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Chris Gagne, an Agile Coach, discusses the importance of creating a working agreement within a team to enhance productivity and happiness. The working agreement is a set of ground rules created and followed by the team. It is suggested to identify potential obstacles to team success and prioritize the top five risks. Develop specific rules to prevent these risks from occurring, such as limiting distractions during meetings or enforcing punctuality during stand-ups. Reverse psychology can be used to brainstorm potential failures and create effective guidelines for the team.