Four Fundamental Principles a Freelancer should know

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Four Fundamental Principles a Freelancer should know

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First law of thermodynamics

There is no business engine which can be designed which will run in 100% efficiency, i.e. it will be able to translate the input (time, money, work, expertise) into 100% desirable input. There is no work or vocation or professional that can do that, ever. The conclusion is that : there is no ideal work. Corollary : Don’t  be envious thinking that somebody has that ‘dream’ project. 

Law of diminishing return

This law primarily from economics is actually widely applicable. When you thought that when you will earn $1,00,000 you shall have a happiness that you shall cherish forever. No. A soon as you reach the goal, you shall see so many who have long passed this goal and you shall cease to be special. In that case, you shall see yourself a commoner as million will be the goal. Your happiness peak will rapidly decrease and you shall find yourself in a valley with a much steeper incline. Do not trust the future, however pleasant. 

The second law of thermodynamics 

Every natural process has a pre-directed path to follow and the path is from more -orderliness to less orderliness. Any reversal needs spending external energy. A company into chaos will not automatically become nice, unless a leader, an event shape it back. This law governs the collapse of all businesses, empires and institutions. So unless you consiously and externally ‘feel’ your business, the natural trend will be towards more disorder and chaos.

The Pareto Principle or 80/20 rule  

Every task does not have equal output. You shall have 20% of clients who will give you 80% of value. Hence your customer service and attention should be aligned to this 20% proportionately. You fail there, you shall work harder and get less and less value. One of the ways to align your business into this principle : Fire those customers who are adding less value but demanding more value and thus choking you to give those to your top 20% clients.


Source: wordsmithofbengal.wordpress.com


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