Charles G. Koch

Praise for THE SCIENCE OF SUCCESS "Evaluating the success of an individual or company is a lot like judging a trapper by his pelts. Charles Koch has a lot of pelts. He has built Koch Industries into the world's largest privately held company, and this book is an insider's guide to how he did it. Koch has studied how markets work for decades, and his commitment to pass that knowledge on will inspire entrepreneurs for generations to come." —T. Boone Pickens "A must-read for entrepreneurs and corporate executives that is also applicable to the wider world. MBM is an invaluable tool for engendering excellence for all groups, from families to nonprofit entities. Government leaders could avoid policy failures by heeding the science of human behavior." —Richard L. Sharp, Chairman, CarMax "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 "What accounts for Koch Industries' spectacular success? Charles Koch calls it Market-Based Management: a vision that nurtures personal qualities of humility and integrity that build trust and the confidence to enhance future success through learning from failure, and a culture of thinking in terms of opportunity cost and comparative advantage for all employees." —Vernon Smith, 2002 Nobel laureate in economics "In a very thoughtful, creative, and understandable way, Charles Koch explains how he has used the science of human behavior to create a culture that has produced one of the world's largest and most successful private companies. A must-read for anyone interested in creating value." —William B. Harrison Jr., Former Chairman and CEO, JPMorgan Chase & Co. "The same exacting thought, rooted in the realities of human nature, that the framers of the U.S. Constitution put into building a nation of entrepreneurs, Charles Koch has framed to build an enduring company of entrepreneurs—a company larger than Microsoft, Dell, HP, and other giants. Every entrepreneur should study this book." —Verne Harnish, founder, Young Entrepreneurs' Organization, author of Mastering the Rockefeller Habits, CEO, Gazelles Inc.

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

The Science of Success

Paul Michael

How Creating Value for Others Built One of the World's Most Successful Companies

Good Profit

Brian Hooks

A surprising take on how you can help tackle the really big problems in society–from one of America’s most successful entrepreneurs. People are looking for a better way. Towering barriers are holding millions of people back, and the institutions that should help everyone rise are not doing the job. Crumbling communities. One-size fits all education. Businesses that rig the economy. Public policy that stifles opportunity and emboldens the extremes. As a result, this country is quickly heading toward a two-tiered society. Today’s challenges call for nothing short of a paradigm shift – away from a top-down approach that sees people as problems to be managed, toward bottom-up solutions that empower everyone to realize their potential and foster a more inclusive society. Such a shift starts by asking: What would it mean to truly believe in people? Businessman and philanthropist Charles Koch has devoted his life to answering that question. Learn what he’s discovered during his 60-year career to help you apply the principles of empowerment in your life, in your business, and in society. By learning from the social movements and applying the principles that have enabled social progress throughout history, Koch has achieved more than he dreamed possible – building one of the world’s most successful companies and founding Stand Together, one of America’s most innovative philanthropic communities. Stand Together CEO Brian Hooks and Koch show how the only way to solve the really big problems – from poverty and addiction to harmful business practices and destructive public policy – is for each and every one of us to find and take action in our unique role as part of the solution. Full of compelling examples of what works – including several first-person accounts from individuals whose lives have been transformed – Koch and Hooks’ refreshing approach promotes partnership instead of partisanship and speaks to people from different perspectives and all walks of life. They show that no injustice is too tough to overcome if you share a deep belief in people, are willing to unite with anyone to do right, and work to empower others from the bottom up.

Bottom-Up Solutions for a Top-Down World

Believe in People

A NEW YORK TIMES BESTSELLER In 1961, Charles Koch joined his father's Wichita-based company, then valued at $21 million. Six years later, following his father's death, he was named chairman of the board and CEO of Koch Industries, Inc. Today, Koch Industries' estimated worth is $100 billion - making it one of the largest private companies in the world. Koch exceeds the S&P 500's five-decade growth by 27-fold, and plans to double its value on average every six years. What exactly does this company do and why is it so remarkably profitable? While you won't find the Koch name on your stain-resistant carpet, stretch denim jeans, the connectors in your smartphone or your baby's ultra-absorbent diapers, Charles Koch's Market-Based Management® system, intended to generate good profit, drove these innovations and many more. Good profit results from products and services that customers vote for freely with their money; products that help improve people's lives. It results from a culture where employees are empowered to act entrepreneurially to discover customer preferences and the best ways to satisfy them. Good profit is the earnings that follow when long-term value is created for everyone - customers, employees, shareholders and society. Readers will learn to: · Craft a vision for how a business can thrive in spite of disruption and ever-changing consumer values · Find and retain a workforce possessing both virtue and talent (the first being the more important) · Award employees with ownership and decision rights based on their comparative advantages and proven contributions, rather than job title · Motivate all employees to maximise their contributions with effectively structured incentives so employees' compensation is limited only by the value they create - not budgets or company-wide policy A must-read for any leader, entrepreneur or student, as well as those who want a more civil, fair and prosperous society, GOOD PROFIT is destined to rank as one of the greatest management books of all time.

How Creating Value for Others Built One of the World’s Most Successful Companies

NEW YORK TIMES BESTSELLER • Learn how to apply the principles of Charles Koch’s revolutionary Market-Based Management® system to generate good profit in your organization, company, and life “This book helps show you the way to good profit—whether you work for an international supermarket chain, a medium-sized regional business, or your own start-up.”—John Mackey, co-founder and co-CEO, Whole Foods Market The technological innovations, extreme politics, civil unrest, cyber attacks, demographic shifts, and global pandemic that have affected all businesses since this book was published have only confirmed Charles Koch’s belief that “the only reason a business should exist (and the only way it can legitimately survive long term) is to create value in a responsible way.” Hence, the principles in Good Profit are more important today than ever before. What exactly does Koch Industries, Inc., do and why is it so remarkably profitable? Koch’s name may not be on your home’s plywood, vehicle’s grille, smartphone’s connectors, or baby’s ultra-absorbent diapers but it makes them all. And Koch’s Market-Based Management® (MBM) system is what drives these innovations and many more. The core objective of MBM is to generate good profit. Good profit results from products and services that customers vote for freely with their dollars. It results from a bottom-up culture where employees are empowered to act entrepreneurially to discover customers’ preferences and the best ways to improve their lives. Drawing on six decades of interdisciplinary studies, experimental discovery, and practical implementation across Koch businesses worldwide, Charles Koch walks the reader through the five dimensions of MBM to show how to apply its framework in any business, industry, or organization of any size. Readers will learn how to: • Craft a vision for how to thrive in spite of increasingly rapid disruption and ever-changing consumer values • Select and retain a workforce possessing both virtue and talent • Create an environment of knowledge sharing that prizes respectful challenges from everyone at every level • Award employees with ownership and decision rights based on their comparative advantages and proven contributions, not job title • Motivate all employees to maximize their contributions by structuring incentives so compensation is limited only by the value they create A must-read for any leader, entrepreneur, or student, as well as anyone who wants a more civil, fair, and prosperous society, Good Profit is one of the greatest management books of all time.

Charles G. Koch

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