario. Basically, 80/20 rule is for effective action
and working smarter, not harder. It’s important to make these actions a habit.
I recently read an interesting article from
BBC, titled The firm that starts work at 9.06 a.m., that says how this
firm Pivotal Software cares its employees for productivity by making everybody
start work on time and finish on time and not letting anyone to work overtime.
Pivotal Software emphasizes efficiency in employees’ limited time-work that
produce more results than what overtime work produce. For many people, a
successful work/life balance is frustratingly elusive. Working harder in the
little time you have, won't help. Find out the priority tasks and work towards an achievable plan. This attitude and
approach will stop your hard times pulling your hair out, and, make you feel confident, stress-free, happy and loved with your work. In the process, you become an asset to your business being much more
productive and relaxed. Achieve more by working less is appreciated these days. WORK LESS, ACHIEVE MORE shows you how. This is all about
productivity with less effort.
A leadership expert Anthony Robbins has applied the 80/20 rule to the
study of success. He states that in almost every circumstance,
“80 percent of success is due to
psychology—mindset, beliefs, and emotions—and only 20 percent is due
to strategy—the specific steps needed to accomplish a result”.
Although skills and strategies are
of course essential, the rule suggests that they only form 20 percent of
what is necessary to achieve results. Therefore, without the other 80
percent and without the proper psychology in place, strategy will be
of very limited use. To become a successful entrepreneur, more than a
killer product, a plan, or a market; you need the ability to see
opportunities, to be creative, innovative, to overcome fears, and the
willingness and persistence to turn ideas in your head into physical
reality.
Entrepreneur Chad Mureta quotes “80% of
business is the psychology of the business owner and 20% is the skillset. If
you have the psychology, you can get the skillset". He says that this rule
made him success who created more than 50 apps and netting more than $500,000
in revenue in just one app.
The Pareto Principle, or more often, the 80:20 principle, suggests that
80% of sales usually comes from only 20% of products, services or clients.
This one is brilliant for smart work, time
management, analyzing and decision making in general. It can be combined
with impact:effort to help us to realize how, actually, all that time
we spend trying to make super nice PowerPoints probably falls into the 20%
impact for 80% effort category. Basically, the effort is to analyze which
actions produce much results and focus on it much to work less and achieve
more. The important thing to understand is that in your life there are certain
activities you do (your 20 percent) that account for the majority (your 80
percent) of your happiness and outputs.
The 80/20 split is not perfectly accurate. In
fact, it’s often anecdotal, sometimes misunderstood and in many cases, it’s
difficult to measure at all. But the accuracy of the 80/20 split isn’t
important. What is important is the recognition that some activities are more
likely to boost your success than others. The crucial “20%” tasks should be prioritized over the trivial
“80%” ones. 80/20 rule is to become productive from less action. This is a good insight that enlightens you to realize that your time can be either spent or used. That totally depends on your decision on how you want to pass the time. This is all your work to intelligently analyse your crucial tasks over the trivial and concentrate much on the crucial to experience the real feel on the productive results. Remember that 80/20 rule is to become more productive from less
action. Work Less Achieve More!
Voilà! Now you wanna follow the 80/20 rule to see the most productive version of you by yourself, don't you! (I could see you get motivated!!) Improve your production skills by making it a
habit and become more productive.
Get the best of yourself. Good luck!
