TOP 5 ECONOMIC PRINCIPLES FOR ENTREPRENEURS
Economists love theory. However, sometimes economists love theory so much that they forget about the possible applications. As an entrepreneur, it is best to utilize the fruits of economic theory in a practical manner. The five economic notions to keep in mind for an entrpreneur are: specialization helps; people respond to incentives; not all incentives are tangible; people face opportunity costs; and rational risks are okay to be taken.
MAGNUSON PARK’S 11-YEAR, $13 MILLION MAKEOVER
November’s dark, gray days are no excuse for staying indoors – especially now that Seattle’s second-largest park has undergone a major, $13 million overhaul. Long known mostly as a boat launch site and a swimming beach, Warren G. Magnuson Park is now a year-round recreational destination. Concrete has been converted into wetlands, and soggy marshes into playfields, while new indoor facilities attract a wide range of visitors. The overhaul began in 2001, when Seattle Parks and landscape designers from the Berger Partnership began hatching plans for how to reorganize certain elements in the park to accommodate visitors and wildlife. Eleven years later, Magnuson Park boasts great new playing fields, both outdoors and indoors, while the beloved collection of public art remains unchanged.
A FASHION HOARDER OPENS UP HIS CLOSET TO CAPITOL HILL
For years, when guests asked Paul Mendes to visit the basement of his Capitol Hill home, he hesitated, fearing their reaction. “I was afraid they would think I’m a hoarder,” said Mendes, only half jokingly. What lurked below was an eclectic and stylish collection of women’s fashion, from a 1950s khaki-colored car coat made of wool mohair, to a recent Diane Von Furstenberg bubble skirt dress, to a maroon Lilli Ann swing coat from the 40s. Now, you can buy some of Mendes’ prized possessions. He and his friend Cat McCadden have opened Style Syndicate in what used to be the Capitol Hill Market at 12th and Howell. The boutique features McCadden’s own jewelry line and some clothes and accessories by local designers, but the bulk of the merchandise, about 100 pieces, comes from Mendes’ personal inventory.
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