Originally published at: https://blog.12min.com/8020-principle-summary/
The 80/20 Principle: the Secret to Achieving More with Less - by Richard Koch
“Efficiency clears the space for life enhancement, while life enhancement requires us to be clear about the few things that are really important in our work”.
It's time to peek at the book summary below and travel through the nuggets' world (visual quotes from books) to discover your shortcut to success.
ACHIEVE / The 80/20 Principle
80/20 wisdom is to choose a basket carefully, load all your eggs into it, and then watch it like a hawk.
I found out about the 80/20 principle while doing research for a time management course. And it struck me like one of the best ways of dealing with the pressures of modern life.
After a brief analysis of dedicated websites, I had the surprise to find out that this principle is, in fact, mentioned in many top-business books. Richard Koch’s book is one of the best proofs for the big interest on 80/20 principle’s topic.
So if you have never heard of this rule, it’s time to find out about it! After reading this book, you may be seeing things pretty much different. In a whole new light which will bring you closer to reality. But let’s see: what does this principle really mean, after all? Literally, this means that 80 per cent of what we achieve in our job (or life) comes from 20 per cent of the time we spend.
But 80/20 – sounds so statistical. Too much math, at the first sight. Too exclusivist.
The fact is that, at the beginning, this principle really was like this. It derived from using statistical analysis by an Italian economist - Vilfredo Pareto and it was meant to be understood only by professionals.
This is more about productively seeking maximum results by focusing only on the activities that provide you that. For instance, if you’re feeling lazy for not working hard you may realize that you’re actually living an 80/20 lifestyle and in fact you’re probably more productive by doing so.
Richard Koch wrote this bestseller based on just one idea, proving that it really works. The main theme: is a systematic and predictable lack of balance in a wide range of situations, an inequality that seems to pop up anywhere. This amazing insight can be used in our favor, if we detect and focus on the activities and efforts that generate most of our results.
To understand the 80/20 Principle you have to go through 4 main steps:
Part One: Overture
Part Two: Corporate success needn’t be a mystery
Part Three: Work less, earn and enjoy more
Part Four: Fresh insights – the Principle revisited
Passing the first step - The Overture - you’ll face the real meaning of the concept and the idea of 80/20 Thinking.
“Conventional wisdom is not to put all your eggs in one basket. 80/20 wisdom is to choose a basket carefully, load all your eggs into it, and then watch it like a hawk.”
After that, it is time to summarize the most powerful uses of the principle through the second chapter.
“Those who ignore the 80/20 Principle are doomed to average returns. Those who use it must bear the burden of exceptional achievement.”
Work less, earn and enjoy more. That’s the part where the 80/20 principle can be used to raise your current level in both your work and your personal life.
“Everything you want should be yours: the type of work you want; the relationships you need; the social, mental and aesthetic stimulation that will make you happy and fulfilled; the money you require for the lifestyle that is appropriate to you”
And, finally, Richard Koch reveals how his thinking on the principle has evolved since the first edition of the book.
All in all, Richard Koch’s book is a collection of insights and strategies. And those may help you improve the quality of your life and work. By reading this book you’ll also get specific tools to improve the current state of your business.
This book practically extended the use of the principle, making the great jump from the statistics and cold numbers to It enhance the quality and depth of daily life.
This means that the 80/20 principle can and should be used by every person in their daily lives as well as in business to raise effectiveness and happiness. Realize it or not, the principle applies to your life to your relationships and also to your workplace.
“We must search out the 20 per cent of everything that produces the 80 per cent and use the facts we uncover to demand a multiplication of whatever it is that we value.”
The main benefit is that it will give you great insight into what is really happening in the world around you.
“The greatest thing about the 80/20 Principle is that you do not need to wait for everyone else. You can start to practice it in your professional and personal life.[…]You can become a better, more useful and happier human being.”
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