If something is only marginally useful, delegate or delete it. You only have so much energy to use, so it pays to use it wisely. The flip-side is also true: in every endeavor, there are many ways to waste your time and resources. 6: Most of what we do is low value - eliminate or reduce the 80% of efforts that produce poor results. You’ll spend less time, less money, and less effort - and get better results at the same time. If you intentionally set out to study what matters most, you can tremendously improve your effectiveness. There are a few things that matter a lot, and much that doesn’t matter at all. It doesn’t matter if you’re conducting business, working on a personal project, trying to get into a competitive position, or finding a romantic partner, or strengthening a personal relationship. If you want to improve your effectiveness at anything, focus only on what matters most. 5: The Critical Few - identify and build upon the 20% of efforts that produce 80% of the results. Personally, I prefer to refer to this concept as The Critical Few. The 80/20 Principle has been articulated in all sorts of ways by many different people, but the central idea is the same: a few things matter a lot, and most things matter very little. 4: There are many names for this common phenomenon: The 80/20 Principle, Pareto’s Law, Zipf’s Principle of Least Effort, Juran’s Law of the Vital Few The rest of the tasks involved don’t matter nearly as much to the end result.
It’s very likely that the skills you need to do your job well are a small fraction of what you know and what you can do well, but they produce the majority of your income.Įven the projects you’re working on follow the same principle: the vast majority of the value of any project lies in just a few critically important tasks. Think of everything you’ve accomplished in your education and career so far. 3: A minority of efforts lead to a majority of results. Most of the losses a portfolio generates also come from a few small decisions. The same goes for things like investments - most of the returns a portfolio generates comes from a few critical decisions to purchase or sell certain securities. You make hundreds (thousands?) of decisions every day, but where you find yourself now can be traced back to just a few critical choices that have led to your present state. Think of the decisions you’ve made over the course of your life. 2: A minority of causes create a majority of effects. It’s very likely that a small group of contacts represent most of the time you spend on the long time. Now consider the contacts you have in your address book or cell phone. It’s very likely that you have a few favorites that you wear over and over. Think of how often you wear each of them. Here are 10 big ideas from Richard Koch’s The 80/20 Principle … 1: A minority of inputs lead to a majority of outputs. For more information about Richard Koch’s work, check out. Richard Koch is the author of the Personal MBA-recommended book The 80/20 Principle.
#80 20 PRINCIPLE BOOK SUMMARY HOW TO#
Would you like to learn how to get more done with less effort, eliminate wasteful activities, and sell more to your best customers? Richard Koch’s The 80/20 Principle will show you how to ensure your efforts produce the best possible results. Notes on The 80/20 Principle by Richard Koch
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