Ever picked up a book and thought to yourself “What a snooze” just from the very few pages? I thought so too when I started reading THE 80/20 PRINCIPLE. But anyway, I was able to stop pressing the snooze button and get right to it.
In a few words, I’ll give you a digest of the book, how I’d recommend you read the book and some great insights and takeaways. Happy reading!
WHAT IS THE 80/20 PRINCIPLE?
The 80/20 principle known initially as Pareto’s Principle according to a Wikipedia article states that,
“For many outcomes, roughly 80% of consequences come from 20% of causes (the “vital few”).”
Other names for this principle are the law of the vital few or the principle of factor sparsity.
The 80/20 principle can be applied in our work and personal life, and organisations. It focuses on a “work smarter not harder” point of view.
It referred to the fact that there’s an imbalance between efforts/inputs and results/outputs.
Some examples in which the 80/20 rule applies are:
20% of products or customers usually account for about 80% of an organisation’s profit.
20% of motorists cause 80% of accidents.
20% of your clothes will be worn 80% of the time.
20% of your phone apps get 80% usage.
20% of your allies will help 80% of your success.
And the inverse:
80% of results are caused by 20% of thinking and planning.
80% of the increase in wealth from most long-term portfolios comes from fewer than 20% of the investment.
80% of software glitches are caused by 20% of bugs.
80% of crimes are committed by 20% of criminals.
80% of stress is caused by 20% of stressors
and so on.
The book equips us to move our attention from the time management way of looking at things to the time revolutionary way.
As cited, “ There is no shortage of time. It is the way we treat and think about time that is the problem.”
According to the time management evangelist, “ Time gone, is time lost” but time gone is not lost to the time revolution evangelist. Why? Because time will always come around – This is why we have 24 hours in a day, 7 days in a week and 12 months in a year.
It is the use of our time and not time itself that is the enemy.
Takeaways straight from the book
Low-value uses of time
This book follows its own rule – 20% of the book gives 80% of its value.
If you ask me, I’d recommend reading Pareto’s principle aka 80/20 principle online, grasp the basic idea then head over to the book.
The book is divided into 5 parts. Skim through part 1 & 2 then move to part 3. Part 3 comprises chapter 9–16. Read chapter 9–11, 13–14, and 16 and skim through the rest.
Those were the chapters I found particularly insightful.
SUMMING UP
Effective prioritization and specialization should be your goal. Knowledge is power and success requires knowledge. Keep learning and aim to be the best in any field you choose to specialize in.
80% of achievement is attained in 20% of the time provided that we identify the highest value of our time – Focus on the few more important thing that will generate the most significant results.
Leverage your time, capital and the power of other people. In any field, you choose to specialize in.
Thank you so much for reading. If you enjoyed this piece be sure to comment, clap and follow me. If you’re new here, be sure to stick around for more amazing content.
