I’ve had the pleasure of teaching business at one of my clients – a large and successful TAFE college.
The class started with some 20 plus students in late July, all eager to learn about building a business, how to research, and how to write a business plan. Out of the 20 plus students, six have actually handed in their assessment tasks – less than one third.
When we discussed this in class, the students were surprised by the numbers. I was not.
The usual problems appeared; lack of commitment, persistence, fear of not having studied for a while, overwhelm. And yet, while the support was there, only 2 students asked for it.
This is a clear demonstration of the 80/20 rule – “The Law of the vital few.” - known as the Pareto principle after the Italian economist, engineer and philosopher, Wilfred Pareto. In 1906, Pareto noted that 80% of Italy’s land is owned by 20% of the population.
Phil’sosophy (or the point)
What are we learning from this?
· Simply, the 80/20 rule is alive and well and flourishing!
· If help is available and you don’t take it when you need it, who’s to blame.
· Anyone can move from the 80% to the 20%; it’s a case of when a real and committed decision is taken to do so.
Be part of the 20% - the rewards are simply amazing!
Phil
