The 80/20 principle states that 80% of our best results stem from a mere 20% of our efforts, asserting an unequal relationship between inputs and outputs.
The 80/20 book shows how this distribution can benefit your life if applied to your career. The book’s author, Richard Koch, writes that this principle can help you find a place “where your name is already inscribed, where you can be intelligent, lazy, and highly rewarded.”
So here are 10 golden rules of career success in an increasingly 80/20 world:
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1. Specialize in a very small niche; develop a core skill.
2. Choose a niche that you enjoy, where you can excel and stand a chance of becoming an acknowledged leader.
3. Realize that knowledge is power.
4. Identify your market and your core customers and serve them best.
5. Identify where 20 percent of effort gives 80 percent of returns.
6. Learn from the best.
7. Become self-employed early in your career.
8. Employ as many net value creators as possible.
9. Use outside contractors for everything but your core skill.
10. Exploit capital leverage.
The 80/20 Principle: The Secret to Achieving More with Less is a wonderful read in its entirety.
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