The Science of Success
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| Author | Charles G. Koch |
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| Language | English |
| Genre | Management |
| Publisher | John Wiley & Sons |
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Publication date
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2 March 2007 |
| Pages | 208 |
| ISBN | |
| OCLC | 85821632 |
| 658.4/09 22 | |
| LC Class | HD31 .K598214 2007 |
The Science of Success: How Market-Based Management Built the World's Largest Private Company is a book written by Charles Koch in which he delineates his philosophy of Market Based Management (MBM). Koch, the CEO of Koch Industries, Inc., wrote it in 2007. While many similarly-titled books by other authors exist, T. Boone Pickens argues that Koch's immense personal business success lends credibility to the book's concept.
Koch has said that he initially wrote the book after the 2004 acquisition of Invista with the intent of using it as a sort of training manual to give a comprehensive picture of Koch Industries' business philosophy and to explain the principles of MBM to the new employees; Koch had initially conducted much of the training of new employees, but as the company grew, it soon became an impossible task, and necessitated the implementation of some other training method. He was later convinced to expand the "training manual" to share his philosophies with a wider audience.
Koch credits much of the success of Koch Industries to effective implementation of Market Based Management (MBM), but indicates that it still has not been fully implemented throughout all of the conglomerate's subsidiaries. The book, however, will continue to serve as a means of spreading his philosophy within the company, and Koch's hope is that it will continue to improve business practices and create value for his companies, as well as for society at large.
The principles of Koch's MBM are taught to students, educators, community leaders and government officials by the Market-Based Management Institute, an educational non-profit, through their partnership with the Wichita State University (WSU).
Koch credits two books with helping his intellectual formation: F.A. Harper's Why Wages Rise and Ludwig von Mises' Human Action. He also credits several thinkers in his book with influencing his own thinking; most notably: W. Edwards Deming, Michael Polanyi, and his father, Fred Koch.
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