In today’s episode with Karim, we're going to explore one of the universal laws in terms of business. It's one of the most common laws that in fact, it made a kind of revolution when it was highlighted in the early 1900s by the Italian economist Vilfredo Pareto.
Karim is going to talk about the 80/20 law. In 1906, the Italian economist Vilfredo Pareto has introduced the Pareto law, many of you know it as the 80/20 law, or the law of few.
It is one of the most important laws if not only in economics, in business, in life in everything.
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// O V E R V I E W
- 80/20 law, and how to apply it in our coaching business, whether in the business itself or in the sessions and everywhere else.
- This law was in fact a great revelation.
- You will recognize that we are using it everywhere, business, family, etc…
- 80% of the work within the organizations is done by 20% of the employees.
- 80% of the sales value is made by 20% of the customers.
- when it comes to roads, 80% of the traffic within the city or the country, it's happening on 20% of the roads
- The law is applied to almost everything.
- It's important to highlight that sometimes maybe it's not just at 80/20 it can be like 85/15, 90/10 or it can be like 75/25.
- When it comes to us as coaches considering this law, we will figure out that 20% of our existing clients are behind 80% of our income.
- We need to focus on the 20%, which is generating 80%.
- We need to add more value and focus more on that 20% because they are generating 80%.
- We need to build our business according to the 20% needs.
- The whole concept is around using this law of 80/20 in our benefits in a way to maximize our outcome.
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