Once upon a time in 1897, an Italian Economist named Vilfredo Pareto was studying about England’s wealth distribution and income formulations. While studying these, he came to know a point that most of the money and land of England was limited to the hands of a few affluent.
In fact, only 20% of the total population was charged to own a maximum of about 80% of the land present there. This was very surprising for him; he went further into the investigation. He further examined that not only in England while many countries in the world hole this principle.
The Invention of the Pareto Principle
It was conceivable in history too and more related to the other things other than money and land. For example, in his own garden, he could acquire only 80% peas from 20% peapods. This principle is known widely as the Pareto Principle. This is also called as 80-20 principle.
This principle applies scientifically on everything, including business, studies, relationship, health etc. This principle states that you get 80% results from the 20% actions you complete for a particular concern. This fact works oppositely from our thinking.
We think that the number of actions we perform; the amount of results we could get. Perhaps the truth is at the farthest point while fewer actions can exert more results. After this principle, many research works were conducted with several things, and they found that this principle works at its best.
- 20% of criminal criminals are responsible for 80% crimes.
- 20% of drivers are responsible for 80% of accidents.
- 20% of married couples are part of 80% divorces.
- 20% of roads bear the crowd of 80% traffic
- 20% of clothes are worn by us in 80% times
- 20% of land can grow 80% of crops
- 20% of clouds can release a rainfall of 80%
There are many other examples we can see around us. Though number can be varied in the measurements but principle works for the same, which states that less gives more.
Where this principle cannot be applied
This principle does not let us get rid of the work while it teaches us the work that encourages us to work and bring better and maximum results.
If we talk of business, earlier this principle had been used for business purposes. Later, it gradually started used in several sectors in many ways. People commit mistakes by wasting too much time, energy and money in those things that are not meant to work upon while doing start-ups, like the company’s logo, the look of the website, etc.
Though these things are essential and relevant to attract the people towards a business, that is not enough. These things will not bring many results. Whilst at start-up, your main objective is to make it more reliant and improved. The product should ease things for life.
After performing with these aspects, you must go with marketing and other things, which are termed to relate to the fact of getting better results. You must remember that your 20% of clients are the part of your 80% profit. Similarly, 20% of clients would be indicted with 80% complaints.
You need to focus on those 20% clients and at the end; you need to focus on those 20% actions that are giving out 80% results. You can get Instant loans in Ireland to resolve the business strategies under ‘Pareto Principle’.
For social life and happiness
Earlier, I thought that if I had more friends, it would be great, so I used to befriend everyone and spend time with everyone. These friends involve those people with whom I did not feel comfortable. While doing this, I realised that I was wasting most of the time.
Because of this, I could not do the things that should be primarily done. Actually, our mind is programmed in a certain way we think that more means better, but this is not true. According to this principle, 80% happiness and fulfilment can be attained from 20% friends.
It would be better if you spend your time of those 20% of friends who really can make you feel comfortable and you can also feel good with them. This will save your maximum time to focus on other things.
I had a friend who used to study all the time that is 24 by 7 during exams and the other friend who studies only 4 to 6 hours in a day, and the results would always be surprising. The two friends used to score the same results. The other friend was not that smart, but he used the 80-20 principle.
He followed the principle with two things that helped him to score good marks:
- Regarding the material to study the most
The first friend thought to study the maximum things at the last minute while the other asked for essential questions and relate with the previous year’s sample questions. He used to learn them and then focus on other questions.
- Regarding the time of study
The first friend tried to study hard from day to night, but because a man cannot focus on the same thing for a long time, the things also distracted him. This is why he could not get quality study time, and at the end, he got fewer things stored in his mind.
The other friend was familiar with the fact that he could only study seriously between the day hours and not after that. He had his complete focus on the things between those periods. He used to take breaks in between whenever he felt that he is losing his focus.
The final talk
To conclude this blog, the only thing you need to do is to choose the 20% work and do it well. This will consume only half time, and you can seek double results and the remaining time you can utilise to do other life related essential things.