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The 80/20 Principle Ask yourself: What twenty percent of your actions are producing eighty percent of your profits?

By Peter Voogd

Opinions expressed by Entrepreneur contributors are their own.

In this video, Peter Voogd talks about the 80/20 rule, which states that eighty percent of effects come from twenty percent of causes. For Voogd, the 80/20 rule should apply to all aspects of an entrepreneur's life.

Voogd talks about examples from his life of entrepreneurs who are struggling compared to those who are successful — the difference being proper prioritization and leverage. Voogd suggests asking yourself what twenty percent of your actions produce eighty percent of your profits. For creatives, marketing is an important focus, with eighty percent of your results coming from twenty percent of the effort.

Voogd also says that twenty percent of the people around you are taking eighty percent of your energy. He suggests auditing everything in your life and business to ensure you're working neither hard nor smart, but rather "right" to build a business and lifestyle on your terms.

Related: How to Create Content and Get Good on Camera

Peter Voogd

Leading Authority for Young Entrepreneurs

Peter Voogd is the author of the best selling book 6 Months to 6 Figures, as well as the founder of The Game Changers Academy. He's a leading authority on Gen y leadership who has trainedand inspired well over 4,500 entrepreneurs with his true story of going from dead broke to a six figure income within six months. His podcasts, videos, websites and social media reaches more than 200,000 people monthly.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

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