Short Book Summaries

The 80/20 Principle, Third Edition: The Secret to Achieving More with Less | Richard Koch

Benefit is asymmetrical. Most benefit comes from few sources. We must focus on these sources to maximize benefits to build a successful business. A large, simple business is best. Ruthlessly strip away the unnecessary. Think unconventionally. Delight the minority of customers who bring in the majority of revenue by producing the minority of products that thrill those customers. Contract out anything you or your firm are not radically better at doing. Make what we ourselves want to generate high returns. Focus on alliances with the minority that believe in you. Build a platform to develop network effects and become invaluable and irreplaceable. Program your subconscious daily to support these efforts.

Leave a Reply

Your email address will not be published. Required fields are marked *