david hieatt

The Law of the Vital Few.

R0015703 


This law is known as Pareto’s Law. It is named after an Italian economist Vilfredo Pareto. It is also known as the 80-20 rule. If you run a business, 80% of your business probably comes from 20% of your customers. If you are a creative person, 80% of your awards/ recognition/income will come from 20% of your output. So how can knowing this principle help you? Well, start by looking at your day. See where you spend most of your time. The likelihood is you will find out you spend most of your time on the things that you are not that good at. Too many meetings. Too much admin. Too much politics. This is called The Law of Oterap. (Pareto backwards). This is where you spend 80% of your time on the things you are least good at. And where you can make the least difference. You don’t need more time in the day. You don’t need to work longer hours. You don’t need to work weekends. You just need to spend more time on what you are brilliant at. And less time on all that other stuff.

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It's worth adding that Pareto's Principle applies to any scale. Even if you eliminate that first 80% of activities, Pareto's Principle will apply once again to the remaining 20%. It goes on forever, and there's no escaping it.

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