The few things that work fantastically well should be identified, cultivated, nurtured and multiplied. At the same time, the waste — the majority of things that will always prove to be of low value to man and beast — should be abandoned or severely cut back.
Acting on a few key insights produced the goods. Being intelligent and hard working did not. Sadly, for many years, guilt and conformity to peer-group pressure kept me from fully acting on this lesson; I worked far too hard.
Conventional wisdom is not to put all your eggs in one basket. 80/20 wisdom is to choose a basket carefully, load all your eggs into it, and then watch it like a hawk.
The 80/20 Principle applied to business has one key theme—to generate the most money with the least expenditure of assets and effort.