Pareto's principle
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Imagine if a small part of your garden produced the juiciest, most delicious fruit. You'd want to give that area special attention, right? This is what Pareto's principle, often known as the 80/20 rule, helps you do in your business. The rule states that a small percentage (around 20%) of your actions or products are likely responsible for a large portion (roughly 80%) of your results. It's like having a treasure map, where X marks the spot for the most valuable activities in your business.
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Continuous marginal improvement
Imagine you're building a sandcastle, and with each tiny adjustment, it becomes a masterpiece. That's what continuous marginal improvement is all about—making small, incremental changes that lead to big results over time. It's not about massive leaps but about consistent, tiny steps. Picture it as turning up the volume knob, not by a jolt, but one click at a time until you hit the perfect level.
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Eisenhower matrix
The Eisenhower Matrix is a time-management tool that helps you prioritise tasks by categorising them into one of four quadrants: Urgent and Important, Important but Not Urgent, Urgent but Not Important, and Neither Urgent nor Important. This matrix is based on the principle that prioritising tasks by urgency and importance results in a more effective and focused work effort.
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Managing time and resources efficiently
Managing time and resources efficiently is about prioritising tasks and allocating your assets—be it time, manpower, or capital—in a way that maximises output and minimises waste. This involves setting clear objectives, creating action plans, and using tools like calendars or project management software to stay organised. Essentially, it's a balancing act between what needs to be done and the resources available to do it.
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Occam's razor
Picture a maze with multiple paths leading to the treasure. Occam's razor is the idea that, given multiple explanations, the simplest one is usually the best. It’s like choosing the shortest, most straightforward path in that maze. In the world of business, this principle can act as your North Star, guiding you through complex decisions and convoluted strategies. It’s all about getting rid of the unnecessary twists and turns, helping you reach your goals more directly.
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Prioritisation
Prioritisation is the act of determining the order and allocation of resources to tasks, projects, or goals based on their relative importance and urgency. This often involves setting clear objectives, evaluating the impact of actions, and making strategic choices. Prioritisation is crucial in a fast-paced entrepreneurial environment where time and resources are limited but opportunities and challenges are abundant.