In 1896, an Italian Economist named Vilfredo Pareto wrote a paper showing that that approximately 80% of the land in Italy was owned by 20% of the population; He later observed that 20% of the peapods in his garden contained 80% of the peas. From these observations, among others, he determined that for many events, roughly 80% of the effects come from 20% of the causes. This is known as the Pareto Principle (often referred to as the 80/20 rule.)
As with everything in life, there are exceptions to this rule, however, it can be used as a guiding principle when deciding how much time and energy to invest in a task. If 80% of the results generally come from 20% of the effort, then logically, the remaining 20% of the outputs will come from the additional 80% of inputs.
This principle can be used by everyone, especially entrepreneurs, who often have more opportunities on their plate than they can possibly chew. Of course, a brain surgeon or rocket scientist will need to dedicate 100% of the effort to mastery of their profession, however, this principle can be very beneficial applied to other areas of their life.
By applying the Pareto Principle in our lives, we can optimize our time management, personal productivity, relationships, and ability to create our lifestyle by design.
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