Recently I came across a short account of a huge mistake studio executives made when dealing with George Lucas while making the first Star Wars movie. According to the story I read, one of the things Lucas asked for when negotiating his deal with the studio was the exclusive rights to “toys,” which the executives didn’t stop to consider. They just said, “Toys? Yeah sure.” At the time of writing of the story there had been an estimated 8,000,000,000+ units sold, amounting to billions of dollars which Lucas earned, and not the studio.
The point which leaders should take from this story is several fold:
- Think about the long-term potential, rather than just getting a short-term deal done.
- Think outside your normal box, which may be greatly limiting your potential.
- Is there a deal to be made or an agreement crafted that can have tremendous value for you, your company, and the people you lead?
Think about the innovations you can pursue that will ultimately make the largest impact you’ve ever made and take the time to take a breath and consider the possibilities. Your team members will thank you as you share the accomplishments with them.
Lead well.