I think it's an interesting concept for sure, but... how far can you break down an activity with the 80/20 rule? To me, it's one of those things that looks snazzy and helpful on the outside, but it lacks any intrinsic value - it's so much easier to ask myself "What do I want to accomplish in the long term?" and start work from there.
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The general idea is, a small portion of things are always responsible for creating the larger portion of things happening.
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I do agree with that, though! Persistence at carrying out small tasks always leads to something bigger and greater down the road.