Living the 80/20 Way - PCC - ebook

Acclaimed entrepreneur and author Richard Koch changed the face of the business world with The 80/20 Principle. In Living the 80/20 Way, a self-help bestseller, he returns to show how working and worrying less can transform our personal lives.  Koch takes the widely renowned 80/20 principle and shows how in today's cluttered and stressful world, working out the few things that are really important, and the few methods that will give us those things, leads to increased happiness and greater success. Living the 80/20 Way explains why 'less is more' isn't just a saying, but a sure-fire method to achieve your goals and live your best life.

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By doing less, you can actually end up achieving more.

The key is to make sure you're doing less of what adds only marginal value(most likely 80 percent of your current tasks)and focus instead on doing better whatever generates the majority of the value you add(the other 20 percent). To find the time to do this, don't even try doing your marginal value tasks. Instead, focus on your key tasks and completely drop everything else.

In practice, the best way to achieve this is to work backwards from where you want to end up:

First, describe your destination—something personally motivating that cuts through all the irrelevancies and spells out where you want to end up in terms of personal development, career, money, relationships and quality of life. Define what you really want.

Next, figure out your 80/20 route possibilities. Usually there will be a number of options for reaching your specified destination. Your 80/20 route will be many times more productive than all the other options, and it will be easier for you to do.

Finally, get into action—do the very few things that will help you achieve more with less effort than you ever thought possible. It is only when you actually take action rather than merely knowing what you should be doing that changes will start to occur.

Key Thoughts

“If you could work a two-day week and yet gain much better results and pay than you do for a full week now, would you be interested? You can transform your life if you follow the 80/20 way. If we understand the way the world is really organized—even though that might be completely opposite to what we expect—we can fit in with that way and get much more of what we care about with much less energy. By doing less, we can enjoy and achieve more.”

Richard Koch

The Underlying 80/20 Principles and Laws

The 80/20 principle states that in every field of human endeavor, a mathematical relationship holds true under which 20 percent of the items provide 80 percent of the value. High performers achieve that status by focusing more intensively on the key 20 percent activities. In this way, they can achieve spectacular results with less effort, not more. This principle is so well established in business that it would be a shame not to take advantage of it in other areas of your life as well—in self development, in your personal relationships and in your approach to money, work and success.

The 80/20 principle leads to the two laws:

The law of focus—less is more.

The law of progress—we can create more with less.

As mentioned, the 80/20 principle states that 80 percent of the results flow from 20 percent of the causes.

10For example:

■ In almost every developed country of the world, 20 percent of the cities contain 80 percent of the population.

■ In most businesses, 20 percent of the customers generate80 percent of the profits earned.

■ About 80 percent of the books sold worldwide come from 20 percent of the authors.

■ About 20 percent of thieves make off with 80 percent of the proceeds of crime.

■ Less than 20 percent of the Earth’s surface produces in excess of 80 percent of its mineral wealth.

■ Less than 20 percent of all recorded music is played on commercial radio more than 80 percent of the time.

■ Successful venture capitalists work on the basis that 20percent of their investments in new ventures will generate 80 percent of their profits.