The 80-20 rule is a principle originally used for distribution of income and wealth that is now also applied to productivity. The 80/20 rule for productivity states that 80% of your productivity comes from the top 20% of your activities or the things you’re best at.
Here is quick explainer video of the 80-20 rule:
Applied in a startup scenario, the 80/20 rule is a great way to get most out of your limited time. Startups cannot really afford to experiment or try to improve weaknesses while trying to achieve stability and profitability. With the numerous limitations of a startup environment, focusing on what you’re best at is your best shot at success. Do you make the best accessories and make eye-catching collaterals for your business but you can’t handle a lot of customer interactions? It’d be wise to dedicate your effort in your on those strengths and pass on your weaknesses to people who can handle them.
You will soon need to address areas out of your expertise to improve, but in the meantime, consider methods like outsourcing to fill in the skill void. Outsourcing is flexible enough to fit your situation and, if you find the right partners, the learning could come with them. There are organizations that will not only handle certain business areas for you, but would also walk you through the whole process so you can identify what you might need to work on in the future.
Do a quick evaluation of your business operation to have a clear assessment of your strengths and weaknesses.
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