How The 80/20 Rule Can Help Us Get Our Priorities Straight
Business
Many of us have heard of the 80/20 Rule, which is also known as the Pareto Principle. It's the rule that says 80% of your outputs come from 20% of your inputs. And while it has roots in economic studies, we discuss how it applies to creativity and business ownership.
The 80/20 Rule is certainly a handy analytical tool for businesspeople. But, turns out, efficiency isn't all about rules and percentages. After reflecting on it, we realized that this idea of putting in a smaller yet more concentrated effort to yield a larger payoff can apply to almost every area of our lives: work, home, family, health, creativity...everything.
While we might be tempted to get swept up in the details of the 80%, it's critical to give that foundational 20% the attention it deserves. When we're focusing on the stuff that has the biggest payoff (and doing those things well), we can save time and energy in the end.
How can the 80/20 Rule help us work more efficiently as creatives, professionals and parents? What things in life are a part of the 20%, and which are the 80%? And should we drop that 80% altogether? (Spoiler alert: Not exactly. Find out why in the full episode.)
