When Vilfredo Pareto published his 1903 book, Manual of Political Economy, he wrote about a discovery later to become a byline for business success: the 80/20 principle.
He wasn’t literally saying that 80% of anything happens to or is caused by 20% of the players. He was describing the idea that the majority of rewards go to a minority of participants in any field.
There’s a winner-takes-all aspect to much of human endeavour, and here’s how that holds true in your life and business:
- Any achievement – writing a best-selling book, scoring a high-paying job, becoming known as an authority – makes further achievement more likely
- Your success is affected by limits of customer attention, spending capability and their desire for action. Capture that once and you will likely do it again and again.
- You don’t have to crush the competition for your audience. When 10 companies pitch for a job, only one gets it. Being 1% better gets 100% of the result.
- People and businesses who are consistently 1% better will dominate their respective fields.
- Your 1% edge comes from being unafraid to take risks, from being original and grabbing our attention with your fantastic creations.
Don’t envy the 1%. BE the 1%.
PS – Here’s where my 1% hang out. Are you hungry enough?