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Partnerships in business can drive significant success, but they require organization and management to thrive; otherwise, they are likely to fail despite initial promise. The most successful and enjoyable ventures have been partnerships, regardless of the ownership split, as collaborative efforts foster rapid achievements. Establishing basic rules is essential for maintaining a strong partnership. The speaker reflects on costly lessons learned from two prior partnerships and emphasizes the importance of learning from others' experiences to avoid similar mistakes. Sharing insights from these experiences can aid in navigating partnerships effectively without incurring personal costs.
