The 80/20 Principle, Third Edition: The Secret to Achieving More with Less
Be more effective with less effort by learning how to identify and leverage the 80/20 principle: that 80 percent of all our results in business and in life stem from a mere 20 percent of our efforts.
The 80/20 principle is one of the great secrets of highly effective people and organizations.
Did you know, for example, that 20 percent of customers account for 80 percent of revenues? That 20 percent of our time accounts for 80 percent of the work we accomplish? The 80/20 Principle shows how we can achieve much more with much less effort, time, and resources, simply by identifying and focusing our efforts on the 20 percent that really counts. Although the 80/20 principle has long influenced today's business world, author Richard Koch reveals how the principle works and shows how we can use it in a systematic and practical way to vastly increase our effectiveness, and improve our careers and our companies.
The unspoken corollary to the 80/20 principle is that little of what we spend our time on actually counts. But by concentrating on those things that do, we can unlock the enormous potential of the magic 20 percent, and transform our effectiveness in our jobs, our careers, our businesses, and our lives.
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"The 80/20 Principle" is a must-read about how to get the most out of your life. The book's thesis is that in complex, non-linear, real-world systems, 20% of the inputs often generate 80% of the result. This means that if you focus on the right stuff and ruthlessly eliminate stuff from the other 80% of inputs, you can double your results with half the work. Very useful parts of this book included "80/20 charts", emphasis on simplicity, locking in great customers forever with superior service and customized targeting of new products, tips on sales, product management, and negotiation, dissociating effort from reward (reverse Protestant work ethic in the "Time Revolution"), the "Village Theory" of social relationships.
He also has 2 great lists -
10 Golden Rules for Career Success:
1. Specialize in a small niche
2. Choose a niche that you enjoy and can lead
3. Knowledge = Power
4. Serve core customers the best
5. Identify 80/20 areas
6. Learn from the best
8. Employ net-value creators
9. Use outside contractors for non-core activities
10. Use capital leverage
Daily Happiness Habits:
2. Mental Stimulation
3. Spiritual/artistic stimulation/meditation
4. Doing a good turn
5. Taking a pleasure break with a friend
6. Giving yourself a treat
7. Congratulating yourself
Towards the end of the book, he starts getting into using 80/20 outside of business contexts. He talks about things like investments and life happiness - these seemed less well-researched and a little sketchier than the rest of the book, but contained some worthwhile reading.
Overall, a great book, but not perfect.
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The Seven Habits of Happiness
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Notes and References
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Kenneth Pease,Graham Farrell
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