Nice post. But it's important to keep in mind that behind every succes story, you'll find hundreds of failures where it didn't turn well after all (who knows, maybe you can use the 20/80 rule). Success and how you deal with setbacks depends on many factors: social background, how you have been raised, in which part of the world you have been born, personal intelligence, resilience, what religion do you have, etc. According to my humble opinion, life is too complicated to use the Pareto principle.
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All very good points. Thanks for sharing your thoughts :)