Recently, I was looking through some of my old business cards.
I stumbled across one from Time/System Planner and I immediately recalled some of their seminars I attended as a bright-eyed young man in my early twenties. The owner of the business was a man named Venga and he was a good and persuasive speaker who truly believed in what he was teaching.
One of the most useful principles, which I still keep in mind, is Pareto’s Principle or the 80/20 Rule.
It works like this …
You’ll usually find that when you do any task, 20% of your effort will give you 80% of the results. To achieve the remaining 20% of the task, will require another 80% of effort!
It’s supposed to apply to many things. Pareto found that in Italy, 80% of the wealth was owned by 20% of the population.
It’s also a rule of thumb in business:
1) 20% of your clients will give you 80% of your revenue
2) 80% of your warehouse is taken up by 20% of your inventory
3) 20% of your employees are doing 80% of the real work!
(Only trouble is that you don’t know which 20%!)
On the internet, you’ll probably find that 20% of your time on the web will give you 80% of the info you’re looking for, so perhaps you’re wasting your time with the other 80%? After all, who wants to be a perfectionist?
Time to stop writing … I’ve already put in my 20% of effort! 🙂
—-> I forgot to mention that I will be at MPH Midvalley at 2.30pm and Borders The Curve at 5pm. It’s on TODAY (17 Jan 2010). I’m going to be talking about my encyclopedia and anything else you want me to chat about!