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The Science of Success By Charles Koch
Tuesday, October 02, 2007
If you are interested in business success, can you choose to ignore a book written by the CEO of the world's largest privately held company? One has to assume that he has something he feels is worth sharing, as it can't be for the money. Agreed?
I was not disappointed.
In this book, Koch discusses his path to what his enterprise refers to as Market Based Management, or MBM. He then goes on to explain the MBM business philosophy.
In summary, MBM consists of balancing its five dimensions:
Vision
Virtues and Talents
Knowledge Processes
Decision Rights
Incentives
I would characterize MBM as a process of remaining entrepreneurial as you grow, continuing to make individualized decisions specific to people and situations instead of locking into a more beauracratic model. With MBM, you continuously evaluate opportunities, operations, how things are executed, etc., dynamically adjust decision rights, and align incentives for associates with corporate goals, among other things. It seems to be a system that replicates the mindset of a successful entrepreneur.
Also notable is Koch's interest in what makes people tick, what motivates people, particularly his choices for guidance, which ranges from Ludwig Von Mises to, seemingly, historians.
I strongly recommend this book. The success destined entrepreneur will definitely enjoy it and learn from it as it is quite like peering into the mind of a truly successful entrepreneur. Other types will find it a drag, I suspect, but then I doubt they'll be attracted to the title to begin with.
We give a Thumbs Up, way UP, for The Science of Success by Charles Koch of Koch Industries.
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