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The Pareto Principle - 80/20 Rule - Do More by Doing Less (animated) - YouTube
Channel: Better Than Yesterday
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Have you ever been interested in becoming
more productive or managing your time better?
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Then you've most likely come across the Pareto
Principle before, also known as the 80/20 rule.
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If you've never heard of it, then you'll learn
more about it in this video.
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The Pareto principle states that in any situation,
20 percent of the inputs or activities, are
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responsible for 80 percent of the outputs
or results.
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And I'll explain what that means in a second.
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The principle was named after an Italian economist,
Vilfredo Pareto.
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He first observed this law in his own garden.
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What he noticed was that 20% of the pea pods
generated 80% of the healthy peas.
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This observation led him to discover that
80% of the land in Italy was owned by just
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20% of the population.
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And we can even see this concept everywhere
in our daily lives.
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For example:
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You wear 20% of your clothes 80% of the time.
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In a book, 20% of its pages contain 80% of
the most important information.
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20% of the company's customers, produce 80%
of company's revenue
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When it comes to YouTube, 20% percent of my
videos generate 80% of my views and subscribers.
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The Pareto principle shows up over and over
again, in almost every field.
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But the inverse is also true.
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That means that the other 80% is only generating
20% of the results.
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However you should note that this is not an
universal law, and it can differ in many situations.
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It's not always going to be 80/20, it could
be 70/30, 90/10, basically anything.
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The point is that the majority of results
come from minority of causes.
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And the minority of results come from the
majority of causes.
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Now that we've established that this principle
does indeed hold true, let's take a look at
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how you can use it in your everyday life.
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Time is our most precious resource.
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We all have the same amount of time in our
day.
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But most of us don鈥檛 use that time efficiently.
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There's a difference between being busy and
being productive.
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Most people think that working more hours
will get them more results.
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However it's not about the time you put in,
it's about how well you spend that time.
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If you haven't applied the Pareto principle
in your life yet, you're most likely just
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being busy.
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However when the principle is utilized correctly
it enables you to do more by doing less.
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If we go back to our previous example, we said that 20% of a book will give us 80% of the information.
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That means that 80% of a book will only give
us 20% of its value.
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Let's say it takes you 10 hours to read 100%
of that book.
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By applying the Pareto principle you know
that 80% of the most important information
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can be found in just 2 hours.
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Yes, you could go deeper and learn more in
depth if you wanted to, but note that you
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will most likely have to spend 8 hours to
get those extra 20% of the information.
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It's up to you to decide if you think it's
worth it.
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If you're still in school you can also take
advantage of the 80/20 rule.
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The exams never contain 100% of the content.
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Never.
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Otherwise it would be a 50 page exam.
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You can get a good grade by identifying, which
20% of the content you were studying in class,
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is the most important.
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Studying the right topic for two hours will
get you a much better grade, than studying
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the wrong topic for a whole week.
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Again, you could reread every single page
of the textbook and get that 100%.
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But if being a top student is not your priority,
then it just might not be worth your time.
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You can even do a Pareto analysis on your
friendships.
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What you're most likely to find is that 20%
of the friends, give you 80% of your fulfillment
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and joy, that you get from social interactions.
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The other 80% of your so called "friends"
are only giving you 20% fulfillment.
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Now you don't have to cut away those friendships
completely, but you don't have to spend an
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equal amount of time with all your companions.
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It's much better to have a few close friends,
than to have a bunch of really distant friends.
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This is why you should spend more time on
the 20% that give you the most satisfaction,
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and commit less time to the other 80%.
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And that pretty much sums up the Pareto principle
aka the 80/20 rule.
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It can be applied to almost any area of your
life, whether it's business or free time.
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If you can identify the 20% that produces
the greatest outcome, you can spend more time
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doing that, to create an even greater pay-off.
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It also helps you cut back on the 80% of things
that waste your time, which create only 20%
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of the results.
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It encourages you to think efficiently and
focus on what is actually important.
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So think about what are some of the things
that you could double down on, and which ones
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you should eliminate.
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Let me know how are you going to use the 80/20
rule in the comments below.
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For example I have noticed that I use 20%
of my shoes 80% of the time.
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This is why I threw the 80% I wasn't using away, because all they were doing
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is taking up my space.
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Thanks for watching and I hope you enjoyed
the video.
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