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Partnerships in business can significantly benefit a company, but without proper organization and management, they can fail despite initial promise. The most successful ventures often involve partners, and treating them as equals, regardless of their stake, fosters collaboration toward shared goals. It's essential to establish fundamental rules to maintain a strong partnership. The speaker shares lessons learned from two costly partnerships that underscore the importance of avoiding mistakes in business. By learning from others' experiences, one can navigate challenges more efficiently than learning the hard way.
