NWORLD : The 80/20 Rule And The Power Of Systems | NWORLD BUSINESS by VICENTE MEJILLANO

The 80/20 Rule And The Power Of Systems

The 80/20 Rule And The Power Of Systems


In his book ‘The e-Myth’ (for ‘the entrepreneurial myth’), Michael Gerber says that if
you can’t take off for 6 months and come back to see that your business has grown
without your presence, you don’t have a business – you have a job.
Hence the idea of ‘the entrepreneur myth’. He says most entrepreneurs have simply
created a JOB for themselves, because they haven’t put SYSTEMS in place.
The e-Myth – systematize your business
Gerber says that you must systematize your marketing, recruiting, management,
accounting, production processes… EVERYTHING.
This allows you to work on your business, rather than in it.
The true entrepreneur will create a new business, systematize it, hire in people to
run the system, and then will move on to creating the next business!
In his book ‘The 4 Hour Workweek’, Tim Ferriss also talks about systematizing your
business, as well as using outsourcers and ‘The 80/20 Principle’ (or ‘Pareto’s Law’):
• 20% of your work creates 80% of your results and profits. In your business you
must identify what that ‘20%’ is. What is it that you do, in your business, that
only you can do? Where does your personal time produce the highest ROI?
What do you currently do, that you could delegate or outsource?
• Just 4% of your work creates 50% of your profits.
• It is better to work less and have more free time & better lifestyle,
than work insane hours for more money.
• Outsource… EVERYTHING.
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