Did you know that 20% of the rug in your house gets 80% of the footsteps? Think about it; you walk in exactly the same path each time without coming in contact with the rest. You also probably wear around 20% of your clothes 80% of the time. Check your wardrobe; it especially applies to pants. This is the magic of the 80/20 Rule Pareto Principle.
The Pareto principle applies to all aspects of life.
As you now know, I work as a graphic designer. In my line of work, I get design requests of every caliber; some are rare but big campaigns for important events like international conferences or annual events, while others are more frequent collateral like designing posters and website banners for one-day seminars.
Before discovering the Pareto law, I used to design every project on a first-come-first-serve basis. Now I classify them according to importance versus timed consumed designing them. The majority of the not-so-important tasks are now delegated to assistants and junior designers, while I focus on bigger campaigns that would leave an impact.
Vilfred Pareto, the scientist behind this principle, was working in his garden when he realized that 80% of the peas in his land were growing from only 20% of the peapods he had planted. Being a scientist, he surveyed his country, Italy, to find out that 80% of Italy’s total wealth was owned by 20% of the population – the upper class.
As this principle grew globally, it was tested by many scholars who found out that it applies to aspects of our daily life. It’s in the human nature.
How can the Pareto principle apply in entrepreneurship?
Analyse your current business and ask yourself:
- What is the 20% of the business that produces 80% of the total income?
- What is the 20% of the business that produces 80% of the effort or labor?
The portion resulting from the first answer is the ONLY place where you should invest your time. Delegate the rest to employees.
This is why I decided to create my mohammadmortada.com blog. This business model allows me to work on weekend mornings and generate 80% of the website’s future income by working only 20% of the week.
I understand that this is a journey, but it’s a risk I chose to take. I want to reach a stage where I work 20% of the time and have a business that I can rely on to generate the bulk.
Learn about the two other principles I live by in this FREE e-book or click the photo.
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