The 80/20 Principle: Achieve More with Less: THE NEW 2022 EDITION OF THE CLASSIC BESTSELLER

Millions of highly effective people have become more successful by understanding the simple fact that 80% of your results come from 20% of your efforts. All you have to do is identify the 20 percent that leads to 80 percent. The 80/20 Principle shows you how.

Richard Koch's million-copy-selling global bestseller is now completely revised and updated, and more powerful and essential than ever. He reveals how the principle works and shows how to use it in a systematic and practical way to vastly increase your effectiveness, and improve your career.
The unspoken corollary to the 80/20 principle is that little of what you spend your time on actually counts. But by concentrating on those things that do, you can unlock the enormous potential of the magic 20 percent. Discover how to identify the few methods that will lead to great results, and use them alone. Avoid hard work. Don't push water uphill. Be very selective in what you do. Have a great life.
80/20 is an essential tool for anyone who wants to succeed.
Be more effective with less effort by learning how to leverage the 80/20 principle.

80/20 PRINCIPLE

Product details

ASIN ‏ : ‎ B09Q63NN3Q

Publisher ‏ : ‎ Nicholas Brealey Publishing (January 20, 2022)

Publication date ‏ : ‎ January 20, 2022

Language ‏ : ‎ English

File size ‏ : ‎ 3084 KB

Text-to-Speech ‏ : ‎ Enabled

Screen Reader ‏ : ‎ Supported

Enhanced typesetting ‏ : ‎ Enabled

X-Ray ‏ : ‎ Not Enabled

Word Wise ‏ : ‎ Enabled

Sticky notes ‏ : ‎ On Kindle Scribe

Print length ‏ : ‎ 446 pages

Best Sellers Rank: #337,513 in Kindle Store (See Top 100 in Kindle Store)

#244 in Time Management in Business

#511 in Time Management (Books)

#709 in Personal Success in Business

Customer Reviews:

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80/20 PRINCIPLE

WHAT IS 80/20 PRINCIPLE?

The 80/20 Principle says that the majority of your results or outputs will come from a minority of causes or inputs. The principle was discovered in 1897 by economist Vilfredo Pareto and became popular after WWII. Today, it’s also known as the Pareto Principle, the 80:20 Rule, the Principle of Least Effort, the Principle of Imbalance, the Pareto Law, the Law of the Vital Few, and the Principle of Factor Sparsity.

The ratio may not always be exactly 80:20, i.e. it could be more imbalanced at 90:10 or less imbalanced at 60:40. The key idea is—there’s typically a non-linear relationship between input and output, between effort and results, and between causes and consequences. In business, 20% of our products/customers tend to contribute to 80% of our revenues/profits. In society, 20% of people own 80% of the wealth. At home, we’ll wear 20% of our clothes 80% of the time.

APPLYING 80/20 PRINCIPLE:

The 80/20 Rule means that there’s great inefficiency all around us, but there’s also a huge potential to improve our current results. Here are some general tips on how to use the 80/20 Principle:

Identify your top 20% vs bottom 80%

You can do so using a more analytical approach or a more intuitive approach:

• 80/20 Analysis: Develop a hypothesis about an 80-20 relationship and test it by collecting and comparing 2 sets of data. For example, ask 100 friends how much beer they drank the previous week, then rank the data in decreasing order to find out what percentage of your friends consume the majority of the beer. You may find that 15% of your friends drank 90% of the beer.
• 80/20 Thinking: Think deeply about an important question, form your 80-20 hypothesis intuitively, then take action to apply it.

Reallocate your time/resources in 2 ways

• Allocate more resources to the top 20% by moving time/resources away from the unproductive 80%. Do more of what’s working well.
• Address the underperforming 80%: Find ways to make the unproductive activities more productive or effective.

Remember these points when applying the 80/20 Principle

• Be selective. Working harder in every area won’t bring results. Seek to excel in the few things that matter the most. Remove or outsource the rest.
• Keep moving your resources from low-value to high-value uses.
• Don’t make simple/linear conclusions or jump into action. Think deeply to look for non-linear relationships that can bring you exponential results. Dig deep to understand why you’re getting surprisingly good or bad results in certain areas.
• There’s no such thing as luck in success. When things go unexpectedly well or badly, look for hidden causes at work.

The 80/20 Principle in Business and in Life

In any business, 20% of the market players will make 80% of the surpluses or profits. 80% of these surpluses will be generated by 20% of market segments, 20% of customers, 20% of products, and 20% of employees. 80% of the value from the employees will also come from 20% of their activities. In our personal lives, 80% of our achievement comes from 20% of our efforts, 80% of our happiness comes from 20% of our life experiences, and so on.

In our complete 12-page summary, we’ve distilled how businesses can apply the Pareto Principle to generate the most money with the least effort and resources (including applications in strategy, cost reduction, sales and marketing, decision-making, negotiation, inventory, and project management). We also elaborate on how you can apply the 80/20 Principle to your personal life (including how to change the way you see and use time, and multiply your achievements, wealth, relationships, and happiness).