Most in the business or economics scene have probably heard of the Pareto Principle. For those unfamiliar with it, it is also called the 80/20. 80% of results come from 20% of the effort. Most productivity comes from short bursts or moments of utter focus. Ideally, entrepreneurs can study the Pareto Principle and leverage it. With it they will be able to stay focused on their strategic plans, spend less time chasing superfluous matters, and actually meet their goals. Of course, reality is hardly that accommodating and there will be obstacles that will keep business owners and leaders from getting their groove on. But they don’t have to go at it alone, they can always get help with optimizing their time. And this is where Virtual Assistants come in.
80 from 20Pareto, an 1800s Italian philosopher and economist, is said to have derived the concept by observing pea plants. 80% of healthy pea pods came from 20% of the plants, which supposedly led him to observe wealth distribution in society. He found out that 80% of land in Italy was owned just by 20% of the people, and in industries 80% of the production just came from 20% of companies. In modern times, this imbalance can be observed in examples like:
- 20% of customers being the ones accounting for 80% of company profits.
- 20% of sales reps generating 80% of total sales.
- People spending 80% of their time on their phones using just the same handful (20%) of apps.
- Barring massive extroverts, people spending 80% of their time outside socializing with the same 20% of their friends and family, their inner circle.
- Even how 20% of your favorite clothes making up the ones you use 80% of the time for occasions.