#466: Richard Koch on Mastering the 80/20 Principle, Achieving Unreasonable Success, and The Art of Gambling
Richard Koch (@RichardKoch8020) is an entrepreneur, investor, former strategy consultant, and author of several books on business and ideas, including four on how to apply the 80/20 principle in all walks of life.
His investments have grown at 22 percent compounded annually over 37 years and have included Filofax, Plymouth Gin, Belgo, Betfair (the world’s largest betting exchange), FanDuel, and Auto1. He has worked for Boston Consulting Group and was a partner at Bain & Co. before joining Jim Lawrence and Iain Evans to start LEK, which expanded from three to 350 professionals during the six years Richard was there.
In 1997, Richard’s book The 80/20 Principle reinterpreted the Pareto Rule, which states that most results come from a small minority of causes, and extended it beyond its well-known application in business into personal life, happiness, and success. The book, substantially updated in 2017, has sold more than a million copies, been translated into roughly 40 languages, and become a business classic. It was named by GQ magazine as one of the top 25 business books of all time.
His new book, published on August 13, 2020, and available in the US in December, is Unreasonable Success and How to Achieve it. In it, Richard charts a new map of success, which he says can propel anyone to new heights of accomplishment. High success, he says, does not require genius, consistency, all-round ability, a safe pair of hands, or even basic competence — but it does require the nine key attitudes and strategies he has identified.
This episode is brought to you by Boll & Branch! When I decided to overhaul my life for better sleep, I landed on Boll and Branch for linens. They are incredible, and you’ll feel the difference immediately. They are the softest and most comfortable, pure organic cotton sheets available. They’re thousand-dollar quality for a fraction of the price, starting at just one hundred and sixty dollars.
And right now, you, my dear listeners, can get $50 off any sheet set using promo code TIMTIM. Restrictions may apply.
This episode is also brought to you by Vuori Clothing! Vuori is a new and fresh perspective on performance apparel. Perfect if you are sick and tired of traditional, old workout gear. Everything is designed for maximum comfort and versatility so that you look and feel as good in everyday life as you do working out.
Get yourself some of the most comfortable and versatile clothing on the planet at VuoriClothing.com/Tim. Not only will you receive 20% off your first purchase, but you’ll also enjoy free shipping on any U.S. orders over $75 and free returns.
This podcast is also brought to you by Athletic Greens. I get asked all the time, “If you could only use one supplement, what would it be?” My answer is usually Athletic Greens, my all-in-one nutritional insurance. I recommended it in The 4-Hour Body in 2010 and did not get paid to do so. I do my best with nutrient-dense meals, of course, but AG further covers my bases with vitamins, minerals, and whole-food-sourced micronutrients that support gut health and the immune system.
Right now, Athletic Greens is offering you their Vitamin D3/K2 Liquid Formula free with your first purchase—two vital nutrients for a strong immune system and strong bones. Visit AthleticGreens.com/Tim to claim this special offer today and receive the free D3/K2 bundle with your first purchase! That’s up to a one-year supply of Vitamin D as added value when you try their delicious and comprehensive all-in-one daily greens product.
If you enjoy the podcast, would you please consider leaving a short review on Apple Podcasts/iTunes? It takes less than 60 seconds, and it really makes a difference in helping to convince hard-to-get guests. I also love reading the reviews!
For show notes and past guests, please visit tim.blog/podcast.
Sign up for Tim’s email newsletter (“5-Bullet Friday”) at tim.blog/friday.
For transcripts of episodes, go to tim.blog/transcripts.
Discover Tim’s books: tim.blog/books.