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

4.5 out of 5 stars 974 ratings

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.

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Editorial Reviews

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.
 


From the Hardcover edition.

Product details

  • ASIN ‏ : ‎ B00TWEMGE8
  • Publisher ‏ : ‎ Crown Currency
  • Accessibility ‏ : ‎ Learn more
  • Publication date ‏ : ‎ October 13, 2015
  • Language ‏ : ‎ English
  • File size ‏ : ‎ 2.5 MB
  • Screen Reader ‏ : ‎ Supported
  • Enhanced typesetting ‏ : ‎ Enabled
  • X-Ray ‏ : ‎ Enabled
  • Word Wise ‏ : ‎ Enabled
  • Print length ‏ : ‎ 270 pages
  • ISBN-13 ‏ : ‎ 978-1101904145
  • Page Flip ‏ : ‎ Enabled
  • Customer Reviews:
    4.5 out of 5 stars 974 ratings

About the author

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Charles G. Koch
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Charles Koch is chairman and CEO of Koch Industries, one of the largest privately held American companies. An influential philanthropist for more than 50 years, he supports education, a community of organizations addressing persistent poverty, and public policy research focused on developing effective solutions to social problems. He has founded numerous non-profit organizations, including Stand Together. He holds two masters degrees in nuclear and chemical engineering from MIT and lives in Wichita, Kansas with his wife Liz.

Customer reviews

4.5 out of 5 stars
974 global ratings

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Customers say

Customers find this business book instructive and well-written, with one noting it's one of the greatest management books of all time. Moreover, they appreciate its economic content and effectiveness, with one customer describing it as a brilliant strategy for long-term success. Additionally, the book provides valuable insights into American business history, and customers value its integrity and condition.

88 customers mention "Information quality"85 positive3 negative

Customers find the book instructive, with one customer highlighting its sound business advice and another noting its focus on Koch's management philosophy.

"...Based on principles of honesty, integrity, civility, respect, and value creation in all its forms, he has led his company to becoming the second-..." Read more

"...The book provided excellent insight to both...." Read more

"...It contains a considerable volume of useful and original insights as well as a surprising amount of tactical advice that can be implemented across..." Read more

"...I have never read a book that packs so much wisdom and valuable advice per page, yet is so readable and practical and doesn't think too highly of..." Read more

82 customers mention "Readability"78 positive4 negative

Customers find the book highly readable and engaging, particularly noting its value for business professionals. One customer considers it one of the greatest management books of all time.

"...society, Good Profit is destined to rank as one of the greatest management books of all time." I could not agree more!..." Read more

"...that packs so much wisdom and valuable advice per page, yet is so readable and practical and doesn't think too highly of itself...." Read more

"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..." Read more

"...Industries, whether you agree with his approach or not, makes this a good read." Read more

23 customers mention "Value for money"23 positive0 negative

Customers find the book provides good value for money, appreciating its mix of economics and practical insights, with one customer noting its proven business values that drive success.

"...principles of honesty, integrity, civility, respect, and value creation in all its forms, he has led his company to becoming the second-largest..." Read more

"...MBM generates profit by using sound business principles and by going far beyond Maslow's Theory Y in providing employee incentive to make..." Read more

"...Overall the book is a mix of economics, a business profile, behavioral finance, philosophy, and good story telling of business failures...." Read more

"...Political arguments aside it clearly is a superior business model. But it is not an easily implemented model...." Read more

14 customers mention "Effectiveness"14 positive0 negative

Customers find the book's approach effective, with one customer noting it works best through learning by doing, while another mentions it serves as a great follow-up to Science of Success, and a third describes it as a brilliant strategy for long-term success.

"...What works best is learning by doing. Yes, training is important, but only to get started...." Read more

"...and backed by results..." Read more

"...a better run company with a better view to how to be efficient and effective, and have never been more valued as an employee...." Read more

"...It highlights a journey towards excellence, displays the failure ridden path towards success and does so, without its creator trying to take..." Read more

10 customers mention "History"10 positive0 negative

Customers appreciate the historical content of the book, describing it as an excellent account of America's success story, with one customer particularly enjoying learning about the author's personal background.

