Partners
If you take full ownership of your talents, then starting a business to capitalize on your skills or knowledge makes perfect sense. Millions of people are choosing to do it.
Was your dream to be recognized for your skill and work on projects of your choosing to deliver amazing value for a great price, focusing on the thing you love doing, without any of the nonsense of corporate politics and many petty managers?
Now that you own your own business, you are suddenly in charge of IT, HR, Finance, Sales, Marketing, Operations and making coffee. Instead of magnifying your personal value, is not it diluting you to the point of exhaustion and frustration? If so, you may want to apply
The 80/20 Rule or Pareto Principle
There is a spiritual and scientific law, proven in life, business, and economics, that states that the great majority of results come from a small minority of causes or effort. Known as the “Pareto Principle,” it is also called the “80/20 Principle” because it reflects the fact that ≈80% of results flow from ≈20% of causes, or 80% of a certain time-frame is spent in a certain geographical area, or ≈80% of an election outcome.
Worldwide, 80% of small businesses are struggling to make $500K a year and are absolutely stuck in this loop. This rule works in almost every area of your life: 20% of your clients will result in 80% of your profits.
In a business sense, finding the 80/20 ratios is crucial for maximizing performance. Find the products or services that generate the most income (the 20 percent) and drop the rest (the 80 percent) that only provide marginal benefits. Spend your time working on the parts of the business that you can improve significantly with your core skills and leave the tasks that are outside your best 20 percent to other people. Work hardest on elements that work hardest for you. Reward the best employees well, cull the worst. Drop the bad clients and focus on upselling and improving service to the best clients.
5 secrets to Live an 80/20 Lifestyle
- Live in the present
- Make a “Not-to-Do” list
- Be eccentric with your time
- Find your Happiness Islands
- Nurture the significant relationships in your life
Shouldn't you, as one of a few 80/20 battle survivors, be working on things you are good at, like dealing with cool clients and bringing on cool team members? You should not have to do other stuff. This is where partnerships comes in.
The 80/20 Action Plan
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The 3 Keys To Living Without Limits
These 3 keys have always been the same. They are Clarity, Competence, and Concentration.
