The American Spectator

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* Run the company "...as a meritocracy."

* Recognize that even a private company operates in a world with many elements that can affect its future. ("To survive we decided we must build a world-class public sector capability, which we did.")

* Embrace change. ("We constantly pursue innovations and opportunities through internal and external acquisition. Similarly, we shed businesses and assets that are unprofitable or worth more to others. We believe it is essential to drive creative destruction internally, otherwise creative destruction will drive us out of business.")

He goes on to tell us how and why Koch Industries buys and sells elements in its firmament, how it stays competitive, why and how it keeps its people happy and productive, and how it stays consistently profitable for its shareholders (not only members of the family but most of the people who work for the company).

There are a few annoyances (catch-phrases such as "The Science of Human Action," which means Common Sense; and endless sidebars which may be interesting, but break up the reader's concentration on the text). Nevertheless, The Science of Success overall is a good primer for anyone starting a business and as a refresher for those already in it. And, for policy mavens, intent upon proving the validity of the free enterprise system, this is proof positive.

topics:
Transportation, Trade, Business, Law, Oil