The Science of Success

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

By: Charles G. Koch

Narrated by: Erik Synnestvedt

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.

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 .

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.

One of the best business books I listened to!

There is so much to learn from this book about choosing right incentives vs bad ones. It’s simple read for everyone to understand and can be applicable to every business or organization!