Spouse seeking support on dubious business prospects

Dear Amy: My wife is a wonderful person who has left nursing after more than 10 years, due to burn-out and differences with our medical industry.

She is looking for a new path and for two years has pursued life coaching and is looking into other business opportunities.

While she has many strong attributes, being a natural entrepreneur is not one of them.

I want to be supportive, but it’s hard watching my loved one spin her wheels pursuing dead-end ventures.

This hasn’t affected us financially yet, but that’s on the horizon.

For instance, we both may be looking to leverage our equity for a business loan soon.

I already have partners, a business plan, and contracts and customers lined up, and I just don’t see the potential in her business ideas (I say ideas because there is no business plan).

How can I be supportive?

— Loving Husband

Dear Husband: In an honest, earnest relationship, it should not be necessary to endorse every idea your partner has in order to be supportive. Nor is it wise — in the name of being supportive — to go into debt to fund a business idea that isn’t yet viable, even on paper.

Sometimes, being a frank and honest broker — and offering to talk things through and provide considerate feedback — is the best way to be supportive.

Accurate statistics on the failure rate of new businesses are a little squishy (depending in part on how “failure” is defined), but the Bureau of Labor Statistics found that 24 percent of businesses failed in the first year, and 48 percent didn’t make it past the second year — pre-pandemic.

(It is also safe to assume that many small businesses that don’t fail don’t actually turn a profit for many months.)

If you and your wife are prepared for the downside and your family can afford to fund two entrepreneurial ventures (one or both of which may fail), then you might be able to endorse one another’s dreams without question. But a failure in this regard would prove a huge strain on your financial future, as well as your relationship.

I suggest that you and your wife might want to “pitch” to each other in a scheduled and formalized setting (even if it is at your kitchen table), presenting your ideas, plans, and market research, followed by a frank discussion about the pros and cons of each business. She critiques your plan, you critique hers, and you both discuss — as a team.

You should also discuss the impact of your startups on your household expenses, such as housing costs and health insurance.

Dear Amy: “Sad Pet Mom” needs to fill the void in her life after her dog’s death with the rescue of a new dog.

A new dog will not replace her lost pup, but will fill that space in her heart with a new joy and love.

It has worked for me.

— Been There

Dear Been There: I’m glad this has worked for you, but I respectfully disagree that this would work for every grieving pet family. Contact Amy Dickinson via email, askamy@tribpub.com.