How many apps do you have installed on your phone?
How many apps do you have installed on your phone?
How many of them do you use most often?
All of them?
No, The answer is 20%- “20% of your total apps account for 80% of your time spent on your phone in total and vice versa”.
This is what you can call “The 80-20 Principle” and it applies universally to absolutely everything!
- 20% of your present activities will have 80% consequences in the future.
- 20% of all the people you know have 80% significance in your life.
- You wear 20% of your clothes 80% of the time.
- 20% of roads have 80% of traffic.
- 80% of crimes are committed by 20% of criminals.
- 20% of drivers cause 80% of accidents in the world.
- 20% of the world’s population holds 80% of the global income.
- 20% of land produces 80% food and minerals.
- 20% of the products of a company generate 80% revenue for the company.
- The list is endless.
The Pareto Principle
The rule or principle that I’ve just stated is also known as the Pareto Principle as it was first discovered by Vilfredo Pareto, an Italian Economist; back in 1897. He was once analyzing the land distribution of England and found that 80% of the total land was acquired by the 20% population of England, he further dove into this and found that 80% of total money was also acquired by 20% population, he then came up with this simple yet extraordinary idea which later changed many lives. The validity of this principle remains the same as it was 200 years ago.
This principle was later popularized by best selling author Richard Koch in his book- “The 80-20 Principle: The Secrets Of Achieving More With Less”.
Real-World Implications Of The Pareto Principle
IN BUSINESS:
Ever wondered why most startups fail? One of the reasons is that they spend most of their energy, money, and time on less significant things like company logos, etc. Yes, these things are important but have just a 20% effect on the output of the company.
Most recently, Steve Jobs demonstrated the power of this simple rule- Apple had more than 300 products in the market, but Steve Jobs; upon his rejoining in Apple, squeezed the product line to just 10!
And, the rest is history…
IN SOCIAL LIFE:
When it comes to social life, 20% of your friends will account for 80% of your happiness(in social life). So, better keep your circle small and spend more time with that 20% of people in your life.
Conclusion
This rule doesn’t suggest you not to work hard or work more, the main CONCEPT is just that “Minority Inputs Produce Majority Outputs”. This principle will improve the efficiency of your work to a great extent!
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