Scientists Create Intelligent Goldfish

Did my title grab your attention? I try.

The other day I was working on math homework and I went on YouTube to look up a concept. I was focused on the task at hand until I saw a suggested video. I had to click on it. I knew it was wrong, but I couldn't help myself. 

A superior species. Photo

In another instance, I was doing some good research until I saw an advertisement for a shoe I had looked up a few days prior. I was immediately stopped in my tracks and had to click on it. 

All of this made me mad at myself, but it also made me wonder why us humans can't pay attention to anything. 

Well I did some quick research and found that we have a shorter attention span than a goldfish. Apparently, a goldfish has an attention span of 9 seconds (I'm not sure how this was determined). Since 2000, humans' attention span has dropped from 12 seconds to a mere 8 seconds. We can thank our love for technology for making us inferior to the humble goldfish. 

This relates to economics because the ability to capture attention is paramount for advertisers, businesses, or a salespeople. Remember how I said I just "had" to click on the advertisement of the shoe? Well, in that case, the advertisers got me by creating desire—one of the 7 proven ways to capture attention. 

Further analysis reveals that breaking expectations, or "disruption," is a great way to get people's attention. Classic examples of this are the links posted on the bottom of websites that say something completely outlandish or even outright fictional in an attempt to get you to click. Funny story: I actually clicked on one of these links as I was gathering some information for this post (see left). 

How do they keep getting me? Well, maybe because this specific link used another, potent way of attracting attention: "mystery," or leaving things incomplete. I didn't begin my day wondering if I came from royal blood, but hey, now I need to know!

Look! Photo

This is part of the reason that fake news is so prominent in our society. People produce fictional stories with attention grabbing, expectation-breaking titles, and they reap the monetary benefits of the mass web traffic their page receives. 

For anyone trying to expand their business or generate clicks on their webpage, the ability to capture someone's attention is crucial. But are you any good at his art? Even if you aren't skilled, what are some ways you try to get people's attention? Does it work? Let those comments flood in!

The Rise of the Internet

Most of our days here on Earth are spent looking at a screen. We are either watching TV, writing papers on our laptops, or taking the perfect selfies. I sound like a broken record when I say our lives seem to be almost completely digital. But beyond our selfies and mobile profile picture uploads, the internet has proven to be truly beneficial entity for economies around the world.

A shopper. Photo

Think about it: when you want a material object, where do you go? You don't pack up shop and take drive down a dusty road to the general store; you take out your phone and look it up. If you value the product more than the money in your bank (MB>MC), you can purchase the item with a couple clicks and sit back until it arrives at our doorstep or in your local commons building.

This is beneficial to small businesses because it increases visibility. This means a company with relatively small market influence can use a third party online retailers like Amazon.com, or by using their own websites and marketing to attract more people. And with over 3.5 billion internet users (click the link for a cool live count) and counting, the internet will only become more useful in the future.

One of many internet users. Photo

In fact, in a report conducted by the Internet Association, it was found that the internet sector was responsible for $966.2 billion, or 6%, of U.S. real GDP in 2014. If you're not familiar, GDP stands for "gross domestic product" and is a measure of all the goods and services in a country. This shows just how important the internet is to our economy. And we can only expect its influence to increase!

Infamous Snap Filter. Photo

The prevalence of the internet, including social media, is so prevalent, that a Forbes article explains how one business visionary sees our lives taking on a "blended reality." Forbes mentions how this could even contribute to a boom in the Selfie Economy. The article explains how "selfies will eventually form a part of an energized soup of connectivity of media intelligence." To me, that just sounds like fancy language for my Instagram feed is going to be clogged with selfies. I just hope our society moves past the Snapchat dog filter.

 Who knows, maybe one day we will be able to monetize our selfies in this so-called Selfie Economy that Forbes speaks of. What do you think? Is this possible? Would you drop everything and become a selfie-peneur, or would you delete all of your social media?

From a Humble Masseuse

I used to sell back massages. I would offer the "best" back massages that money could buy. I would use different techniques—my favorite of which was the "karate chop" method. I was a mere middle schooler, probably around 10 or 11 years of age, but I was practicing an integral part of our economy–entrepreneurship. 

Entrepreneurs at work. Photo

An entrepreneur is a person who assumes the risks and rewards of undertaking a new business idea. The entrepreneur is seen as an innovator of new ideas. In fact, as you might expect, our economy depends on the development of new businesses that come as a result of people taking risks. 

A classic example of entrepreneurship can be found in the humble lemonade stand. In this instance, the entrepreneur assumes the risk of initiating a new idea. He or she may have a take out a loan to fund the creation of their stand (they might have to ask their parents for funds to buy lemons etc.). They may also put in sweat equity, a contribution to a project of sweat and toil. Instead of hiring a worker, they can make their own stand and their own lemonade, thereby decreasing their expenses. If their business succeeds and their revenue exceeds their cost, they will reap the rewards of the venture. However, the entrepreneur must also accept the risk of not being profitable.

But what happens when entrepreneurship decreases? And what could possibly make that happen? 

Uncertainty is dangerous. Photo

Uncertainty in the market is one of the biggest hinderances when it comes to the creation of new business. If people can't accurate predict the future and can't trust the economy, then they are less willing to take on the risk of a new business. This eventually slows economic growth and leaves consumers without new products and services. Lemonade will be scarce and a good back massage will be few and far between. Doesn't sound very good to me!

You might be an entrepreneur if you draw stuff on walls. Photo

In today's day, a pertinent example of entrepreneurship on a grand scale is the "entrepreneurial ecosystem" of Silicon Valley. It is full of talent and is supported by government and non-governmental organizations that foster its innovations in technology. You may not realize it, but that new app that you just downloaded is playing a large part in keeping our economy functioning properly! It all stems from an entrepreneur who took an initial risk. After his or her company gains traction, he or she can even hire employees! 

Have you ever started your own business like my back massaging venture? Maybe you even operated your own lemonade stand for some time. Have you ever had or heard of any really stupid business ideas? Comment below I want to hear your stories about entrepreneurship!