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In this video, Mike discusses the importance of having a clearly defined partnership agreement when entering a business partnership. He emphasizes that each partner's roles, responsibilities, and accountability should be explicitly outlined to prevent misunderstandings and conflicts. Drawing from his experiences as both a sole owner and a partner in various companies, he notes that without clear definitions, partners often end up blaming each other for unmet expectations. Mike highlights that while partners are equals, it's essential for someone to take the lead within the partnership to ensure smooth operations and accountability.
