Applying the 80/20 Rule in Goal Setting - Deepstash

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The 80 20 Rule Explained (a.k.a. Pareto Principle) | Brian Tracy

Applying the 80/20 Rule in Goal Setting

  • Assess your goals. Work on the most valuable all the time.
  • Work on the tasks with the greatest impact.
  • Think like a wealthy person. Do what one does.

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The Pareto Principle

The Pareto Principle

https://medium.com/the-blog-of-dean-yeong/the-pareto-principle-a3e25b51f73

medium.com

Note: This story was first published in DeanYeong.com Vilfredo Pareto was an Italian engineer, sociologist, economist, political scientist, and philosopher. He made numerous important contribution to economics. One of the most profound contributions Pareto made is his study of the income distribution.

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Small Improvement Matters

Don’t be discouraged even you are being left behind, as long as you are making a progress, you are already making a difference.

Why Winners (Almost) Take All

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.

Strategies for Keeps
  • Pick one goal for your business to improve focus and decision-making.
  • Optimise the first item in a funnel that has cascading effect to the entire funnel
  • Work hard to understand the 20% of your customer.
  • Create high margin products that bring 80% of all profits.
  • When assessing risk, recognise not all risks are equal.

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The Top 4 Misapplications of the 80/20 Rule

The Top 4 Misapplications of the 80/20 Rule

https://www.lifehack.org/articles/featured/the-top-4-misapplications-of-the-8020-rule.html

lifehack.org

Eighty percent of the output comes from twenty percent of the input. That is basically a summary of the Pareto Principle, or as it is more commonly known, the 80/20 Rule. The rule comes from Vilfredo Pareto, an Italian economist who noticed that 80% of Italy's wealth was in the hands of 20% of the population.

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Key Idea

The Pareto Principle Misapplications
  • Putting inputs and outputs on the same level: Inputs and outputs aren’t the same thing and, therefore, can’t be put into the same pie chart.
  • Using a litera...
Reclaim Your Focus By Using The 80/20 Rule (Pareto's Principle)

Reclaim Your Focus By Using The 80/20 Rule (Pareto's Principle)

https://medium.com/personal-growth-lab/reclaim-your-focus-by-using-the-80-20-rule-paretos-principle-5e2b57c16320

medium.com

Nowadays, we drown in too many to-do's, too much information and too many obligations. Stress levels are higher than ever, more and more people get burned-out and overwhelmed - and many feel that they lack focus in their lives. In other words, there is a real need for a strong antidote that helps people reclaim their focus, calm and clarity.

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Neglecting 80/20 = Mental Clutter

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 me...

Identifying What's Truly Important

20% of your activities will account 80% of the results, and vice versa. Start working on the most important tasks, it may be complex or difficult but it holds majority of the outcome.