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