Episode 80 piques my curiosity with the Pareto Principal, or the 80-20 rule. The Pareto Principal is based on the Italian economist, Vilfredo Pareto. Pareto though his research, found a disproportionate ratio of inputs and outputs in different scenarios. Pareto first identified this unequal balance of inputs and outputs when looking at the land owned in all of Italy. He noticed that approximately 80% of the land was owned by 20% of the population.
This disparity has since been extrapolated across all types of business, relationships, success, results, and wealth.
The 80-20 rule says that 20% of actions accounts for 80% of the results. That leads me to wonder, what 20% are you focusing on? Which 20% of actions provide 80% of your results?
We recently talked about the importance of your reasons why. I want to dig a bit deeper and really get into what your reasons why are, because I believe those reasons make up the foundation of that 20%.
By now, we’ve iterated the importance of having strong reasons why. But have you truly thought about your reasons why? These are the reasons why you’re doing whatever it is you are; that could be your job, your hobby, your side hustles, clubs, sports, education, volunteering, etc. For the sake of conversation, we’ll call this “your thing”.
Are you doing your thing because you’re financially motivated? If so, that’s great. Everyone needs income! It’s your responsibility to earn money and provide for yourself, your family, and eventually others.
Are you doing your thing for recognition from others? It feels good to be recognized, especially by people you respect.
Are you doing your thing because it brings you self fulfillment? This is a great reason why. Afterall, it’s your life and you should do what brings you joy.
Are you doing your thing because you want to help others? Awesome! People like you are a scarcity in this world, and we need more of you.
Now let’s get even more specific here!
Are you doing your thing because you grew up afraid of money and don’t want your children to do the same?
Are you doing your thing because a stranger once did something for you that changed your life, and inspired you to continue doing things for others?
Are you doing your thing because you’ve always been told you couldn’t do whatever it is you wanted?
Everyone will have different reasons why that drive them. The first step is to identify them. Then use those reason why as fuel to your fire. Your reasons why will build the foundation to your 20% and with enough work, will account for 80% of your success.