The Pareto Principle is a theory of business and economics which theorizes that 20% of the resources used in your business generate 80% of the results. For example if you have 100 workers, 20 of them will generate 80% of your sales. According to this theory, your duty as a business owner is therefore to make the 20% as efficient as possible.Whether you believe the theory or not it teaches a valuable lesson. As a business owner it is important to know and understand the resources that you have and what they can do for you.
Is this theory fact or fiction? Let us hear what you think!
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