Myron Golden explains Price's Law: in any field, roughly half the output comes from the square root of participants. In a group of 100, just 10 people produce half the results. Most fail because mediocrity scales faster than excellence.
Hey there, YouTube. Myron golden here. Have you ever wondered why most people fail and only a small select group of people succeed? I have. And then I discovered this concept called Price's Law. Price's law states that 50% of the production of any domain produced by the square root of that domain.
Price's law states that 50% of the production of any domain produced by the square root of that domain. What does that mean? That means if you have nine salespeople on a sales team, 50% of the revenue comes from three salespeople. If you have 100 people on a sales team, 50% of the revenue comes from 10 people. If have 10,000 salespeople in a big old company, 50% of the revenue comes From 100 people. Wait a minute. As the numbers get bigger, group of people that produce the most get smaller. Why? Because mediocrity scales exponentially, but excellence scales incrementally. And most people would rather be a part of the mediocre. Many and a very few people want to be a part of the fantastic few. You pay the price to be one of the fantastic few and scale with excellence. Price is law.
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