« Business is 20% of knowledge and 80% of know-how »
I would like to start with this quote, a key success in all business. I learned it from one of my Manager when I worked for AXA Corporate Solutions as Internal Communications & Corporate Responsibility Executive. What is funny is that I was at a party with Deloitte Manager and one of them told me the same thing. Let’s focus on it…
The 80/20 Rule
Brief Reminder: This theory appeared in 1869 when the Italian economist Vilfredo Pareto observed that 80% of income in Italy was received by 20% of the Italian population. It means also that most of the results are determined by a small number of causes. As far as I’m concerned, the first time I heard about this rule, I just thought « Bad news for me »! Why? It’s simple, I’m not a fan of mathematics and this rule sounded like a statistic… but, finally I learned that you don’t have to be good in this discipline to understand this theory!
Manager Approach: Pareto’s Principle can be seen such as a daily reminder to focus 80% of your time and energy on the 20% of you work that is really important. The formula is to work smart on the right things instead of just working smart. You have to learn to say « No » to 1,000 things to make sure we don’t get on the wrong way or try to do too much. All the times, we’re thinking about new markets we could have, but it’s simply by saying « No » that you could be able to focus on the things that are really essential – The right things.
A real Lifestyle: If you take a look at your life, you will see it’s very easy to distinguish 80/20 ratios, just try to explore and breakdown it into elements. Now, the question is “How to make a living from what YOU truly enjoy?”. Some people can answer this question readily – “I want to be a famous author”, “I’d like to run my own company” etc. In finding your own passions (hardest step for most people), you create output for others to enjoy (watch movies, read books, etc.). This value that you generate – output – allow the 80/20 to be possible in creating a perfect balance between the other and yourself.
Advice: I know that for some people, the word “Passion” is something rather out of focus, but if I can advise you something – if you want to start playing the 80/20 Rule – you just need one thing: BE CREATIVE and don’t let anyone stop you or tell you what you are supposed to do. Capitalize on what you are good at, locate the activities that create the most results for you and above all… BELIEVE IN YOURSELF.