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Partnerships in business can greatly benefit a company, but without proper organization and management, they can fail despite initial potential. The most successful companies the speaker has started involved partners, regardless of their ownership stake, as collaboration fosters rapid progress towards shared goals. Establishing basic rules is essential to maintain a strong partnership. However, the speaker shares experiences from two costly partnerships that taught valuable lessons, emphasizing the importance of learning from others' mistakes to avoid similar pitfalls in one's own ventures.