Free Ebook Good Profit: How Creating Value for Others Built One of the World's Most Successful Companies

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

Free Ebook Good Profit: How Creating Value for Others Built One of the World's Most Successful Companies

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Product details

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Audible Audiobook

Listening Length: 9 hours and 15 minutes

Program Type: Audiobook

Version: Unabridged

Publisher: Random House Audio

Audible.com Release Date: October 13, 2015

Language: English, English

ASIN: B0143PGR3Q

Amazon Best Sellers Rank:

Normally, I would avoid the works of the Koch brothers who are the primary beneficiaries of the horrible Supreme Court's "Citizens United" decision which declared that corporations are people too and entitled to free speech which frees the Koch brothers to spend millions on advertising by political action committees trumpeting the cause of the "right" and the horrors of the "left". However, "Attention must be paid to such a person." I believe the saying goes and as the 4th richest person in the country he obviously must be doing something right so decided to pay attention when I came across this book. I must admit that it would have been interesting to work in a company that that truly embraces what Charles dubs "Market Based Management" which encompasses the following principles - Integrity, Compliance, Value Creation, Principled Entrepreneurship, Customer Focus, Knowledge, Change (creative destruction), Humility, Respect and Fulfillment. At first I was impressed when he referenced some of the classic economic thinkers and some business research and as much as I like the ideas, the book quickly degenerated into a sea of platitudes and generalities. While he presents "case studies" the results throughout the book tend to lack detail and specificity. If there was ever a cry for numbers, this was it but it is sadly lacking in that regard. Must be a case of "I want to show you how I did it, but not too much!"

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.

I saw the author's 60 Minutes interview and got interested in a company that I knew nothing about except what the media publishes - so I bought the book. At the time I was working for one of the world's largest conglomerates, and was accustomed to self-serving management philosophies and flavor-of-the-month feel good HR junk, so I wasn't expecting much.After reading it, I thought "if he really runs his company this way, it's something special." A few months later, I had a new job with one of his companies, and they really DO walk the walk - and I can tell you absolutely that I've never worked for a better run company with a better view to how to be efficient and effective, and have never been more valued as an employee.Market Based Management is what you'd think would be common sense, but instead, what most companies today practice is top down decision making and management. The result is that the people who are furthest from the work the company is actually doing are making the decisions that will drive profit and success; and surprise! way too often, those decisions reveal a distressing lack of connection to reality.MBM is about how to bring the best that every employee has to offer to the value stream, making a better product for the customer, a profit for the company, and a rewarding career for the employee. Read it, practice it, believe it - it works.

Market Based Management (MBM) frameworkMr. Koch explains Corporate Welfare and what he calls “bad” profit vs. Market Based Management principles and “good” profit. Where products and services are valued by the market and don’t have a need for corporate welfare (government subsidies, rebates, tax breaks, bail-outs, import tariffs.MBM allows us to focus on consumer market needs and find solutionsKoch explains how his company has become so profitable over the years, including his family and personal values that have driven him to success. He tells have his employees successes and how the success of implementing MBM can benefit individuals and businesses profit in a principled way.This is a very telling book and worth the read for both sole proprietors and corporate management and executives.

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Good Profit: How Creating Value for Others Built One of the World's Most Successful Companies PDF

Good Profit: How Creating Value for Others Built One of the World's Most Successful Companies PDF

Good Profit: How Creating Value for Others Built One of the World's Most Successful Companies PDF

Good Profit: How Creating Value for Others Built One of the World's Most Successful Companies PDF