We often get asked for recommended reading lists. Well, we’re delivering! These weekly posts feature one book we highly recommend to learn more about business, philosophy, and different perspectives to help you run your business. Do you have a recommendation that’s not on the list yet? Mention it in the comments!
This Week’s Recommendation: Charles Koch’s “The Science of Success.”
“Successful companies create value by providing products or services their customers value more highly than available alternatives. They do this while consuming fewer resources, leaving more resources available to satisfy other needs in society. Value creation involves making people’s lives better. It is contributing to prosperity in society.”
What is behind the success of Koch companies? It is Charles Koch’s unique and transformative business philosophy, Market-Based Management®.
Developed by Charles Koch, chairman and chief executive officer of Koch Industries, Inc., MBM® is defined as a philosophy that enables organizations to succeed long term by applying the principles that allow free societies to prosper.
As MBM became the foundation upon which Koch companies grew, the challenge of sharing it internally and externally led to the creation of “The Science of Success.” To learn more, click here.
In the book, Mr. Koch presents the evolution of Koch Industries and the “Science of Human Action” upon which MBM is based. He also provides a systematic view of MBM at work within Koch companies by outlining five dimensions: vision, virtue and talents, knowledge processes, decision rights and incentives.