{"id":59585,"date":"2021-01-28T10:26:57","date_gmt":"2021-01-28T16:26:57","guid":{"rendered":"https:\/\/blog.cpanel.com\/?p=59585"},"modified":"2021-01-28T10:26:57","modified_gmt":"2021-01-28T16:26:57","slug":"the-80-20-principle-and-your-business","status":"publish","type":"post","link":"https:\/\/devel.www.cpanel.net\/blog\/business-knowledge\/the-80-20-principle-and-your-business\/","title":{"rendered":"The 80\/20 Principle And Your Business"},"content":{"rendered":"\n

The 80\/20 Principle, also known as The Pareto Principle, states that 80% of the results are derived from 20% of the causes. Those familiar with the concept generally agree that it is more or less universally applicable in virtually all circumstances. As bold of statement as that may be, you just might come to find that it really is true.<\/p>\n\n\n\n

Where did this all originate, what does it actually mean, and how does does it apply to your business? Let\u2019s dig in and find out!<\/p>\n\n\n\n

The Pareto Principle Origins<\/h2>\n\n\n\n

Once upon a time\u2026 or more specifically in 1896 at the University of Lausanne in Switzerland, an Italian economist named Vilfredo Pareto observed that 80% of the land (ie. wealth) in Italy was owned by 20% of the population. Following this initial discovery, Pareto would go on to perform surveys on several other countries finding that a similar distribution of wealth also applied. <\/p>\n\n\n\n

Pareto’s research was then noted, refined, and further developed by a Romanian-American engineer and management consultant named Joseph M. Juran in 1941. It was Juran who would propel this concept into widespread understanding and utilization.<\/p>\n\n\n\n

Examples of the 80\/20 Principle<\/h2>\n\n\n\n

As mentioned, this concept would ultimately be observed as having far-reaching applications and implications, across society, business, and even nature. Some well-known examples include:<\/p>\n\n\n\n