Simplify your life with Pareto Principle

                    By Bayo Ogunmupe

    Vilfredo Pareto (1848- 1923) was an Italian economics philosopher who lived in Switzerland. He laid the foundations of welfare economics with his research finding of the Pareto Principle. I first came into contact with this Principle at the bend-down booksellers littering Dugbe and Mapo Hill post offices in Ibadan in the late 1960s. Pareto Principle is a prediction that 80 percent of effects come from 20 percent of causes. Examples are: the richest 20 percent control 80 percent of the world's income. Two, only 20 percent of patients account for 80 percent of total healthcare spending. Three: in epidemics, 20 percent of infected individuals are responsible for 80 percent of transmissions. Four, 20 percent of criminals commit 80 percent of the crimes. Five, in company profits, 80 percent of company sales come from 20 percent of its customers.

    Isn't this fascinating? I could not get over the fact that something so simple can be so profound. The first time I saw Pareto Principle in action was the first year of working. I had to struggle to prioritize my time and attention. Since then, I have analyzed many situations in my life and found this Principe in effect.  For example, a select few activities at work create a maximum impact on my performance. In feeding, I end up spending the majority of my upkeep money on a few items. In societal associations, I spend 80 percent of my time hanging out with 20 percent of my friends. And in spite of owning tens of buba dresses, I end up wearing a few 20 percent with adequate neck coverage like General Buhari native wears. Despite a myriad of Buhari infirmities, I imitate his full neck cover wears.

    Observe closely, you will discover similar scenarios playing out in your life as well. While it doesn't come to be exact 80/20, the majority of our life's outcomes are dependent on a few inputs. These select activities are high impact activities. These activities are like the the master key to the doors in our lives. Getting a grip on them helps us get better control over our outcomes and simplify our lives. This can be a huge relief in managing our competing priorities. The Pareto Principle has many applications in all walks of life. Here are ways you can apply it to your life to achieve your life dreams.

    One: Analyze your high impact activities. This is the crucial first step you need to take in your working life. In sales the high impact activities are: prospecting; meeting clients and working on proposals. Create a list of high impact activities for yourself. Of such tasks, you have to choose which one to perform first in a day. You will perform whichever is most valuable to yourself or your manager. Within the 2 combined with the one highest impact activity become your high impact activities. This prioritization process is laid out by Brian Tracy in his book, Eat that frog. Two: Analyze the time you spend on these tasks.Be prepared to face some harsh reality here. The first time I did this exercise, I found I spent the majority of my time working on low impact tasks. My discovery was that high impact activities did not provide instant gratification whereas, low impact tasks did.

    It has been found that high impact activities are challenging, they are repetitive and monotonous. moreover, you must schedule these tasks on your calendar. High impact activities should dominate your calendars. Restructure each day to ensure you spent the majority of your time on high impact matters interspersing them with low impact tasks. This ensures you remain focused at the same time avoiding monotony. You must avoid multitasking. However, multitasking is okay in low impact tasks. Multitasking makes you do shoddy jobs, taking longer to complete them.

    Sometimes it is perfect to deviate. Scheduling an activity on your calendar doesn't mean you must follow it. But it is extremely important to review yourself regularly to avoid wasting time on low impact activities. After weeks and months of reviewing and recalibrating, you will arrive at an optimal schedule that works best for you. We are often terrible at self analysis. Hence, it is worthwhile to have a friend or colleague hold you accountable. Pareto Principle is ubiquitous, so the sooner you understand it, and start applying it to your daily activities, the better for you.

Empowering through entrepreneurship

                    By Bayo Ogunmupe

    An entrepreneur must have strategy, identify his partners for growth, embrace strategic planning  and be innovative in order to build a sustainable business venture. The chief executive of Slot Systems Limited, Nnamdi Ezeigbo said this recently as the Keynote Speaker at Covenant University Edustart Conference 2020 in Ota, Ogun State, Nigeria. Empowering Africa Through Entrepreneurship was the theme of the conference.

    Mr Ezeigbo, whose address was titled: Building Sustainable Ventures in Africa, said entrepreneurship means creating value for people, noting that in business people are mainly concerned about making money. According to him, Africans needed new mindsets to build sustainable businesses. To build enduring businesses, the Slot chief executive said, there must be genuine leadership, when people do business to meet human needs while tertiary institutions, industries and governments collaborate to achieve growth.

    The Slot CEO averred that he started business as an apprentice in a friend's engineering company. He said he leveraged on the Apprentice Model of entrepreneurship and that non-graduates could be trained as business owners on operational and managerial skills. In building an enduring venture, he said you must have a growth plan, organizational structure and trust capital. In franchising the business, Ezeigbo said the owner must develop a business system that can build a franchising firm by using information technology to drive the venture. The CEO said that access to capital and partnership depended on having trust capital.

