(as described by Charles Koch)
The Basics of Market Based Management
Market-based management has five dimensions: vision, virtue and talents, knowledge processes, decision rights and incentives. When you put that together in an integrated package, it gives leaders and everybody in the company a toolkit to solve problems and capture opportunities. A critical part of our management philosophy is building what we call a ‘challenge culture.’ We find that’s one of the biggest problems in acquisitions we make. In many of them, if you challenge your boss, it really hurts your career. Here, if you don’t challenge your boss — not to show how smart you are or be clever, but because you see a problem in what’s being done or you have a better idea — if you don’t challenge, you’re not really doing your job.
The four core institutions in society as listed by Charles Koch
3. Business and Government