"Charles Koch has written a very interesting view of his business...." Read more

"An excellent history and discussion of how one of the world's largest private companies got to be this way by its leader and visionary, Charles Koch...." Read more

"...He shares his family story, the growth of Koch Industries, and the underpinnings of his highly-successful Market Based Management system..." Read more

"...I READ THE BOOK AND HAVE LISTENED TO THEM ON TV. THEY ARE VERY PATRIOTIC AND VERY AMERICAN. I WOULD SAY AMERICAN MADE ICONS...." Read more

4 customers mention "Integrity"4 positive0 negative

Customers appreciate the book's integrity, noting its great condition and solid, grounded approach.

"...Based on principles of honesty, integrity, civility, respect, and value creation in all its forms, he has led his company to becoming the second-..." Read more

"...where the concept of community in the workplace took root; loyalty, integrity, dedicated work ethic, and above all humility are all foundational..." Read more

"The book came ok time and in great condition" Read more

"Solid grounded essential reading for any business leader!..." Read more

Fantastic book
5 out of 5 stars
Fantastic book
Good Profit is a great read by a wonderful man. Mr. Charles Koch is a super hero for Humanity.
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Top reviews from the United States

  • Reviewed in the United States on December 26, 2015
    Format: HardcoverVerified Purchase
    Mark Twain is credited with saying, "It ain't what you don't know that gets you into trouble. It's what you know for sure that just ain't so."

    In my opinion, never does this adage hold more truth than for the all-too many people who provide negative comments about Charles Koch.

    Why a person should be so vilified simply for creating immense value in the marketplace, greatly improving the lives of the masses, and becoming extremely wealthy as a result is confusing enough. What's worse is that he is vilified for so much that he is not. For example, he is not a cronyist who seeks favors from government but rather eschews ALL forms of such. (In other words, he does not buy special favors from politicians but rather supports those who do *not* participate.) He is also not a "right-wing" Republican but rather a Classical Liberal (which most of us would call Libertarian). And, that’s just the tip of the iceberg of misunderstandings about this man.

    What he IS is a person who lives his life and conducts his business in a way we should all do our very best to emulate. Based on principles of honesty, integrity, civility, respect, and value creation in all its forms, he has led his company to becoming the second-largest private company in the U.S., employing 100,000 people, 60,000 in the U.S, alone! They've also earned more than 1000 awards including those regarding safety and environmental excellence. WOW - what a monster! (Sorry, I’m not usually sarcastic but here’s a man who regularly receives death threats from people who simply fall victim to Twain’s above quote.)

    Many of the other reviewers have provided excellent overviews of Mr. Koch's Market-Based Management Framework so I won't do that here. I will say that if you enjoyed his previous work, "The Science of Success" you'll enjoy and learn even more in this one.

    While "Good Profit" is an amazing treatise on how to lead a company to great success *as a result of* benefitting all concerned (consumers, suppliers, employees, etc.) it's really so much more than just that. It's about having a life and business philosophy that leads to living a meaningful life; one of happiness and personal fulfillment. It's also about understanding how free-market principles (people voluntarily transacting with others without involving any type of force or fraud) means you MUST focus on brining value to others IF you are going to succeed.

    Throughout my own business career, if I've noticed one thing, it's that: Money is simply an echo of value. Money is not the cause, it is the effect. It is not the target but rather the result of hitting the target. And, the target (in a true free-market) is to add value to the lives of others.

    And, when you add exceptional value to the lives of many, many people, your company will thrive and become very, very profitable. In a free-market you can *only* do this by respecting your consumer and all others involved in the process. And, when this is the case, you have earned...good profit! The author shows us, step-by-step, how to do so.

    To quote from the book's own writeup, it's "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."

    I could not agree more!

    If I might suggest, make a commitment to studying, learning, and then implementing Market-Based Management in your company regardless of your company's current size. Without question, purchase this book for every single member of your leadership team. And, if you'll invest in this book for every one of your employees, as well, you'll see a substantial increase in the number of employees who not only feel great about themselves and the work they are doing, you will see an increase in their loyalty, production, and in your company's bottom line.

