The 80/20 Formula primarily states that 80 percent of the Results come from 20 percent of effort or work. The 80/20 principle is popularly known as Pareto Principle as Vilfredo Federico Damaso Pareto was the man behind this concept. Now, imagine if businessmen, school students and professionals start implementing this 80/20 rule in their life. This rule has the potential to change lives on positive note. The psychology behind the Pareto Principle is that every individual is only able to channelize a part his/her of conscious energy towards a respective work.
For instance, if a government job aspirant is preparing for an entrance exam, he is subconsciously devoting only 20 percent energy towards his work and the rest percentage of effort is for mere satisfaction of self. Meanwhile, this is likely to be the reason that experts suggest to take breaks during work.
How Pareto invented the 80/20 Principle?
The legend has it that he observed 20 percent of pea plants resulted in the production of 80 percent of healthy pea pods. He further went on noticing that the 80 percent of land in Italy was owned by 20 percent of the population.
How Pareto Principle influence humans?
It may be interesting to observe that nearly 80 percent of mobile phone owners only use 20 percent of the mobile apps. Another classic example is 80 percent of humans talk to only 20 percent of their entire friend group.
How to use the 80/20 Formula effectively?
Now, the million-dollar questions that arises is how to use the Pareto principle effectively. Here’s the best way to use it:
80/20 Formula for professionals:
Needless to say, professionals face a lot of problems as they have to work with limited resources. In order to work in time and maximize the result output, office executive need to prioritize the tasks and start completing the tasks step by step. Professionals need to take one assignment at a time and devote time according to the need and objective of the work that needs to be completed. This way, only 20 percent of the effort will lead to 80% of the result output.
80/20 Formula for students:
80/20 principle is highly effective for students as they need to study a lot in limited time period. The best way to use the 80/20 principle is by selecting the most important topics and starting preparing for them one by one. In the process of studying everything, students end up learning nothing. Therefore, it is better to devote 20 percent of energy on the most important subjects for better outputs. Study breaks from time to time can also prove beneficial for students.
80/20 Formula for Entrepreneurs
Entrepreneurs need to focus on a niche while doing business and focus only on 20 percent of clients that give them the maximum business. This way, they will be able to serve their clients with better service and the retention rate will also improve over time. Therefore, entrepreneurs need to devote their energy on 20% of their clients to get 80 percent of business.