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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 and enjoyable companies the speaker started involved partners, regardless of their ownership stakes. Treating partners as equals fosters collaboration towards common goals, leading to rapid results. However, it's crucial to establish basic rules to maintain a strong partnership. The speaker shares two costly lessons learned from previous partnerships to help others avoid similar mistakes, emphasizing that it’s more efficient to learn from experiences rather than endure the consequences personally.