What Is the 80/20 Rule? And how can we make use of it?
Alright guys let’s give you an intro to 80/20 rule. So I really like this quote by Victor Hugo and he says that “short as life is we make it still shorter by the careless waste of time”. And this really applies to any business. And what we’re about to talk about.
So 80/20 rule is a common life principle that shows up everywhere whether you have a business or in your life it’s going to show up now the 20/80 rule principle states that 20 percent input creates 80 percent output. So if you put 20 percent into let’s see a project it will create 80 percent of your output.
So what does that exactly mean? Well what it means is that many of your trivial tasks which is 80 percent of your time will create 20 percent of your results whereas your few vital tasks 20 percent of your time will create 80 percent of your results.
So it’s basically you know a ratio that shows that 20 percent of your time will create 80 percent of your results or 20 percent of your input will create 80 percent of your results.
Who created the 80/20 Rule?
it was created by Italian economists Vilfredo Pareto and he noticed that 20 percent of the population owned 80 percent of the wealth so 80 percent of the land in Italy was owned by 20 percent of the population.
it shows that most things don’t have a one to one ratio. They are unequal. This is really all that this principle is trying to show.
- 20 percent of roads occupy 80 percent of traffic. This is really you know aperient in where I live. There’s this freeway section that has almost all the traffic.
- Most people spend 80 percent of their time with 20 percent of their friends. (Very true for me and probably true for you as well). I spend most of my time with a few of my friends.
- 20 percent of the clothes in the closet are worn 80 percent of the time. I usually wear the same clothes over and over again.
- 20 percent of users only uses 80 percent of software features.
- 80 percent of software problems are caused by 20 percent of bugs.
- 80 percent of customers only use 20 percent of features.
- 80 percent of profits come from 20 percent of patients.
Are you starting to get it now? The numbers don’t matter much. All that matters is the concept.
it could be 80/20 rule it could be 90:10 rule could be 99:1. It’s about the concept of inequality. So let’s look at 80:20 in English in the English language. There’s over one million words thousand are most commonly used so that’s 5 percent. So this is a ninety five / five ratio which means that 5 percent of the words are used 95 percent of the time. So again it could be any ratio it just shows the inequality.
Does this mean you should be lazy? by 80/20 rule?
No it does not it means you should work smarter not harder. A lot of people have this idea that they should keep working harder. So 80 percent of our time is procrastination 20 percent of our time actually produces results. You know if you look at what I do a lot of the time is procrastination. I’m not you know explicitly being procreate I’m not explicitly procrastinating. But the truth is if you know if we look at what I’m doing and you know examine it we’ll see that 80 percent of it is actually procrastination and 20 percent of it actually produces results.
Search for 80/20 rule.
You see this and whether you’re doing homework whether you’re working whether whatever you’re doing most of the time there will be an inequality like this so don’t get caught up with the beginner mentality where you know you work hard. Well we want to do is work smarter. So if you still don’t get it look it up. You have Google you have the internet. Look it up and you’ll find all this information there’s a lot of articles written about this. 80:20 principle and it’s very crucial. So look it up and really understand it.