    A win for all...including those consumers who benefit from his work on a daily basis but who unthinkingly insist on hating one of America's great leaders and human beings.
    9 people found this helpful
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  • Reviewed in the United States on November 1, 2015
    Format: KindleVerified Purchase
    After watching Megyn Kelly’s October 16, 2015 interview with Charles Koch, I purchased Good Profit to learn more about the man and his approach to business. The book provided excellent insight to both.

    I have recommended Good Profit to my friends and I recommend it to you if you are interested in learning why Charles Koch does what he does. Also how Koch Industries achieves the success it does using the Market-Based Management (MBM) approach that Koch developed through forty years of trial and error.

    To get the most out of the explanation of the MBM it’s important that you understand it’s a philosophy, not a set of rules. The following two paragraphs, taken from the book’s conclusion, make this clear.

    The first is…

    When people are first exposed to the overall foundation and philosophy of MBM, their tendency is to become overly focused on the words, the terminology and definitions. What works much better (after a broad introduction) is persuading them to take the time to understand a few concepts that are particularly relevant to their role, and then have them apply those concepts to real problems, followed by prompt feedback.

    And the second is…

    What works best is learning by doing. Yes, training is important, but only to get started. It cannot take the place of continual learning by trial, error, and feedback. We don’t progress if we are afraid of making mistakes. Real-world experience is what creates deep, tacit knowledge regarding the effective application of MBM.

    In fact, reading the conclusion first would help put the entire book in context.

    The book caused me to think back to a Business Ethics class at Marquette University where the professor, Perry Roets, taught that successful businesses must consider the needs of their employees, the community they operate in, and their customer as much as they consider their shareholders in all their undertakings. The success Koch Industries has achieved, as a result of addressing those four constituencies, validates what I was taught.

    Each person who reads this book will take something different away from it. In my case it challenged me to identify ways a very small company, one with far fewer resources than Koch Industries, could utilize the MBM approach to improve their overall results. At times I found it difficult to understand Koch because he was describing what was done and not how the result was accomplished. As I continued reading I had to keep telling myself he’s describing a philosophy, not a playbook. When I reminded myself of that fact, I began developing a better understanding of MBM.

    Even knowing that, I’m still struggling with two of the concepts embodied in the approach—Decision Rights and Incentives. In particular I’m struggling with his reference to the appropriateness of some professional athletes earning more than their coaches. Using his philosophy it seems to me that the coach should have the opportunity to earn more than any of his/her players based on the success of the team and the coach’s contribution to it.

    There are other quibbles I have with what I read, such as the use of the word ‘bonus.’ That word should be stricken from the book and replaced with ‘incentive compensation’ because bonus implies something that is given, not earned.
    If I expressed my major concerns to him, his answer to me would be, “Try it, and learn from your mistakes,” and that is best advice any person can give to another because we learn best by doing.

    I’ll end by paraphrasing Koch, “Read Good Profit and learn from Charles Koch’s mistakes. Get out there, make your own mistakes and learn as I did.” You will be glad you did because the man and his approach to business have a lot to offer a successful entrepreneur.
    18 people found this helpful
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Top reviews from other countries

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  • Roys
    5.0 out of 5 stars Best practice to increase inner value and apply in personal and business life.
    Reviewed in Germany on October 29, 2022
    Recommended book.
  • Amazon カスタマー
    5.0 out of 5 stars Miss Apple
    Reviewed in Japan on July 11, 2016
    The book is great.Meida depited Koch brothers evil in the past.However you can see his idea of Charles koch and his
    MBM thinking etc that aer good sides of Charles Koch.
  • Marcos A.
    5.0 out of 5 stars Excelentes lições para perenizar uma empresa
    Reviewed in Brazil on October 23, 2023
    Livro muito bom, sobre valores e estratégia de longo prazo para as empresas, além de foco em pessoas e valores.
    Report
  • Anjali Arora
    5.0 out of 5 stars Explained effectively
    Reviewed in Canada on March 19, 2025
    Format: HardcoverVerified Purchase
    Interesting book
  • Neil C.
    5.0 out of 5 stars If only it arrived
    Reviewed in the United Kingdom on August 22, 2021
    Format: PaperbackVerified Purchase
    I know the book and it is a well written, easy to digest world of information. When used in business life or in fact in your whole life, the learnings can add real value to society

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