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Partnerships can significantly benefit a company, but without proper organization and management, they may fail despite initial promise. The most successful and enjoyable businesses often emerge from partnerships, which don't always need to be equal in equity. Treating partners as equals fosters collaboration towards common goals, yielding rapid results. However, establishing basic rules is crucial to maintaining a strong partnership. The speaker shares personal experiences of two costly partnership failures that provided important lessons, emphasizing the value of learning from others to avoid expensive mistakes.