We live in unprecedented times. In just a short period, our lives have transformed into something vastly different from how it was a year ago. To attain success, we need to know how to navigate these times to turn our current situation into endless opportunities.
In this episode, business strategist and coach Perry Marshall shares the 80/20 principle, along with some tips on how we can take this difficult time to be better and more relevant. He also shares how businesses can thrive in these uncertain times.
Tune in to this episode to discover how to remain agile and focused amid the pandemic!
Perry Marshall is a business strategist and engineer. He founded the $10-million Evolution 2.0 Prize, the world’s largest science research award. He also wrote The Ultimate Guide to Google Ads, which laid the foundation for the $100-billion pay-per-click industry. It is also the world’s best-selling book about Google advertising.
- Learn more about the 80/20 principle and how you can apply it in everyday life.
- Discover the reasons behind the shift to 95/5 and how you can turn this into an opportunity.
- Find out how you can think clearly and be agile to thrive in this bleak time.
[03:02] Perry’s Elevator Pitch
- Perry reinvented the 80/20 principle.
- He believes that if he can ground someone in the 80/20 principle, they can walk into any business and start fixing stuff.
- He first applied 80/20 to Google advertising, back when nobody thought Google would be a big thing.
[08:51] The Memo from God’s Office
- In March 2003, Perry had been obsessing about two things. The first was the calculus behind Richard Koch’s 80/20 Principle. The other was how he could use his teleseminar business to help his wife’s humanitarian missions in Mozambique.
- While preoccupied with these thoughts, he had a chance encounter with a woman named Vivian at a music show at their church.
- In that encounter, Vivian said the Lord told her to encourage Perry to keep on working on his formula.
- Vivian also told Perry that God will bless his business so that he can support God’s missions. He took it as a sign to work on his 80/20 formula.
- Listen to the full episode to learn how Perry’s 80/20 formula brought him immense success!
[17:15] The Source of Creative Ideas
- The Greeks believe inspiration comes from the outside. Perry agrees.
- Perry believes the world is a lot more sophisticated than just a bunch of billiard balls banging around in the universe.
- However, you can still scientifically verify the things you cannot explain.
- Experience trumps theory.
[23:42] How to be Proactive in Life
- Life offers us different channels of communication, and we can only focus on so many things.
- However, we need to ask ourselves: “What am I not paying attention to that I need to pay attention to?” and “Where is there more where this came from?”
- People are afraid of going down the rabbit hole, for they might get too extreme or obsessive.
- Entrepreneurs are always obsessed with something. They just need to pick the right thing to obsess about and do it healthily.
[30:23] On Prophetic People
- Just because someone is prophetic doesn’t mean that person is God.
- People have different gifts. We are all excellent at some things and lacking in others.
[34:20] The Importance of a Faith Community
- Any faith community is interdisciplinary.
- In any church, you will find people engaged in different crafts and with different strengths.
- It is a place where you can be together and do something together despite having different backgrounds and coming from different places.
- A faith community is an equalizer.
[39:00] The 95/5 Decade
- In 80/20 language, the 2020s is a 95/5 decade.
- It means 5% of the companies get 95% of the business, and 95% of the other companies get 5% of the business. Extreme inequality exists because of a lack of friction in the Internet world.
- When there is no friction, things can move at lightspeed. One company can dominate the market and control the lives of millions or billions of people.
- The 95/5 phenomenon is the butterfly effect in steroids. Because the world now is so interconnected, one disaster can multiply incredibly.
[48:24] How to Address Our Current Situation
- Mother Nature does not like 95/5. This system is fragile and breaks catastrophically.
- Frictionless e-commerce causes 95/5 in business. The solution to frictionless e-commerce is a frictionless community.
- The Internet creates a “network effect” which puts wealth in the hands of a few and deprives everybody else of mobility.
- The 80/20 principle dictates that we cannot fix inequality externally. You can only get generosity when somebody wants to be generous.
[57:31] Models of a Frictionless Community
- A frictionless community naturally springs from very small groups of people who come together for worship and faith.
- Social media has created the loneliest civilization ever.
- The pandemic has magnified a lot of existing issues in a short period. One concern is how debilitating economic and financial challenges can be on the mind and soul.
- Things may be bleak right now, but Perry believes God is up to something and there’s a lot of good underneath all that’s happening.
- Now more than ever, we should be listening to the Head Office and asking for God’s wisdom.
[01:05:06] The 5 Power Disqualifiers
- First, anybody who buys anything has the money.
- Second, they have a bleeding neck.
- Third, they buy into your unique selling proposition.
- Fourth, they have the ability to say yes, and not only the ability to say no.
- Fifth, they buy if it fits their overall plans.
[01:06:52] Perry’s Advice to Entrepreneurs
- Now is not the time to be selling great ideas. This is the time to be selling bandages to bleeding necks. Find a problem and solve it.
- This is also the time when agile people can get wealthy.
[01:09:42] How to Be Agile in a Difficult Time
- Inspiration never comes when your fists are clenched.
- Carve out time in the morning with no distractions. Pray, meditate, and clear your head.
- Engage in recreational activities (exercise, ride a bike, etc.) to channel and divert your worries. However, remember not to do self-destructive things.
5 Powerful Quotes from This Episode
“I found that if I can teach somebody enough grounding in 80/20, they can walk into any business anywhere and start fixing stuff.”
“There’s a scripture that says, ‘If any man lacks wisdom, ask.’ And what I believe is that if you’re humble and you ask for help, you get help. If you ask for wisdom, you get wisdom.”
“A person with an experience is never at the mercy of a person who has a theory or lacks a theory.”
“If you have an obsessive personality, which almost all entrepreneurs do, you’re going to be obsessing about something all the time. I don’t care. You know, it’s just a matter of ‘what.’ So you need to pick the right ‘what’ and then obsess about that.”
“This is not a time to be selling great ideas or, like, really cool concepts or something like that. This is a time to be selling bandages for bleeding necks.”
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