The price elasticity of demand is an economist’s way of describing what everybody who has ever had a business already knows: Generally, your price is determined by the market. Wouldn’t it be nice to raise your prices and see no decrease in demand? You’d be rich! But...

It’s hard enough to make a buck these days. You’re going to need a whole lot more than a good idea. In fact, as we found out, you’ll need to take several adversarial forces into consideration. It’s like fighting a battle on many fronts at the same time. You’re...

Our friends were surprised to see us still in business after two years. They knew we were undercapitalized. They would say sarcastically, “I didn’t know you knew you could dance!” alluding to all the fancy foot work it took to pay our bills. We responded, “We didn’t...