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Good Profit: How Creating Value for Others Built One of the World's Most Successful Companies, by Charles G. Koch
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THE REVOLUTIONARY MANAGEMENT SYSTEM BEHIND ONE OF THE MOST SUCCESSFUL COMPANIES OF OUR TIME
In 1961, Charles Koch joined his father’s Wichita-based company, then valued at $21 million. Six years later, 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? Koch’s name may not be on your stain-resistant carpet, stretch denim jeans, the connectors in your smart phone, or your baby’s ultra-absorbent diapers but it makes them all. And Koch’s Market-Based Management® system is what drives these innovations and many more.
Based on five decades of interdisciplinary studies, experimental discovery, and practical implementation across Koch businesses worldwide, 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, products that improve people’s lives. It results from a culture where employees are empowered to act entrepreneurially to discover customers’ preferences and the best ways to satisfy them. Good profit is what follows when long-term value is created for customers, employees, shareholders, and society.
Here, drawing on revealing, honest, and previously untold stories from his nearly six decades in business, Koch walks the reader through the five dimensions of MBM to show how to apply its framework to generate more good profit 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
· 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 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 destined to rank as one of the greatest management books of all time.
- Sales Rank: #21826 in Books
- Published on: 2015-10-13
- Released on: 2015-10-13
- Original language: English
- Number of items: 1
- Dimensions: 9.50" h x 1.10" w x 6.30" l, 1.25 pounds
- Binding: Hardcover
- 288 pages
Review
"Charles Koch is right, there is a difference between Good Profit and bad profit. And 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
Charles Koch’s Good Profit is a must read for any businessperson or serious student of business. As a transformative leader of Koch Industries, Koch the author delivers not just business wisdom but the economic punch of decision-making at the margin and Market-Based Management. The book, like Koch’s management tools, bridges theory and practice masterfully. But the title’s engine says it best: ‘Good profit’ arises from delivering value to customers. And Koch Industries’ spectacular success over the past half century shows that good profit creates great value.
- Glenn Hubbard, Dean and Russell L. Carson Professor of Finance and Economics, Columbia Business School
“The ultimate “how to” book on running a successful business. Charles Koch’s approach is extraordinarily thoughtful and comprehensive, reflecting his more thasn 50 years of experience in growing Koch Industries to the second largest private corporation in America. His emphasis on the key role that values play in his leadership and management model is especially important in today’s business environment. A must read for those who want to take their enterprise to the next level.”
-- Richard B. Myers, General, USAF, Ret., 15th Chairman of the Joint Chiefs of Staff
“Charles Koch is a genuine patriot, and his lifelong mission is to make America as strong and free as she can be. He believes the principles of economic opportunity that have guided America are worth protecting. This book will teach us how." -
-(Papa) John Schnatter, CEO Papa John’s Pizza
“Good Profit is an exploration into the mind and philosophy of one of America’s most extraordinary businessmen. Charles Koch explains – through example, anecdote, and impressive analysis – how Market-Based Management has enabled Koch Industries to create real, sustainable value for consumers and businesses alike. You’ll be pleased by his openness. He’s as candid about his failures as he is his successes, and willing to expose both in the interest of the greater good. “
-- Leslie Rudd, Entrepreneur, Winery Owner, former owner Dean & DeLuca
"Writing about Charles Koch has become a cottage industry but, until now, there's been little from the man himself. Read his new book, Good Profit, and you can learn directly from him what he thinks and how he has built one of the biggest and most successful businesses in the world." -- Michael L. Lomax, Ph.D. President and CEO, United Negro College Fund (UNCF)
“Here is a clear example of the American dream and how our country benefits when successful entrepreneurs create new jobs (and more taxes for government services) while providing the golden egg for philanthropic efforts. The real story behind this book is not just Charles Koch’s secret to success – it is the remarkable path he and his brother took in becoming two of America’s most generous philanthropists. Their recipe for creating “good profits” has enabled them to grow their businesses, reward their employees and still have plenty left over to invest in the nation’s most important charitable groups and institutions supporting America’s freedom. It is a worthwhile read!”
--Charles R. Schwab
About the Author
Charles G. Koch is chairman of the board and CEO of Koch Industries, Inc., a position he has held since 1967. He is renowned for building Koch Industries into the second-largest private company in the nation -- currently valued at $100 billion-- making him the fourth wealthiest man in America, according to Forbes.
Wichita, Kansas-based Koch Industries, Inc. began as Wood River Oil and Refining Co. in 1940. Koch employs more than 100,000 people in about 60 countries worldwide, with 60,000 of those in the United States. Since January 2009, Koch has earned more than 1,000 awards for safety, environmental excellence, community stewardship, innovation, and customer service.
Most helpful customer reviews
100 of 109 people found the following review helpful.
Good Profit = Good Book
By bigpete10092
Overall the book is well written and easy to read and includes a personal side of Charles Koch not seen before-like the 153 death threats he got in 2014. The book discusses how Koch has grown tremendously since the 1960's (Charles didn't simply inherit the company as some might say). At 79 Koch still puts in 9 hour work days. The company has grown so much by reinvesting 90% of their earnings back into the company. What is interesting is how Koch Industries despite having 100,000 employees doesn't appear to be bureaucratic and individuals are always asked to challenge and consider continuous improvement which sometimes never occurs at even Fortune 500 companies.
Overall the book is a mix of economics, a business profile, behavioral finance, philosophy, and good story telling of business failures. What I enjoyed the most Charles Koch is honest about his failures (there are plenty too). At one time Koch believed the company would go bankrupt in the 1970s. Koch tries to apply Market Based Management to every day examples (including the NFL and even how much time he should spend working editing grammar of the book he wrote). Case studies at the end of the book are interesting. Anecdotes of Koch over the long company history are sprinkled throughout the book. For instance the company got rid of insurance programs and mainly self insures. Only downside of book is wished it had more of the personal side. The book is really a great book for anyone who wants to try to live their life to their maximum potential.
45 of 55 people found the following review helpful.
Fascinating to read about managing "Decision Rights" - allowing the person with best relevant knowledge or
By Amazon Customer
A must read for any entrepreneur or senior manager. The author explains how he has woven his personal philosophy and core values into critical management tools to help sustain business profitability and high growth rates. Fascinating to read about managing "Decision Rights" - allowing the person with best relevant knowledge or , as he says, "comparative advantage" to make decisions as opposed to the most tenured pedigreed ranking person. A refreshing and unabashed primer on capitalism in action.
42 of 53 people found the following review helpful.
Read Koch-- I find myself wanting to live more like this gentle giant!
By jlw
You have to read about Charles Koch to believe that integrity at this high level of business still exists in America. He is a truly a remarkable man that has the kind of character that I pray my own children one day will exhibit in their businesses and their private lives. You will get a picture in Good Profit why his company went from $61 million annually in the 60s to over $110 billion today. His firm boils down to how he picks his employees-- values over talent. He turns down the most capable seekers if they do not treat people with the utmost of respect and show great levels of humility. This is rare stuff in business these days. Just think where our nation could be if more business owners would be more old fashioned like this rare gem. You will get a picture in his book of how generational ethics comes down from his father who wrote a touching letter to him as he gave him a significant sum of money sharing with his son that he will consider it a mistake to have given him this money if he steals the glory and pride of accomplishment. Read Koch and you will want to be more like this gentle giant!
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