We have all had the experience when, in response to a problem – we find ourselves looking for just the right company to fix our urgent need. It is then that we begin the screening process for that business through which this urgent problem will be resolved. Spontaneously we analyze the credibility of the company through its name.
It is for this reason that today’s SIMBA Success Essential is:
Slow down and intentionally create the name of your new business.
To conduct this critical analysis, we recommend that you answer the following questions:
- What compelling need will my startup meet?
- How will the name convince the consumer of my startup’s ability to meet the need?
- Does the name for my startup clearly attract the consumer who will want to buy my service?
- Does the name for my startup clearly attract the consumer who has the money to pay for my service?
- Are there competitors who are using a similar name?
- How will my name distinguish my startup from the competition?
- When the consumer hears the name of my startup, does it generate a positive feeling of “YES”?
Call-to-Action
- Conduct this analysis
- Name your startup
- Get ready to transform your world!
Mentoring Moment
“I make more mistakes than I make good choices. My only saving grace is that the choices that I make are better and more significant.” — Jason Njoku, Founder of iROKO Partners and iROKOtv (leading online streaming platform in Africa), now Venture Capitalist (Nigeria)
