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Partnerships can greatly benefit a company, but without proper organization and management, they will likely fail, regardless of initial potential. The speaker emphasizes that most successful ventures involved partners treated as equals, even in non-50/50 arrangements, enabling quick and impressive outcomes through collaborative effort. To maintain a solid partnership, it’s essential to establish basic rules. The speaker shares two costly lessons learned from past partnerships, highlighting the importance of learning from others’ experiences to avoid making the same mistakes. This approach is more efficient than facing the setbacks firsthand.
