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In 1967 Charles Koch took the reins of his father's company and began the process of growing it from a $21 million start-up into a global corporation with revenues of about $115 billion, according to Forbes.
So how did this MIT engineer manage to grow Koch Industries into one of the largest private companies in the world today, with growth exceeding that of the S&P 500 by almost 30-fold over the last five decades? Through his unique five-dimensional management process and system called Market-Based Management. Based on five decades of cross-disciplinary studies, experimental discovery, and practical implementation across Koch companies and their 100,000 employees worldwide, the core objective of Market-Based Management's framework is as simple as it is effective: to generate good profit.
What is good profit? Good profit results when a company creates value for customers in a way that helps them improve their lives. Good profit is the result of innovations that customers freely vote for with their own dollars; it's the result of business decisions that create long-term value for everyone - customers, employees, shareholders, and society.
While you won't find the Koch Industries name on your home's stain-resistant carpet, your baby's more comfortable but absorbent diapers, your stretch denim jeans, or your television with a better clarity screen, MBM drove these innovations and many more.
Here, drawing on revealing, honest stories from his five decades in business - the company's many successes as well as its stumbles - Koch walks the listener step by step through the five dimensions of Market-Based Management to show stockholders, entrepreneurs, leaders, students - and innovators, supervisors and employees of all kinds, in any field - how to apply the principles to generate Good Profit in their organizations, companies, and lives.
Customer ReviewsMost Helpful
By Thomas Lipinski on 04-19-16
Science of Success is better
Would you recommend this book to a friend? Why or why not?
I would not recommend this book. Science of Success, his earlier book, has similar themes and is better written.
Decision rights and a challenge tolerant work environment are great features of the Koch culture. These are spoken of in both books.
Any additional comments?
Charles is clearly an industrial giant and an American hero. Reading this book I was left feeling I was reading the blurred teachings of a man whose best days are behind him.
3 of 3 people found this review helpful
By Jay on 11-12-15
Business Owners - The only book you need to read!
I believe that if you truly understand Market Based Management philosophy introduced in this book, then you have the best chance of succeeding in your business endeavors. I have read a lot of business books on how to succeed in business. This book gave me a better framework and more ideas to implement than any other I have read.
I believe this is a great blueprint to implement in my business and look forward to using these ideas.
I recommend this book to everyone.
2 of 2 people found this review helpful