The 80/20 rule -- the adage that 20 percent of customers equal 80 percent of sales -- applies to every facet of life, personally and professionally. One of the biggest areas this holds true is in time management. Especially for time-strapped entrepreneurs.

"We usually know 900 ways to solve a problem," Perry Marshall, author of 80/20 Sales and Marketing, says in the video above. "What must of us do, we elaborate on things, add complexity to things, add buttons and bells and whistles and features until what we end up with is like the inside of a jumbo jet cockpit."

To manage our time better, we should focus on the tasks with the biggest return on our investment and consider outsourcing the rest. You can hire a personal assistant or a house-cleaning service. 

With the tasks that remain, keep them simple and streamlined. "The essence of genius is simplification," Marshall says.

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