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The Science of Success: How Market-Based Management Built the World's Largest Private Company | [Charles G. Koch]

The Science of Success: How Market-Based Management Built the World's Largest Private Company

This groundbreaking audiobook includes the same material used by leaders and employees of Koch companies to apply Marker-Based Management (MBM) to get results. Koch outlines this unique management methodology, developed and implemented by Koch Industries, which has experienced 2,000-fold growth since 1967. MBM is a scientific approach to management that integrates theory and practice while providing a framework for dealing with the ongoing challenges of growth and change.
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Publisher's Summary

Charles Koch may well be the most successful businessman people have never heard of. Under his leadership, Koch Industries has become a dynamic and diverse enterprise that Forbes has called "the world's largest private company".

This groundbreaking audiobook includes the same material used by leaders and employees of Koch companies to apply Marker-Based Management (MBM) to get results. Koch outlines this unique management methodology, developed and implemented by Koch Industries, which has experienced 2,000-fold growth since 1967. Today, Koch Industries has 80,000 employees in 60 countries; it had $90 billion in revenues in 2006.

MBM is a scientific approach to management that integrates theory and practice while providing a framework for dealing with the ongoing challenges of growth and change. There really is a science behind success, and it can be applied to any organization. MBM is rooted in the Science of Human Action, and is defined by five dimensions:

  • Vision: Determining where and how the organization can create the greatest long-term value
  • Virtue and Talents: Helping ensure that people with the right values, skills, and capabilities are hired, retained, and developed
  • Knowledge Processes: Creating, acquiring, sharing, and applying relevant knowledge, and measuring and tracking profitability
  • Decision Rights: Ensuring the right people are in the right roles with the right authority to make decisions and are held accountable
  • Incentives: Rewarding people according to the value they create for the organization

    When these dimensions are applied in an integrated, mutually reinforcing manner, they create continuous transformation and positive growth. Any organization - corporation, small business, nonprofit, or government agency - can apply these proven principles.

    Download the accompanying reference guide.

    ©2007 Charles G. Koch; (P)2007 Gildan Media Corp

  • What the Critics Say

    "My father, Sam Walton, stressed the importance of fundamental principles¿such as humility, integrity, respect, and creating value¿that are the foundation for success. No one makes a better case for these principles than Charles Koch." (Rob Walton, Chairman, Wal-Mart)

    What Members Say

    Average Customer Rating

    3.8 (59 )
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    Story
    3.9 (39 )
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    Performance
    Sort by:
    •  
      Parham 06-18-13
      Parham 06-18-13 Member Since 2007
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      "Fantastic read"

      This is Charles Koch's book. What more do you need to know? If you're in the world of business management and you don't immediately have a need to read the book based on the author, you may be in the wrong industry.

      Fantastic book, short and to the point. I would highly recommend it to anyone who is interested in dynamic management skills.

      1 of 1 people found this review helpful
    •  
      Anita Wichita, KS, USA 09-07-07
      Anita Wichita, KS, USA 09-07-07
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      "MBM Review"

      I read the book, but until I heard the audiobook I really didn't understand that this is a common sense, old fashioned approach to running a business and your life.

      I thought my grandfather was imparting his life knowledge to me!(Sorry Charles!)

      4 of 7 people found this review helpful
    •  
      Oskar ROCHESTER, NY, United States 10-11-13
      Oskar ROCHESTER, NY, United States 10-11-13 Member Since 2011
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      "eh... it's good if you want to work at Koch"
      Would you try another book from Charles G. Koch and/or Erik Synnestvedt?

      eh


      What three words best describe Erik Synnestvedt’s voice?

      eh


      What did you take away from The Science of Success that you can apply to your work?

      vision


      Any additional comments?

      I honestly only bought the audio recording as a suggestion of an upper level manager at Koch Industries... it has a lot of good stuff, but it really is intended mostly for folks that want to get higher at Koch Industries... there are far better books on success from other authors.

      0 of 0 people found this review helpful
    •  
      Scott Fabel Lancaster, PA, United States 08-04-13
      Scott Fabel Lancaster, PA, United States 08-04-13 Member Since 2008

      I'm a corporate training consultant and adjunct professor who loves to read! I'm always looking for the next big thing.

      HELPFUL VOTES
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      "Great Ideas for Business!"

      A few weeks ago, I had the opportunity to do some consulting for one of the Koch Industries companies, Invista. I taught a course at its Wilmington, DE facility and then again at its headquarters in Wichita, KS. I was struck by the incredible ways in which the employees treated me--and each other! While in Wichita, I learned a lot more about Koch Industries and its business philosophy. I happened to visit the company story while in Wichita, and I saw that the CEO had written this book. I knew that I had to read it to learn more about how he built the company and how he inspires his employees. What I read was nothing short of astounding. Koch Industries should be a role model for other companies.

      This book starts by providing a bit of history about how Koch Industries has become the largest privately held company in the United States in terms of revenue. It's no surprise that this was achieved through the implementation of the company's Market-Based Management (MBM) philosophy. The book goes on to describe MBM in great detail.

      Personally, I had been exposed to only one aspect of MBM during my time at Invista: the Guiding Principles. There are ten Guiding Principles in MBM, and I was introduced to them because they are printed on all of the coffee cups in the corporate office in Wichita--what a great idea! The ten Guiding Principles are 1) Integrity, 2) Compliance, 3) Value Creation, 4) Principled Entrepreneurship, 5) Customer Focus, 6) Knowledge, 7) Change, 8) Humility (a personal favorite), 9) Respect, and 10) Fulfillment.

      These Guiding Principles are described in the book, yet they make up only one part of the overall MBM philosophy. The other aspects of MBM include Vision, Virtue and Talents, Knowledge Processes, Decision Rights, and Incentives. Each aspect of MBM is described in this book, and examples are provided throughout. While I wouldn't say that this book is prescriptive (i.e., it doesn't tell you how to run a business), I would say that it provides a very valuable set of tools that can be used to improve any business. If you like business books, then this book needs to be read--and frequently referenced. You will really enjoy it!

      0 of 0 people found this review helpful
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      Carbo METAIRIE, LA, United States 07-08-12
      Carbo METAIRIE, LA, United States 07-08-12 Listener Since 2008
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      "It this can't convert Liberals, nothing can."
      If you could sum up The Science of Success in three words, what would they be?

      Most Intelligent American


      What did you like best about this story?

      The Author speaks from personal experience.


      Have you listened to any of Erik Synnestvedt’s other performances before? How does this one compare?

      No, but sounds fine.


      Was this a book you wanted to listen to all in one sitting?

      yes


      Any additional comments?

      Simply the best management book written.

      0 of 0 people found this review helpful
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