Feel like you're working, but not getting anywhere? To solve this problem, we're going to make use of a century-old principle that still holds true today.
Economist Vilfredo Pareto first discovered that generally 20% of effort, equates to 80% of results.
For your business - this is crucial to understand.
- 20% of your customers will lead to 80% of your profit
- 20% of your products, will lead to 80% of your revenue
- 20% of your ACTIONS, will lead to 80% of your results!
This presentation will help you determine what that 20% of actions are. Once you do, the principle of highest leverage will be working in your favour.
NOTE: This is an interactive workshop, get a pen and paper (or electronic note taking app) ready so you can follow along.
As a reference, here are the exercises from the workshop
Part 1: The Effective Entrepreneur
Here are the prompts for the first part.
Step 1: Define Your Goal
Prompt: What you want to achieve in the next 6 months…must be obvious when it’s done.
My Example: 100 monthly clients @$67/month by June.
Step 2: Determine the Most Critical Tasks
Prompt 1: What are the 20% of tasks that contribute to 80%+ of my progress towards that goal?
My Example: Getting new clients through Youtube/Paid Ads, and improve product.
Prompt 2: If you got severely ill, and could only work 2 hours per day, what would you work on?
My Example: Run ads, and work improve product.
Prompt 3: If you got severely ill, and could only work 2 hours per WEEK, what would you work on?
My Example: Run group coaching calls, outsource ADs to an agency.
Step 3: Determine the NOISE
Prompt 1: What are the 80% of tasks that contribute 20% or less of my results?
My Example: Watching business videos with no intention of application
Prompt 2: What do I do to feel busy instead of doing what’s important?
My Example: Watching business videos with no intention of application (again 😟)
Step 4: Eliminate the Headaches
Prompt: What are the 20% of tasks that contribute 80% or more of my stress, overwhelm, anxiety etc.
My Example: EDITING videos.
Part 2: The Efficient Entrepreneur
A big element of becoming efficient as an Entrepreneur, is limiting your time. This is because of parkinson's law (see below).
If you can create realistic deadlines for yourself, that are HARD deadlines, you will find ways to finish your tasks much more quickly.
Parkinson’s Law: a task will swell in perceived importance and complexity in relation to the time allotted to it.
Prompt: Determine your most important to-do right now, and set a deadline.
My Example: I will launch my free course by January 31s. If I don’t I pay my coach $300 to give to charity.