The Pareto principle
The Pareto principle, also known as the 80/20 rule states that in the majority of cases, 80% of the consequences come from 20% of the causes. In everyday life, this principle can translate to, 20% of your work is responsible for 80% of the outcome. At the same time, the remaining 80% of your work is only responsible for around 20% of the outcome. This means that you could cut down to ⅕ of the worktime but still accomplish 80% of the normal outcome.
This principle is used by almost every successful entrepreneurs to maximize their time and value. The 80/20 rule is also often used by many companies to filter out bad employees and keep their focus on the more effective ones. As the principal state that 20% of the employees most often stand for around 80% of the outcome.
To maximize your time and value start using the 80/20 rule in your everyday life. Ask yourself how much value each task actually adds to the final outcome and how time-consuming each task is. If used correctly, you will find that the majority of your time is mostly spent on unimportant assignments.