    In his opening remarks, the Vice Chancellor of the University, represented by the deputy vice chancellor, Prof Akan Williams, said it was imperative that African governments and multinational development partners evolve sustainable development strategies to exploit market opportunities available on the continent. Earlier in his welcome address, the Curator of Hebron Startup Lab, and the Convener of the Edustart Conference, Dr Stephen Oluwatobi, noted that the maiden edition in 2018 focused on the future of education, while that of 2019 focused on the quality of the future teacher. He, however asserted that the new decade starting from 2020 belonged to those who imbibed entrepreneurship. More than five other facilitators who spoke on various means on job creation attended the conference.

Ask and you shall be given

                    By Bayo Ogunmupe

    Never underestimate the power of your thoughts. What you think you become. Therefore, always hold the highest vision of yourself. What you believe of yourself shapes your life, experience and your future. If you think yourself unworthy and inferior, perhaps because of previous bad experiences; your mind will look for circumstances to confirm that belief. However, when you are full of confidence, knowing that you are profoundly loved  and worthy of being alive; that makes you much more powerful. With such confidence, you will never be influenced by the opinion of others. Which is why you will never get what you want, if you don't ask for it.

    The world is full of advice regarding how to get the most out of life. Opinion is the cheapest commodity in the universe, everybody has an opinion. All of which is worthless if you don't treat your curiosity with responsibility and give your intuition with the respect it deserves. People may laugh at you but nine times out of ten it is your lack of courage to pursue your dream that keeps you small; helping your advisers to feel big. The moment you allow the opinion of others stop you from taking action on your dreams; that's the you must kiss them goodbye. This fact of life is my first law of success. Never rely on unsolicited advice, to do so is to weaken your ingenuity.

    Two, the fastest way to improve your own life is by doing something to improve another person's life. The best way to get out of your cocoon is by doing something that can place you in the hearts of others. The words "When you give, you get" are a cliche for a reason. They are so because they are grounded in truth. Three, you will never get what you want, unless you ask for it. A recovered heroin addict sat down at his computer and drafted a message to the chief executive of a billion dollar company. He signed of by asking the chief for a meeting. A month later the reformed addict took the stage to talk to the chief executive's employees about the tactics he used to turn his life around. Today, the man is giving talks all over his home country, Ireland. He just wrapped up his first book backed up by a mainstream publisher.

    Some people described the actions of the reformed addict, Brian Pennie as brave, even ballsy. For me it is common sense. We get only one shot at this life and if you don't pluck up courage and ask for what you want, one day you will wake up and realize that Tuesday looks a whole helluva like Monday. Four: if you don't learn how to play ball with others, you will never accomplish anything. People don't care if you are smartest person in the community. Nor do they care that you are the strongest or the fastest. But they absolutely do care whether you are good to them or not. What this means is that you have to be polite. It means you have to respect other people by showing up at designated places and fulfilling your promises by doing what you say you are going to do.

    Learning how to play well with others means you have to be interested in other people's lives and do whatever you can to leave your acquaintances better than you found them. People spend time and do business with people they like and trust. How many days have you wasted being angry at someone who let you down? People will always let you down. As long as he is a human being, he is going to let you down. They're going to annoy you. They are going to lie to you. You unconsciously do exactly the same thing to others too. Then, you have either of two choices: you can continue thinking you don't ever do anything wrong. Or, you can forgive people and get on with your day. However, the older you get, the more you will realize that the more hard times you spend with people, the closer your relationships will become.

    Your ideas will never fly unless you know how to properly communicate them. This is my fifth law of success. When we speak about successful people, we think about words like "passion" and "grit." These words are the hallmark of greatness. But such attributes lose significance if you are not taking the steps to be an effective communicator. The happiest people are good communicators. After all, communication leads to connection, and connection leads to trust while trust leads to everything good. Nobody wants to hear your excuses so don't mention them. People who make a dent on the universe don't prevaricate, instead, they discover or invent something.

    Six: you cannot be valuable if you don't understand what other people value. What you should do to succeed is to listen to the people around you; taking time to identify how your strength can help other people overcome their weaknesses. Meeting the needs of people is the way to add value to them. Finding that sweet spot where your skills intersect with their needs is proof you understand what they value. Finally, you are the company you keep is the seventh law of success. If you spend time with negative people; it is only a matter of time before you follow suit. On the other hand, if you spend time with kind and supportive people, it is only a matter of time before you rise up as well. Who you spend time with is the most important decision you will ever make. With a collection of right friendships, everything else in life will take care of itself. 

