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Partnerships in business can significantly benefit a company, but without proper organization and management, they are likely to fail despite initial potential. The most successful and enjoyable companies often involve partnerships, which do not have to be equal (e.g., 50/50) for them to function effectively—treating all partners as equals fosters collaboration towards shared goals. To maintain a strong partnership, it's essential to establish basic rules. The speaker shares personal experiences of costly lessons from two previous partnerships, emphasizing the importance of learning from others’ mistakes rather than repeating them.
