We had the opportunity to sign Amazon early in my career, but walked on the deal. We were not thinking long term.
They wanted to dictate the terms, so we showed ourselves the door. We wanted higher margins. More control.
That was 2004.
We spent the next 10 years trying to get an agreement in place with them. The agreement we finally signed was almost identical to the one we walked on.
Amazon dominated the market and grew from 10,000 employees to 250,000 employees over that period and we missed all of it. We missed 10 years of work and relationships, 10 years of knowledge, 10 years of trust.
We did a lot of work in 2004. Nobody was hurting for business. But how many clients did we sign with in 2004 that are no longer around? No longer part of our portfolio, no longer relevant? How many have become Trillian dollar companies? Iconic brands?
When you select who to work with, who to hang with, you are placing a bet. You can place that bet on an immediate return, but the smarter path is to make a bet on their future. The long-term compounding of relationships will dwarf any near term deals you might land.
We made the wrong bet, and the opportunity cost was millions. We missed their growth and delayed our own.
Where else do we make short term bets when we should focus on the future?
Health: That three beer buzz over the morning workout. The workout compounds and transforms you over the years.
Wealth: The higher salary at 22 rather than the learning and experience that pay off at 42.
Wisdom: Netflix and chill instead the writing you’ve told people you’re working on.
You make bets on the future, not the present.
Who can you grow with?
What will the world look like in 10 years? How can we take part in that future?
Place your bets.
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