The Political Economy of Stakeholder Capitalism

   

                    By Bayo Ogunmupe

    At the 50th annual meeting of the World Economic Forum in Davos, Switzerland in January 2020, experts in business, economics and politics discussed a new economic form: stakeholder capitalism. The German economist, Professor Jens Sudekum explains the issues involved. The World Economic Forum is promoting stakeholder capitalism  as a model of the new capitalism of the future. The economist Milton Friedman once said that the only task of companies was to maximize their profits, and that this helps society as a whole. This approach has proven to be too naive.

    Of course, the interests of the owners- the shareholders- are all very high on the list of priorities. But modern companies today must do more than this. They must also take into account the interests of other groups- for example their employees, the critical public, and not least the environment, as the stakeholders, even if this results in lower economic rewards in individual cases. Up until now, a distinction has been made between shareholder capitalism and state capitalism. How does stakeholder capitalism different from these two forms?

    In the first model, everything is subordinated to the interests of the owners; in the second, the state can intervene in corporate management at all levels. The stakeholder model is more broadly based. It focuses on market based processes, but also sees companies as having a responsibility to society as a whole. This is of particular importance today because the lack of skilled workers will be, or already is, the central issue. Today, however, top, highly trained specialists expect more from their employers than just good salaries. Many are looking for a mission, a meaningful activity. Companies must react to these. Otherwise, they will also have problems with an increasingly critical public that today also expects more than just functional products at low prices.

    "Ecology was left out of the equation for a long time. That is currently changing"- Jens Sudekum, professor of economics. In the 1950s in Germany, the system of the social market economy practised in Germany already recognized that shareholder value alone was not enough. Germany focused not only on social equality, but also on employee participation and co- determination. Also, ecology is taken account of in the political economy of today. Many companies have recognized that they will only survive in the long term, if they focus on green growth and climate-neutral production. However, designing stakeholder capitalism is one thing, implementing it is another. What will companies be judged by in the future? 

    Certainly, companies of the future must be self critical and constantly ask themselves: do I offer an attractive environment for the best talent? Are my entrepreneurial activities in line with the ideas of society and and thus with those of my critical customers? In the long term, a company will only be successful if it takes these social and ecological aspects into account. Our explainer, Professor Sudeku

The Political Economy of Stakeholder Capitalism

                    By Bayo Ogunmupe

    At the 50th annual meeting of the World Economic Forum in Davos, Switzerland in January 2020, experts in business, economics and politics discussed a new economic form: stakeholder capitalism. The German economist, Professor Jens Sudekum explains the issues involved. The World Economic Forum is promoting stakeholder capitalism  as a model of the new capitalism of the future. The economist Milton Friedman once said that the only task of companies was to maximize their profits, and that this helps society as a whole. This approach has proven to be too naive.

    Of course, the interests of the owners- the shareholders- are all very high on the list of priorities. But modern companies today must do more than this. They must also take into account the interests of other groups- for example their employees, the critical public, and not least the environment, as the stakeholders, even if this results in lower economic rewards in individual cases. Up until now, a distinction has been made between shareholder capitalism and state capitalism. How does stakeholder capitalism different from these two forms?

    In the first model, everything is subordinated to the interests of the owners; in the second, the state can intervene in corporate management at all levels. The stakeholder model is more broadly based. It focuses on market based processes, but also sees companies as having a responsibility to society as a whole. This is of particular importance today because the lack of skilled workers will be, or already is, the central issue. Today, however, top, highly trained specialists expect more from their employers than just good salaries. Many are looking for a mission, a meaningful activity. Companies must react to these. Otherwise, they will also have problems with an increasingly critical public that today also expects more than just functional products at low prices.

    "Ecology was left out of the equation for a long time. That is currently changing"- Jens Sudekum, professor of economics. In the 1950s in Germany, the system of the social market economy practised in Germany already recognized that shareholder value alone was not enough. Germany focused not only on social equality, but also on employee participation and co- determination. Also, ecology is taken account of in the political economy of today. Many companies have recognized that they will only survive in the long term, if they focus on green growth and climate-neutral production. However, designing stakeholder capitalism is one thing, implementing it is another. What will companies be judged by in the future? 

    Certainly, companies of the future must be self critical and constantly ask themselves: do I offer an attractive environment for the best talent? Are my entrepreneurial activities in line with the ideas of society and and thus with those of my critical customers? In the long term, a company will only be successful if it takes these social and ecological aspects into account. Our explainer, Professor Sudeku

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The Political Economy of Stakeholder Capitalism

                    By Bayo Ogunmupe

    At the 50th annual meeting of the World Economic Forum in Davos, Switzerland in January 2020, experts in business, economics and politics discussed a new economic form: stakeholder capitalism. The German economist, Professor Jens Sudekum explains the issues involved. The World Economic Forum is promoting stakeholder capitalism  as a model of the new capitalism of the future. The economist Milton Friedman once said that the only task of companies was to maximize their profits, and that this helps society as a whole. This approach has proven to be too naive.

