“When your goals are clear, you will come up with exactly the right answer at exactly the right time”
The 80/20 rule is one of the most helpful concepts for life and time management. It’s essential in the fields of business and economics. The rule is also known as “The Pareto Principle” which states that 20 percent of your activities will account for 80% of your results.
The Pareto Principle was named after Italian economist Vilfredo Pareto back in 1895, and the below will present the ways the rule is used and how to benefit from it.
- “The Vital Few” aka the top 20 % in terms of money of influence
- The Trivial Many” aka the bottom 80%
- We can apply Pareto’s 80/20 rule and apply it to any situation. By understanding this essential principle you can prioritize your tasks on a daily, weekly, monthly, and annual basis.
- Two out of the ten items on a general person’s to-do list will turn out worth more than the other eight items combined. How might you ask? Well, a lot of people procrastinate on the top 10 – 20% of items that are imperative and valuable aka “the vital few” but busy themselves on the least important 80% (the trivial many) which contribute little to their success.
- Before you begin working on anything you need to ask yourself “Is this task in the top 20% of my activities or the bottom 80%? You’ll have a better and successful return on investments by completing 1-2 tasks instead of a pile of busy activities that accomplish very little and are of little value. i.e. Managers will identify factors that are vital for their company’s success and they will give focus on those factors the most focus.
- Resist the temptation to clear up small things.
The 3 Keys to living without limits
- Clarity: Knowing who you are, what you want, and where you’re going with a set plan in mind to execute is needed for success. The more progress you make towards accomplishing things important to you will give you more energy and confidence so you can become relentless and not look back no matter what. With that said, having a clear vision and clarity with your desires will keep you aligned and focused on your daily goals. This is a habit of many successful people.
- Competence in your key area: What I mean by competence here is that you will have to begin to become proficient in the areas of your chosen profession. Applying the 80/20 rule to everything you do will allow you to focus on 20 % of your tasks which are the most important and from there it will yield to 80% of your results.
- Concentration: Concentration is having the self – discipline to force yourself to concentrate on a single task, which should be the important thing until completed.
In conclusion, the 80/20 (Pareto Principle) is a useful strategy to get things effectively and efficiently done without being fixated on working on things that will not produce the desired results. After all as I mentioned before in the introduction many business and economists use this in order for them to stay consistently successful.
Works Cited : The 80/20 Rule Explained, Philip Andrew
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