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The 80/20 Individual: How to Build on the 20% of What You Do Best

The 80/20 Individual:How to Build on the 20% of What You Do Best

Richard Koch

Summarized November 2003

Type: [SUMMARY]

SKU: 11032

ISBN: 038550957X

Price: $12.50

Available Formats: pdf mp3 ipad zip audiobook

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Summary Description

The 80/20 Principle states that 20 percent of our efforts lead to 80 percent of our results. This is a powerful idea for businesses, which often waste time on activities that do not add value. However, it is equally critical to individuals.

If you think about it, it’s likely that in a typical day you spend less than two hours on what you do better than anyone else. The rest of your time is probably tied up in tasks that help your clients, your colleagues, or your company. But if you could find a way to do what you do best all of the time, you could unleash your productivity, enhance your performance, turbo-boost your career, and increase your wealth.

Better yet, you don’t have to work harder or put in longer days to gain these benefits. You can use the 80/20 principle to accomplish more by doing less.

Richard Koch explains how to do so in The 80/20 Individual. Koch is an entrepreneur who consults for hotels, restaurants, and the distilling industry. Previously, he served as a consultant with the Boston Consulting Group and a partner with Bain and Company.

This summary will reveal the nine steps to 80/20 success that you can start putting into action today.

  1. Use the most creative 20 percent of your imagination and intellect.
  2. Spawn and mutate great ideas in creative ways.
  3. Find the vital few profit sources in your current or prospective business.
  4. “Enlist Einstein” by recognizing the centrality of time in every activity.
  5. Hire great individuals – that is, other 80/20 wealth creators.
  6. Use your current company’s profit potential to your advantage.
  7. Exploit creative practices and ideas from other firms.
  8. Secure enough capital to succeed. And
  9. Make zigzag progress – by recognizing that various stages of growth require different approaches.
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