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Identify your 20%
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2
Focus on your 20%
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Eliminate or delegate your 80%
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Enjoy the benefits
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Avoid the pitfalls
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Apply the 80/20 rule today
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7
Here’s what else to consider
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As an entrepreneur, you have many tasks to juggle, but not all of them are equally important or impactful. How can you decide which ones to focus on and which ones to delegate or eliminate? One way to do that is to use the 80/20 rule, also known as the Pareto principle. This rule states that 80% of the results come from 20% of the causes, or in other words, 20% of your tasks generate 80% of your value. In this article, you will learn how to apply the 80/20 rule to effectively prioritize tasks as an entrepreneur.
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1 Identify your 20%
The first step is to identify which tasks are in your 20% zone, meaning they contribute the most to your goals, vision, and revenue. These are the tasks that only you can do, or that you do best, and that align with your strengths and passions. To find your 20%, you can use tools like the Eisenhower matrix, the ABCDE method, or the impact/effort matrix, which help you categorize your tasks based on their urgency, importance, impact, and effort. You can also track your time and analyze your results to see which tasks are actually moving the needle for your business.
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2 Focus on your 20%
The second step is to focus on your 20% tasks and make them your priority. This means you should schedule them first in your calendar, block out distractions, and allocate enough time and energy to them. You should also optimize your workflow and systems to make your 20% tasks easier and faster to complete. For example, you can use templates, checklists, automation, or outsourcing to streamline your processes. You should also review your 20% tasks regularly and update them as your goals and situation change.
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3 Eliminate or delegate your 80%
The third step is to eliminate or delegate your 80% tasks, meaning the ones that are less important, less impactful, or less enjoyable for you. These are the tasks that take up a lot of your time and resources, but don't add much value to your business. They can be things like administrative work, repetitive tasks, low-priority requests, or distractions. To eliminate or delegate your 80% tasks, you can use tools like the 4D method, which stands for delete, defer, delegate, or do. You can also use the 5W2H method, which helps you question the who, what, when, where, why, how, and how much of each task.
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4 Enjoy the benefits
The fourth step is to enjoy the benefits of applying the 80/20 rule to your task prioritization. By doing so, you can achieve more with less, increase your productivity and efficiency, improve your quality and creativity, reduce your stress and overwhelm, and free up more time for yourself and your loved ones. You can also use the extra time and energy to pursue new opportunities, learn new skills, or explore new ideas for your business.
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5 Avoid the pitfalls
The fifth step is to avoid the pitfalls of misusing or overusing the 80/20 rule. While this rule can be a powerful tool for prioritizing tasks, it is not a magic formula that works for every situation. You should not use it as an excuse to ignore or neglect the tasks that are still necessary or valuable, even if they are not in your 20% zone. You should also not use it as a justification to be lazy or complacent, or to avoid challenging or uncomfortable tasks. You should always balance the 80/20 rule with other factors, such as your deadlines, expectations, feedback, and opportunities.
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6 Apply the 80/20 rule today
The 80/20 rule is a simple but effective way to prioritize tasks as an entrepreneur. By identifying, focusing, eliminating, or delegating your tasks based on their impact and value, you can optimize your time and resources, achieve your goals faster and easier, and enjoy more satisfaction and fulfillment in your work and life. Why not try it today and see the difference for yourself?
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7 Here’s what else to consider
This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?
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