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Partnerships in business can greatly benefit a company, but without proper organization and management, they are likely to fail despite initial promise. The speaker emphasizes that some of their fastest-growing and most enjoyable ventures involved partners, who were treated as equals, irrespective of their stock ownership. Collaboration among partners fosters rapid progress toward shared goals. It's crucial to establish basic rules to maintain a strong partnership. The speaker also reflects on two costly lessons learned from previous partnerships, urging others to learn from their experiences rather than face similar challenges themselves.
