Hey guys, Vilfredo Pareto was an Italian economist. In 1897 he was studying the wealth distribution and income. While studying he noticed a weird thing that 80% of England’s property is owned by 20% of the people. When he researched more he found it is common in every country and every time even things outside money. That’s when he developed the Pareto principle or the 80/20 principle.
This principle says our 80% results are the outcome of our 20% works. Which is applicable in every aspect of our life. Including business, studies, health, relationships, etc. Maybe these numbers are making no sense there are some examples:
20% of drivers are responsible for 80% of accidents, 20% of criminals are responsible for 80% of crimes, 20% of athletes get 80% of the medals.
Now the numbers won’t always be the same but the principle is the same. Which is less give more outputs?
So how to use it in our lives. This principle is mostly used in business. But you can use it anywhere.
The first and foremost thing is friends because they have the most influence on our life. But most of the friends never come to work in need. So don’t make too many friends remember only 20% of your friends will be helpful in trouble. So the question is how do you know which friend is real? An easy trick is to keep those around you who motivate you.
Most of us think that if we study more we will get more numbers, while the reality is to study smart. Which is cover your whole syllabus, then find the important 20% from the
Syllabus and only focus on them before the exam.
But remember, avoid as many distractions as you can. When lost focus, do anything else for 5 minutes then come back to studies again.
Using the 80/20 principle in productivity can be very effective and important as well. Because I’ve lots of people make a huge todo list to be hyper-productive but at the end of the day, their important works are still left. So make a todo list and use the 80/20 principle to find the work with most priority and get that done first.
So this is a wrap on this one. I shared these from The 80/20 Principle by Richard Koch I hope you understood the principle. If you have, don’t forget to apply in your life and share the results. Until the next one bye and peace.
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