We all have heard of the 80/20 rule…right? 80% of the business gets done by 20% of the people.
So, who came up with this 80/20 rule anyway and how can it help me be more successful in my life…in my F5 (Faith, Family, Friends, Fitness, Finance)? The 80/20 principle is also known as the Pareto Principle. Business management thinker Joseph M. Juran suggested the principle and named it after Italian economist Vilfredo Pareto. Pareto was a noted economist and sociologist, best known for his law of income distribution, gave birth to the Pareto’s Law or the 80/20 rule. Pareto was one of the first people to analyze economic problems using mathematics. In the late 1800s, he observed that 80 percent of the land in Italy was owned by 20 percent of the population. While gardening, he later observed that 20 percent of the peapods in his garden yielded 80 percent of the peas that were harvested. And thus was born the universally accepted 80/20 rule.
Think about it, nearly everything in life works that way.
- We wear 20% of our clothes 80% of the time
- We eat 20% of the food in our kitchen 80% of the time
- We actually get 80% of the results at anything we do in life with 20% of our time and effort
So, that is all good, but the part that is real scary and eye opening is if we are getting 80% of our results from 20% of our time and activities, then we are only getting 20% of our results from the other 80% of our time and activities. I am not going to bore you with the math, but trust me when I say that when we are in that zone of doing 20% to get 80% we are actually sixteen times more effective and efficient than when we are in that zone of doing 80% to get 20%. SIXTEEN TIMES!!!
That means that in a 10 hour day you get 80% of your results out of 2 hours of work and 20% of your results out of the other 8 hours. If we could just stay in the zone for 30% of your day or for 3 hours and went home after that, we would get 120% done of what you are doing today and could work 7 hours less. An even scarier number is if you currently make $100K and could find a way to stay in the zone 100% of the time you would make $1.6 million. There are people in every profession and area of life that do it. They are the most successful ones…they are the Steve Jobs’, Meg Whitman’s, Kobe Bryant’s in their field.
The 80/20 rule is probably one of the most powerful ideas which is universally applicable in practically every sphere of our lives. The best part is that it is easy to understand and apply. Yet many people know little about it. The irony is that those who are aware of it, do not use it as often as they should in making decisions.
So, my challenge to everyone this week is that we all stay in “The Zone” just a little longer every day each week and start doing more of those activities which lead to our success.
Get in the Zone.