The 20%

Some thoughts from our President and CEO, Jory Lamb.

Working with over 100 entrepreneurs over the years, I have witnessed first-hand the number one reason they failed if they were going to fail. That reason was lack of focus.

From 1996 to 2001, I was that entrepreneur. I was unable to focus or commit and I was paralyzed by the fear of losing what little I had.

It was the most demotivating, exhausting, and cash depleting experience of my entrepreneurial journey.

Then with the help of my mentor Chris Niles, I discovered the power of 20%ers. According to Pareto's Principle, roughly 80% of the effects come from 20% of the causes. In other words, 20% of the things we do produces 80% of the results.

Once I embraced 20%ers and began living by this mantra, my trajectory changed dramatically - professionally, personally and financially.

Learning and incorporating 20%ers into your day is as easy 1 - 2 - 3.

1. Write down everything you did in the last week. Everything, from picking up your drying cleaning to creating a strategic plan for your company, should be written down
   
   
2. Examine that list and ask yourself two questions: What am I good at? What do I enjoy?  These are your 20%ers. These are the activities that likely led to your current success and got you to where you are. Based on the Pareto principle, the more you engage in these activities, the more successful you'll be.   The last part of this step is measuring how much of your day is spent on these activities versus everything else.  The more time you spend on them, the more success you will enjoy.
   
   
3. From that same list, take every 80% task and ask yourself 3 final questions: What can I delete? Delegate? Or defer?

What can I delete? This means these tasks are not important and no one really has to do it. You can completely eliminate them from your list.

What can I delegate?  In this step, you determine what tasks from your list you can give to someone else who would enjoy them more than you do.

What can I defer?  These are the things you need to do, but they are not as high a priority as other activities on your list.

IMPORTANT - While it is critical to know what you are good at and what you like, the real value of this exercise is in identifying the things you are NOT good at and what you DON’T aspire to be.  These activities must be shed from your day.

TIP - Keep performing this exercise monthly, or at the very least, quarterly, until you get down to a list of no more than three 20%ers. The most successful entrepreneurs are the ones who know the few things they are great at, and then surround themselves with people who excel at the other 80%. 

Good luck and let me know how it works for you.

Jory