What is the 80/20 rule and why is it so important to entrepreneurs? Wikipedia says:
“The principle was suggested by management thinker Joseph M. Juran. It was named after the Italian economist Vilfredo Pareto, who observed that 80% of income in Italy was received by 20% of the Italian population. The assumption is that most of the results in any situation are determined by a small number of causes.”
This rule says that 80% of your outcomes come from 20% of your inputs. For instance, in your life, there are certain activities that you do (your 20%) that account for the majority (your 80%) of your happiness and outputs.
The 80/20 rule can be applied to your life and your business, where being happy and satisfied for what you do, is the most important thing. Off course that money is important, but it shouldn’t be so important compared to your happiness.
Live your life following the 80/20 rule. Follow your dream!
(more information about the 80/20 rule)
