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Partnerships can greatly benefit a company, but they require organization and management to succeed. Successful companies often involve partners, and it’s vital to treat them as equals, regardless of their ownership percentage. Collaboration enables rapid results towards shared goals. It’s essential to establish basic rules to maintain a strong partnership. The speaker shares experiences of two costly lessons learned from past partnerships, emphasizing the importance of learning from others’ mistakes to avoid similar pitfalls. By doing so, one can achieve faster and easier progress without incurring the high costs of personal failures.
