I’ve just finished a very good book written by Charles Koch (pronounced “Coke”), the CEO of Koch Industries. It’s titled, The Science of Success: How Market-Based Management Built the World’s Largest Private Company. I’m putting it on my must-read book list.

I completely agree with Koch that vision is not a one-time statement of goals and aspirations, but a dynamic concept always evolving. In fact, I’ve found in my own corporate experience that visions must–and do–change. It’s how good companies become great companies. That evolution, as Koch states, is based on continually examining how to create value for customers, shoppers, users and society.
 
Of particular interest to me is his trademarked “Market Based Management,” in which Koch describes his holistic approach to management that integrates theory and practice and prepares organizations to deal successfully with the challenges of growth and change.  He outlines five dimensions in his model: vision, virtue and talents, knowledge processes, decision rights, and incentives. His philosophy is all about trying new approaches, innovating, stumbling, succeeding and continuing to grow and change. And, it draws on lessons learned from both successes and failures.
 
In Koch’s own experience there have been major failures, including a foray into shipping and an attempt to build a cattle-feed-to-steaks agribusiness. He learned—as I have—that stumbling is the process of learning and improving. Your innovation is always better as a result of learning and improving what you started with. Pick it up for a great summer read.