Playing to Win vs. Playing to Last

George Eastman started Kodak with a vision. Not just a vision for a business, but for a world where photography was accessible to everyone. He wasn’t just selling cameras or film; he was opening a window for people to capture life’s moments, big or small. That’s the Infinite Mindset.

Eastman didn’t stop at products. He pioneered employee benefits, paid sick leave, and even stock options long before they were common. He funded hospitals, schools, and universities. Why? Because Eastman saw Kodak as part of something bigger—the well-being of people, communities, and the game of business itself. That’s how you play the infinite game: you don’t just build a company, you build a legacy.

But Kodak’s story didn’t stay infinite.

Decades later, Kodak invented digital photography. Think about that for a moment—they had the future of photography in their hands. But instead of playing to keep the game going, they played to protect what they already had. The board doubled down on film, milking digital photography for royalties instead of embracing its disruptive potential. They stuck to the finite game, clinging to stability, profits, and control.

And what happened? The game changed. Competitors seized the future, and Kodak, the once-unstoppable giant, was left behind, filing for bankruptcy in 2012.

This isn’t just Kodak’s story. It’s the story of many family businesses. They start with a vision—an Infinite Mindset. But over time, they fall under the spell of finite thinkers: boards and executives who prioritize short-term wins over long-term survival. They stop asking, “What’s best for us?” and start asking, “What’s best for me?”

The result? A culture that avoids risk, rejects innovation, and rewards self-preservation. Managers hoard information, avoid mistakes, and stifle creativity. Ideas that might disrupt the status quo are strangled in their infancy. And while the numbers might look good in the short term, the company’s future becomes a ticking clock.

Contrast that with companies built for resilience. They embrace surprises, adapt to change, and see disruption not as a threat but as an opportunity. They aren’t just trying to win; they’re trying to keep playing.

Eastman’s Kodak had the Infinite Mindset. The company it became did not. And the lesson is clear: the moment a business starts playing for the next quarter instead of the next generation, it’s already losing.

So, what game are you playing? Are you building something that will outlast you? Or are you clinging to what you have, hoping to win a game that never ends?

If you’re not playing to keep playing, you’re not really playing at all.