Living the 80/20 Way
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Product Description
If you knew that you could always get more of the great things that life has to offer, with less effort and cost, would you be interested? If you could find a simple solution to your problems by following a way that always works, would you be interested? If you could work a two-day week, and yet get much better results and pay than you do for a full week now, would you be interested? If that way applied not just to making a living, to money, or success, but also to the even more important areas of life - the people that you love and care for, and your happiness and fulfilment - would you be interested? You can transform your life if you follow the 80/20 Way. In his titles, "The 80/20 Principle" and "The 80/20 Individual" Koch demonstrates to readers how to use the 80/20 principle, achieving more with less in a predominately business context. In this third book, Koch now helps the reader to succeed personally as well as professionally, to make a good life as well as a living.
About the Author
Richard Koch is the author of thirteen acclaimed books, including the best-sellers The 80/20 Principle and The 80/20 Individual (the sequel for managers and entrepreneurs). He has pioneered the idea that we can achieve more if we relax, enjoy life more, and focus on the few things that matter uniquely to each individual. He views his own life as an experiment in 'more with less' and now only does those things that he finds enjoyable, fulfilling, or useful to close friends: "As I have spent less time working, I have achieved far more," he states.
A self-proclaimed 'lazy entrepreneur', his ventures have ranged for consulting (LEK), personal organizers (Filofax), hotels (Zoffany and Zola) to restaurants (Belgo) and premium gin (Plymouth), and currently include the world's leading "betting exchange" (Betfair).
He lives mainly in London in England, Cape Town in South Africa, and the south of Spain.
Visit the8020principle.com for more details
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Most Helpful Customer Reviews
47 of 49 people found the following review helpful
Format:Paperback
On the one hand, Richard Koch has a great insight, that most results (80%) come from a small number of causes (20%). Therefore, we should concentrate on the causes that are important both for specific outcomes and in your life generally. We should not waste our efforts on causes that are likely to have little effect on the overall outcome.
On the other hand, Richard Koch overstates his case because:
1) His Examples Require Technological Change. On page 21, he explains how our modern world achieves more with less. For example, today agriculture only employs 2-3% of the population yet it achieves more than when it employed 98% of the population. Today's computers have far more power than the early computers even though they are cheaper and smaller. The Sony Walkman is a versatile source of music despite it is not having speakers. All this is true, but until somebody has invented a better way of doing things, the idea of doing more with less, is no use to the overwhelming majority of people, because it relies on technological change that has not yet happened.
2) His Examples Rely on Hindsight. On page 13, he points out that if 5 people play poker, it is likely that one of them (20%) will walk away with at least 80% of the stakes. On page 16 he points out that 1% of entrepreneurs notably Bill Gates make more than 80% of the money from new enterprises. Again on page 16 he points out that police spies had details of thousands of professional revolutionaries yet only one of them Lenin achieved a lasting revolution. This may be true but we only know the detailed outcome with hindsight, so it is useless to most of us who have to make decisions without hindsight.
3) His Examples Rely on Distortions. In chapter 3, he talks about how we can all achieve much more with our time. On page 32, he quotes the example of Archimedes who in a flash of inspiration when his bath overflowed shouted Eureka (I have found it). However, it is only someone like Archimedes who spent a lifetime studying mathematics and physics who would get to this inspiration from an overflowing bath; most of us would not. On page 42, he gives the example of Warren Buffett who he claims is definitely not "super busy". That is a distortion, those who know Warren Buffett say he works extremely long hours, his secret is only making a few very good decisions but the research to support those very good decisions takes many hours. Warren Buffett loves his work and therefore claims "he tap dances into work" but he works very hard.
4) His Examples Rely on Omissions. On page 91, he illustrates how 'anyone can make a million' by saving 10% of their income and investing it for say 40 years. However, his example relies crucially on an investment growing at 10% every year which is unlikely in the real world. Thus, it is generally agreed that the last 10 years have been "a lost decade" for equities with share markets having hardly advanced during those 10 years. Also, he leaves out the effect of inflation which even if it is only 3% per year (and it may be higher) would mean the buying power of a million in 40 years time is much less than a million today. It may still be worth saving despite this, but surely, an honest author would point out disadvantages as well as advantages and that some assumptions are unrealistic.
On the other hand, Richard Koch overstates his case because:
1) His Examples Require Technological Change. On page 21, he explains how our modern world achieves more with less. For example, today agriculture only employs 2-3% of the population yet it achieves more than when it employed 98% of the population. Today's computers have far more power than the early computers even though they are cheaper and smaller. The Sony Walkman is a versatile source of music despite it is not having speakers. All this is true, but until somebody has invented a better way of doing things, the idea of doing more with less, is no use to the overwhelming majority of people, because it relies on technological change that has not yet happened.
2) His Examples Rely on Hindsight. On page 13, he points out that if 5 people play poker, it is likely that one of them (20%) will walk away with at least 80% of the stakes. On page 16 he points out that 1% of entrepreneurs notably Bill Gates make more than 80% of the money from new enterprises. Again on page 16 he points out that police spies had details of thousands of professional revolutionaries yet only one of them Lenin achieved a lasting revolution. This may be true but we only know the detailed outcome with hindsight, so it is useless to most of us who have to make decisions without hindsight.
