New entrepreneurs and people in general spend a lot of time every day spinning their wheels. By that I mean looking busy but wasting a lot of time doing things that bring the least productivity. We have a set number of hours in a day so ask yourself do you want to spend every waking hour doing ‘stuff’ when you could be spending time doing things that make you happy, such as showing up for your son’s football game or your daughter’s recital?
Let’s face it. A huge mid shift has to take place to become a successful entrepreneur. One of the major steps or actions you will need to take has to do with managing your time to get the best outcomes.
Pareto’s Law can be summarized as follows: 80% of the outputs result from 20% of the inputs. Alternative ways to phrase this, depending on the context, include:
80% of the consequences flow from 20% of the causes.
80% of the results come from 20% of the effort and time. 80% of company profits come from 20% of the products and customers.
80% of all stock market gains are realized by 20% of the investors and 20% of an individual portfolio.
So begin dissecting your business and personal life through the lenses of these two questions:
1. Which 20% of sources are causing 80% of your problems and unhappiness?
2. Which 20% of sources are resulting in 80% of your desired outcomes and happiness?
When you have worked through these two questions then you can let go of the other 80% that is taking up most of your time and causing you frustration.
‘The Four Hour Work Week’ by Timothy Ferriss