The Science of Success

How Market-Based Management Built the World's Largest Private Company

By: Charles G. Koch

Narrated by: Erik Synnestvedt

Length: 3 hrs and 39 mins

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

Critic reviews

"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)

Analytical

The structure can be highly analytical. Good content overall but listening to it can be a daunting task since this is structured like a text book. Better to read in Kindle or hard copy.

Success the Koch Way!

Erik Synnestvedt did a great job bringing the narrative alive through his reading. As much as I have heard about the Koch brothers, I did not realize how successful and influential they have been in building their business and their practice of "market based management." A great book to read whatever your profession.

Wanted more details about each principle

For example, when discussing operational excellence, what is your problem solving process? How are people trained? How is it used in daily operations?

excellent and easy to listen to.

The science of success had many quotes and very helpful additional resource citations. the layout of the book and chapters was very fluid and appreciated.

outstanding story of the Koch MBM

lays out the Koch MBM methodolgy very well. with great examples of its implementation .

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.

Definitely good, but buy Good Profit

This book is no doubt great, but if you want to learn more buy his book, Good Profit. It covers everything in this book plus more.

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!)

Most excellent

Mr. Koch put into written form a way of being and doing that resonates at every level. Regardless of one's background and chief aim, it's a net gain to an overwhelmingly obvious degree.

Great framework for managers

Hits on all of the managerial concepts needed to grow a great organization. I would recommend this for any new managers.