    Of course, the interests of the owners- the shareholders- are all very high on the list of priorities. But modern companies today must do more than this. They must also take into account the interests of other groups- for example their employees, the critical public, and not least the environment, as the stakeholders, even if this results in lower economic rewards in individual cases. Up until now, a distinction has been made between shareholder capitalism and state capitalism. How does stakeholder capitalism different from these two forms?

    In the first model, everything is subordinated to the interests of the owners; in the second, the state can intervene in corporate management at all levels. The stakeholder model is more broadly based. It focuses on market based processes, but also sees companies as having a responsibility to society as a whole. This is of particular importance today because the lack of skilled workers will be, or already is, the central issue. Today, however, top, highly trained specialists expect more from their employers than just good salaries. Many are looking for a mission, a meaningful activity. Companies must react to these. Otherwise, they will also have problems with an increasingly critical public that today also expects more than just functional products at low prices.

    "Ecology was left out of the equation for a long time. That is currently changing"- Jens Sudekum, professor of economics. In the 1950s in Germany, the system of the social market economy practised in Germany already recognized that shareholder value alone was not enough. Germany focused not only on social equality, but also on employee participation and co- determination. Also, ecology is taken account of in the political economy of today. Many companies have recognized that they will only survive in the long term, if they focus on green growth and climate-neutral production. However, designing stakeholder capitalism is one thing, implementing it is another. What will companies be judged by in the future? 

    Certainly, companies of the future must be self critical and constantly ask themselves: do I offer an attractive environment for the best talent? Are my entrepreneurial activities in line with the ideas of society and and thus with those of my critical customers? In the long term, a company will only be successful if it takes these social and ecological aspects into account. Our explainer, Professor Sudeku

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Your habits determine your destiny (2)

                    By Bayo Ogunmupe

    The age of believing is over. We are now in the age of knowing. Which is why you have to verify whatever you are told, for, if it turns what you are being told is a myth, it will hinder your success in life. Your knowledge creates the habits which in turn mold your identity. And this has profound implications for how you interpret the universe and events in your own life. Your habits determine your identity and your identity informs you on what to interpret the world. Your habits also decide how you see others, and how they see you.

    By shutting yourself up, avoiding work, you become a loner which in turn, make you perceive your boss as annoying. The small, daily actions you take ultimately decide what to explain to yourself on what's going on around you.  The more you think of yourself that you are worthless, stupid, or ugly, the more you condition yourself to interpret life that way. You get trapped in thought loop. The same is true of how you think about others. Once you  adopt the habit of seeing others as angry, unjust, or selfish, you see those kind of people everywhere. This sends an important message or warning, as well as a call to action. Though you didn't feel your behavior emanated from your habits, you feel you are in control of your worldview.

    Your habits determine how you interpret the events of your own life. By the time they happen, it's too late to change. You will react based on who you are in the moment. If you are not already " a non-smoker" when that Friday night cigarette is offered you, you are unlikely to turn it down. On a long enough time scale, however, you can change what perspective you defer to when confronted with any given situation. And you do so less by talking to yourself than by working on your habits. What you do when you don't have to, will determine who you will be when you cannot help it. Be the person you aspire to be, when you can, so you can continue to be that person, even when you think you can't.

    Do the difficult things while they are easy and do the great things while they are small. A journey of a thousand miles must begin with a single step. Without attention, time doesn't matter. Back to our movie: Yes Man: Every morning, Carl grabs a coffee at the same cafe. Each time he lives the building, there is a guy handing out flyers for a concert. Of course, Carl's canned response is"no." But after starting his deal with the universe; he had to collect the flyer  and agree. And behold, who's the singer of the band? the girl that kissed him after he got stranded. Thus, our most important asset isn't time but attention.

    The quality of the experiences in your life doesn't depend on how many hours they are in the day, but in how the hours you have are used.  Though time indeed is limited, with attention it can be diluted to expand beyond most other people get out of the same quantity. Which is better? A life of 80 years spent in half- conscious daze, or a life of 40 years, spent in intense focus on what matters to you? Time is just a measure; having and spending more of it provides no indication of quality. Without attention, time doesn't matter. It is with your habits that you can influence the world and others. Habits also determine what happens with your time while you don't control your attention. Good habits make time your ally. Bad habits make time your enemy.

    Just as your habits shape your identity, interpret the events of your life, your attitudes and beliefs, they shape your perception as well. Therefore, you should pay attention to habits because they direct your attention. Good habits maximize how much life you can absorb and where you go when you are not looking. Try to cultivate good habits, they determine your impact  on the universe. We go where we look. Without attention, you cannot choose where to go. Your identity, your interpretation of the world, and your attention: your habits steer you to achieving greater focus. So, be the architect of your habits rather than their victim.