3) His Examples Rely on Distortions. In chapter 3, he talks about how we can all achieve much more with our time. On page 32, he quotes the example of Archimedes who in a flash of inspiration when his bath overflowed shouted Eureka (I have found it). However, it is only someone like Archimedes who spent a lifetime studying mathematics and physics who would get to this inspiration from an overflowing bath; most of us would not. On page 42, he gives the example of Warren Buffett who he claims is definitely not "super busy". That is a distortion, those who know Warren Buffett say he works extremely long hours, his secret is only making a few very good decisions but the research to support those very good decisions takes many hours. Warren Buffett loves his work and therefore claims "he tap dances into work" but he works very hard.
4) His Examples Rely on Omissions. On page 91, he illustrates how 'anyone can make a million' by saving 10% of their income and investing it for say 40 years. However, his example relies crucially on an investment growing at 10% every year which is unlikely in the real world. Thus, it is generally agreed that the last 10 years have been "a lost decade" for equities with share markets having hardly advanced during those 10 years. Also, he leaves out the effect of inflation which even if it is only 3% per year (and it may be higher) would mean the buying power of a million in 40 years time is much less than a million today. It may still be worth saving despite this, but surely, an honest author would point out disadvantages as well as advantages and that some assumptions are unrealistic.
24 of 25 people found the following review helpful
Format:Paperback
I read this out of curiosity not realising the tremendous impact it would have. Not normally one to write reviews I felt I had to make the exception for this book. For me it provided that moment in my life where the light bulb switched on in my head and I said "ah- I get it".
Before, I was "successful" in the traditonal sense. Good job, nice home, a very normal guy. I always strived for more, working hard and generally putting unnecessary pressure on myself.
The book's principle is so simple yet incredibly profound and can be applied to every aspect of life, from daily tasks to life changing decisions.
As a result, I really do so much less, am far more relaxed and only spend time doing things that are really important. The results are great- I'm far more effective - lazy intelligence instead of a busy fool.
I'm not really a self-help type and dislike most other titles out there but this book has really changed every aspect of my life and perspective on it.
I walk around feeling that I know something very few people truly understand which gives me the inner peace others seem to constantly strive for.
6 of 6 people found the following review helpful
Format:Paperback
When we honestly look at how we spend our time, most of it is put to trivial uses, but if fully implemented the 80/20 principle would create a revolution in our work and lives.
When Richard Koch put out "The 80/20 Principle" in 1998 it was classified as a business book, but it was the section which applied the principle to personal life that made it such a big hit. The book made such an impact on me that I included it in a list of the key works in the personal development literature, along with the likes of Stephen Covey, Dale Carnegie, Norman Vincent Peale and Anthony Robbins. This list became "50 Self-Help Classics". I haven't regretted it.
True to his own principle of expanding on what works, the author has elaborated on the principle in subsequent books, but I personally do not tire of coming back to the 80/20 principle. Who COULD tire of a natural law? 'Living The 80/20 Way' is written in Koch's usual enjoyable style and is a superb place to start in understanding the principle. It won't take you long to read but may literally change your life. Highly recommended.
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Most Recent Customer Reviews
A Waste of Money
The pareto principle is first class but this book is a complete rip off. It offers nothing that you could not obtain from the Net or from applying pareto to basic business or... Read more
Published 4 months ago by Sparky
Useful and inspiring
No padding and bubble bursting pep talks.
This book is practical and inspiring.
If you like four hour work week or the power of less, you'll love this book and find... Read more
This book is practical and inspiring.
If you like four hour work week or the power of less, you'll love this book and find... Read more
Published 14 months ago by JM Scotland
A Must Have Read for the Busy Person
Curiosity made me read this book. Surprise caught me out when I realised that my well-organised days could be more productive by making some radical changes in my work practices. Read more
Published 14 months ago by J. Carter
Very dull and repetitive, with little practical content
As others have said, the 80/20 principle applies very much to this book, except that in this case, about 99% of the useful information is explained in about 1% of the words. Read more
Published on 17 Mar 2009 by Yossu
Great combination of the inspirational and the practical
Already a huge fan of Richard Koch's original The 80/20 Principle, I wasn't sure how much his latest offering could add on the topic. But I'm most impressed! Read more
Published on 24 Sep 2007 by Mary McNeil
Insightful!
Agreeing with author Richard Koch, you might say 20% of the statements in this book produce 80% of its value. Read more
Published on 2 Sep 2005 by Rolf Dobelli
Good stuff, best of series
I had to look at some of koch's stuff for a class, and this is my favourite. It's simpler than some of the others, and the ideas are much more relevant to my life. Read more
Published on 1 Feb 2005 by "jvlj"
read it and see
was curious about this book because I'd heard about the 80/20 principle and read Richard Koch's earlier book on it, which I rated. Read more
Published on 17 Jan 2005
Squeezing out a few more bucks from the 80 20 rule
I found this book to be a complete let down and felt that the author was trying to squeeze some more money out of the 80 20 rule rather than giving any new insights for... Read more
Published on 26 July 2004 by Barry Simpson
Life changing book
What an inspiring idea that success and relaxation can go hand in hand! The author gives a lot of convincing examples and shows how to simplify and make your life more effective,... Read more
Published on 30 Jun 2004 by Matthew Dale
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