The Pareto Principle could also be observed in almost every industry:
MORE IDEAS FROM THE ARTICLE
Don’t be discouraged even you are being left behind, as long as you are making a progress, you are already making a difference.
In Pareto Principle, the winner takes almost all. The-Winner-Take-All effect happens isn’t because winners are better, smarter, and stronger than everyone else. In fact, most of us started at about the same place. But that tiny little advantage can take a person a long way by compounding effect over time.
It is an idea discovered by an Italian economist. It says that power and wealth is distributed like a reversed hockey stick where a small percentage of the population (20%) owns majority of the wealth (80%).
It is hard to accept the truth that there are inequalities everywhere. But depending on how you see it, the rule could help us filter out unnecessary data, better channel our resources, and make better decision in work and life.
Phase I: Self-analysis
Reflect on where your current focuses are. How do these impact you in different areas in life?
Phase II: Identify the 20 Percent
Link those good or bad results to the source of your activities.
Phase III: Focus on the Fat Tail
Eliminate or at least, minimize destructive routines and focus your time and energy on the top 20% habits that lead to good progress
A dream is the root of all success, for having a dream does not limit you on what you can do. Successful people allow themselves to lean back and imagine the kind of life that is possible for them.
Not having clear goals makes it hard to focus well on your priorities at hand. Applying the 80/20 rule will lift that mental clutter and enable you to focus better on your priorities. By merely identifying that this task is a priority, you’ll start to approach it with more impact and intensity.