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Good Profit

How Creating Value for Others Built One of the World's Most Successful Companies
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( 1,539 ratings, 116 reviews)
Book Hero Magic crafted this summary to help describe this book. While it's new and still learning, it may not be perfect - your feedback is welcome! Summary
Good Profit by Charles G. Koch explores the business philosophy and strategies that have driven Koch Industries' success. The book delves into the principles of Market-Based Management and how creating value for customers leads to sustainable and profitable growth. It offers insights on fostering innovation, efficiency, and effective organisational culture.
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Format: Paperback / softback
$3199
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Book Hero Magic created this recommendation. While it's new and still learning, it may not be perfect - your feedback is welcome! IS THIS YOUR NEXT READ?

This book may appeal to you if you are interested in learning how to achieve meaningful success in business by creating value for society, customers, and employees. It's a great read for those who want insights into ethical entrepreneurship and effective management principles from a highly successful business leader.

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Good Profit

The revolutionary market-based management system behind one of the most successful companies of our time

Book Hero Magic formatted this description to make it easier to read. While it's new and still learning, it may not be perfect - your feedback is welcome! Description
Good Profit, a NEW YORK TIMES BESTSELLER, delves into the extraordinary success story of Koch Industries, one of the world's largest private companies, worth an estimated $100 billion. The mastermind behind this phenomenal success, Charles G. Koch, reveals the secrets that have led to the company's unparalleled profitability and growth through insightful anecdotes from his nearly six decades in the business. Koch Industries may not be a household name, but its innovations are integral to many everyday products. From key components in your smartphone to the ultra-absorbent nappies for your baby, Koch Industries' Market-Based Management (MBM) system is the driving force behind these innovations. This unique approach to management focuses on generating "good profit" – profit that comes from creating value for customers and society. Koch explains that good profit not only improves people’s lives through the products and services offered, but also through cultivating an entrepreneurial and customer-focused workforce. In Good Profit, he shares how any company, industry, or organisation can employ these principles to thrive, even amidst disruption and evolving consumer values. Drawing on compelling stories, Koch illustrates how to:
  • Thrive in spite of disruption and changing consumer values: Maintain growth and adaptability in a constantly evolving marketplace.
  • Create accountability with ownership and decision rights: Empower employees based on their skills and contributions rather than their job titles.
  • Foster a culture of knowledge-sharing: Encourage a work environment that dismisses bureaucracy and hierarchy.
  • Offer employees compensation tied to the value they create: Develop a remuneration system where employees’ earnings reflect their contributions, unrestricted by budgets or policies.
Good Profit is a critical read for leaders, entrepreneurs, students, and anyone aspiring to foster a more civil, fair, and prosperous society. It synthesises transformative management concepts that go beyond traditional business models and is set to become one of the greatest management books of all time. This masterpiece doesn’t just offer theoretical wisdom but provides practical guidelines that can be implemented, whether you’re running a global supermarket chain, a mid-sized regional business, or a fledgling start-up. John Mackey, Co-Founder and Co-CEO of Whole Foods Market, praises the book stating, “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.” Explore the profound depths of business wisdom with Charles G. Koch in Good Profit, and discover how to unlock the potential of your organisation by focusing on creating real value.

Book Hero Magic summarised reviews for this book. While it's new and still learning, it may not be perfect - your feedback is welcome! HOW HAS THIS BEEN REVIEWED?

Good Profit is recommended for anyone in business, non-profits, or any type of organisation, offering invaluable insights into the thinking of a significant US figure, and presenting a different perspective on the billionaire businessman.

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Book Details

INFORMATION

ISBN: 9780349416069

Publisher: Little, Brown Book Group

Format: Paperback / softback

Date Published: 03 August 2017

Country: United Kingdom

Imprint: Piatkus Books

Audience: Tertiary education, Professional and scholarly

DIMENSIONS

Spine width: 19.0mm

Width: 139.0mm

Height: 186.0mm

Weight: 230g

Pages: 288

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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 holds a Bachelor's degree in general engineering as well as two Master's degrees in nuclear and chemical engineering from MIT. Based in Wichita, Kansas, Koch Industries is one of the largest private companies in America.

Koch has continuously supported academic and public policy research (including many Nobel Prize winners) for more than 50 years, and has helped build a number of organisations focused on research, policy and education to advance the understanding of the free society.

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