What is in a name?
The final step in the inverted pyramid analysis is to choose a name for your company or business venture. This is the most exciting step as you have complete freedom to choose any name – as long as it has not been chosen by someone else!
Traditionally companies have been named after the original founder, or a strong partnership that then created a brand image that has survived.
- Hewlett Packard
In some cases the product has now become more famous than the actual founder:
Who knew that Laszlo Biro, a Hungarian newspaper editor, would get so frustrated with filling his fountain pens with ink that he would pioneer the ‘Biro ballpoint pen’?
Or that John Hoover would be so successful that almost every vacuum floor cleaner is called a ‘Hoover’?
Your name needs to sound good, carry some meaning and, most importantly, be available for use.
Find out How 16 great companies picked their unique names (available on American Express’ website).
Investigate whether any ideas you have for names are available (look out for a company name availability checker in your locality).
Does the name convey a strong meaning?
Don’t forget to capture your thinking in the business idea template or in your learning log or portfolio.
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