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This relates to an offer of "compromise" made by the pagan Quraysh: they demanded of the Prophet that he give some sort of recognition to their tribal deities and attribute this recognition to God; in return, they promised to recognize him as a prophet and to make him their leader. Naturally, the Prophet rejected this offer.
The pagans of Mecca tried in vain to dissuade the Prophet (ﷺ) from preaching the message of Islam. In some instances they offered to worship his Allah if he agreed to bow to their idols, and some even offered him riches and positions if he just stopped preaching in the city.
It happens with men of Allah, and it happened with the holy Prophet, that they are tempted by the world with many things which appeal to the world generally, if they would make some small concession in their favour. The "small concession" may hold the key of the position, and neutralise the whole teaching sent by Allah. If the Prophet had accepted wealth and position among the Quraish and "only respected" their idols! The Quraish would have taken him into their inner circle! A dishonest liar like Musailama would have jumped at the opportunity and been hailed as a friend and associate and made much of. But Prophets of Allah are made of sterner stuff. They are given special strength to resist all plausible deception.