The 80/20 Principle Buchzusammenfassung - das Wichtigste aus The 80/20 Principle

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Zusammenfassung von The 80/20 Principle

Name: The 80/20 Principle
Rating: 4.4 (976 reviews)
Author: Richard Koch

Richard Koch

The Secret to Achieving More with Less

4.4 (976 Bewertungen)

18 Min.

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Strategie Effektivität Kompetenzen Zeitmanagement

Inhaltsübersicht

The 80/20 Principle
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Kernaussage 1 von 9

What’s in it for me? Learn how to use your time in the most effective way possible.

In today’s hectically paced world, many of us have to tackle impossibly long to-do lists each day. We may arrive at work determined to finish the first task on the list quickly, only to find that two new tasks have appeared in the meantime.

Similarly, companies find themselves inundated with complexity, trying to serve several markets with immense multitudes of different products, juggling all of them like a clown at a circus.

In this chaotic environment, it is more important than ever to know what is truly essential.

That’s why it is crucial to understand the deceptively simple, but immensely powerful 80/20 Principle. This seemingly universal imbalance between effort and reward will help you use your time at work more efficiently.

What’s more, the principle is proven to help companies succeed by counterintuitive means: not by doing more, but by doing less.

Finally, you can even apply the principle to your personal life to increase your happiness and satisfaction in your relationships with others. You simply need to adopt the right 80/20 mindset and these blinks will show you how.

Usually, the largest share of the results (output) is produced by just a small part of the work (input).

Have you ever looked back on a project you worked on and found that most of your work was done right before the final deadline? Perhaps in the few days when you were almost out of time you achieved more than in all the previous weeks put together.

In fact, similar imbalances between effort and reward can be observed in a variety of different settings.

For example, many businesses have found that 20 percent of their product range actually accounts for 80 percent of their profits.

Similarly, 20 percent of motorists cause 80 percent of accidents. Most motorists drive carefully, while a small minority is careless and causes the majority of accidents.

This phenomenon is better known as the 80/20 principle: roughly 80 percent of work results – or output – are produced by 20 percent of the work effort, or input.

Why is this ratio not more balanced? Because not every cause has the same impact on results. In fact, causes can be roughly divided into two categories: a minority that has a great impact on results and a majority that has only a small impact. This results in an 80/20 split.

It should be noted, however, that the 80/20 principle is a simplification, and in reality the ratio tends to differ – for example, it could be 70/30 or 99.9/0.01.

Of course, the numbers may not always add up to a hundred either. For example, a 1997 study demonstrated that of 300 movies, just four (1.3 percent) generated 80 percent of ticket sales.

As you can see, manifestations of the 80/20 principle can be found in a variety of settings and as you will find out, this is valuable knowledge.

Thinking with the 80/20 principle doesn’t come naturally to people, because we expect balance and fairness.

People tend to expect the world to be balanced.

But in fact, balance is not the natural state of the world – imbalance is.

The 80/20 principle can help you improve your work process to get better results.

By now you’re probably thinking that this is all well and good, but how can the 80/20 principle relate to you and your everyday life?

Let’s look at your professional life first, as the way you currently work is probably far from efficient. Think about it: if you achieve 80 percent of the results with just 20 percent of the effort you put in, it means that 80 percent of your work is egregiously inefficient.

To increase profits in business, use the 80/20 principle.

Now you know how to apply the 80/20 principle to your own productivity, but you’re probably wondering how you can apply it in a business.

In fact, there are multiple ways you can do this, but perhaps the most important is optimizing the product range of your business.

Simplify and reduce complexity in your business to succeed.

As everyone knows, big companies are often very complex. This means managers must be adept at managing complexity, and they often even enjoy the challenge and intellectual stimulation it provides.

But is accepting or even inviting complexity really the best way to become a successful company?

You can apply the 80/20 principle to any aspect of your business, from negotiating to targeting marketing efforts.

Now you know how you can apply the 80/20 principle to narrow your product range and increase profitability. But what about all the other areas of business?

Luckily, the 80/20 principle is so versatile that you can use it in virtually any area or function of business to increase the likelihood of success.

Apply the 80/20 principle to your daily life by changing the way you think.

As you saw in the business examples, the 80/20 principle is normally applied by analyzing which 20 percent of inputs generates 80 percent of outputs. But in your daily life, it is difficult to perform an analysis like this.

This means you need something else: 80/20 thinking.

Spend your time on the most important tasks instead of focusing on time management.

You’re probably not a stranger to the concept of time management, often promoted by self-help books. The basic idea is to help you achieve more in the time you have, and this technique is proven to work: it increases productivity by around 15 to 25 percent.

But there is an even better way to get efficient.

Achieve an overall better quality of life through broad use of the 80/20 principle.

Most people define their quality of life by their overall happiness. Interestingly though, very few of us actually try to change our lives to make ourselves happier.

In fact, most people spend a lot of time doing things that make them unhappy. For example, a lot of people have jobs that make them miserable. Most office workers spend their days sitting in a cubicle, mindlessly performing tasks and waiting for the day or week to end.

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Worum geht es in The 80/20 Principle?

The 80/20 Principle (1997) was named one of GQ's Top 25 Business Books of the Twentieth Century. It's about the 80/20 principle, which says that 80 percent of results are generated by just 20 percent of effort. This phenomenon has huge implications for every area of life, as it helps single out the most important factors in any situation.

Wer The 80/20 Principle lesen sollte

Anyone who wants to get better results without expending more time
Anyone who wants to free up more of their time and lead a happier life
Anyone who wants to increase the profitability of their business

Über den Autor

Richard Koch is a former management consultant who retired in order to write in 1990. He has authored 18 books, including the The Power Laws, Living the 80/20 Way and Superconnect. He successfully applies the 80/20 principle to his own life.

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Management & Leadership Produktivität Persönliche Entwicklung

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