The magic 20 percent
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80/20 for the 2020s
I first read Richard Koch’s 80/20 Principle in 2017 and was hooked — achieving more with less, being very selective about what I do, concentrating on the few decisions each year that will actually give me what I want — what’s not to like? Of course each year I have to identify the magic 20%, which takes a bit of thinking about, but each year I discover that I already have a pretty good idea what those few things are.
"The world is full of busy idiots"
That’s what John said to me earlier this year. And it’s true. So inspired by Patrick, who told me about his ‘word of the year’, I made ‘leverage’ mine in 2022. It was long overdue.
Convention coaxes and almost guilts us (usually by a boss who’s doesn’t know how to achieve much) into being busy — I often ask myself when meeting founders if they’re focused on activity or achievement.
By implementing 80/20 you have to get used to sometimes (or at least initially) being bored — you have to resist the urge to do something while you think of your magic 20%. This can be uncomfortable when everyone else is rushing around, busy doing nothing. They’ll ask you what you’re up to and it might not be very much, other than enjoying yourself. For me that’s running, reading and thinking. It’s also 9others, meeting interesting people and thinking who I can connect them with and trying to help my portfolio.
Buy 80/20 now
Richard Koch has been a huge influence on my thinking and investing (look here and here for starters). Plus a major highlight of 2022 was that he included me in the latest edition of The 80/20 Principle on page 296, below.
As Tim Ferriss says, “Read this book and use it”.
And WOTY for 2023?
Stay tuned — I’ll tell you my word of the year for 2023 tomorrow…
In other news
Laura at Seep is finishing off a small fundraise — hit reply if you’re keen to hear more (it’s via an SPV so cheques from £2k are very welcome, as well as bigger ones).
And of course buy a Seep Eco Starter kit — here — use the code LAURA20 at the checkout for a nice discount.
Important: None of these posts are investment advice. If you are thinking about investing you should seek the advice of a suitably qualified independent advisor.
#CapitalAtRisk