Although I was expecting a bit "more" from "The 80/20 Principle", I still can see the practical use of this principle. pic.twitter.com/y9nQuMfm1Q— Mario Carrión #LFGM 🍎 (@mariocarrion) June 26, 2018
I’ve been curious about this principle and book since I heard about it for the first time. I wasn’t expected the, mostly, financial content of the book which makes sense after you complete it, but it does drag a bit in the beginning.
This principle is clearly best explained with money, and Mr Koch does a great work doing so in the introductory chapters, however he also describes it using other examples like time management and relationships, personal and professional.
The 80/20 Principle is a book published by Currency and written by Richard Koch. I read the most recent edition that includes a few extra chapters.
From my highlighted notes here are my takeaways:
- Who you work for is more important than what you do.
- Conventional wisdom say don’t put all your eggs in one basket. 80/20 is Carefully choose a basket, put all the eggs in it and watch it ferociously.
- Remove steps in your business if either is true: it adds no value or provides no necessary support.
- Identify your islands: Happiness and Achievements. Strive to spend more time on nurturing them.
- Two top 10 lists:
- The Top 10 low-value uses of time, specially Answering the telephone
- The Top 10 high-value uses of time
Finally, two quotes:
We should accept what we cannot control with grace and maturity and get on with molding what we can control.
Join a company with fewer than a hundred employees increasing revenues by at least 30 percent a year—ideally fewer than twenty employees and at least doubling each year.
The 80/20 Principle could be dry read in the initial chapters if you’re not into finances but after finishing those, things get a bit more practical with the common down to earth examples.