As an outgrowing entrepreneur, the number one thing on your priority list should be – the name of your company. We are suggesting this because the name of your company will be the heart, soul, vibe, and face of your company for the audience to witness. It should be engaging and intuitive.
We have been talking about how a company name should be and how you can find the perfect brand naming agency to help you name your company, but are you forgetting something? Did we just rule out the problems you may face while finding your company name? Say no more, we got your back. Here are some problems you may face while you try naming your flourishing company.
A bad attitude is like a flat tire, it won’t get you far
The first problem most of the entrepreneurs and company owners make is originated from their thought process. That’s the mistake of taking your company’s name too lightly. Majority of entrepreneurs think things like – what’s there in the name, only service matters. Well, friends, this is not any Shakesphere play where the name doesn’t matter. If you still need to be convinced check out why your company names matters? Many of the creative heads think that they, on their own can churn out some fabulous company names which are better to hear than WallMart or Amazon. Thinking of your company name too lightly and naming your company single-handedly without any second opinion is a big blunder to make and you might want to avoid it.
Naming Mistakes Entrepreneurs Make
Mysterious Names
Companies often suffer at the fate of consumers who try figuring out what the company name indicates. Just following the stupendous trends which have no relevance to your niche or nature of service will land you in the dark with no considerable revenues.
Succumbing understandability
Many entrepreneurs commit the mistake of inventing their company name in a foreign language. Eventually, this leads the company’s revenue down the slope. For instance, if someone starts a business in India and names the business in French or Portuguese, just for the sake of acting cool, how would people understand the idea of the venture. This step may attract potentially over the bar customers, but it will not be able to generate sustainable returns.
Overpriced Premium Domains
Most entrepreneurs blatantly spend a ruthless cost on overpriced domain names. Yes, your domain name should be as per your nature of service/product but you should also not run out of your capital resources. Fun fact – Tesla doesn’t own the domain name resembling its company, Tesla.com. But they have such a service that people need not know its domain name. There should be a perfect blend of relevance and fund control.
Problems Faced by Business
With growing up-to-the-minute technology and high demand, businesses are bearing many problems which are affecting their resources, a couple of them are listed below.
Instability :
99 out of 100 sane minded businessmen suffer from the instability of the economic world we live in. The economic world around us, including the strategies our competitors plan and consumers’ demand trending every month, it has become a challenge to sustain a business model for a long time. But the solution, we as business leaders are looking for this robust instability of the market is not justified. Companies are welcoming short-term strategies with short-term impacts, which is not really a sustainable business model. Instead, people need to adopt short-term strategies with duly calculated long-term effects. This will create a sustainable balance between the ever-changing marketplace and rapidly increasing demand for business.
Technological evolution:
This is the second most common problem faced by the businesses of the present world. Every year, if not the month, a newbie tech asset is releasing and the technology has become genuinely volatile for small-cap business owners and handlers. For instance, a decade or two ago, there was roughly a difference of half a decade between Bluetooth and Wi-Fi direct. And now, the latest versions of the new octa-core and Qualcomm processors are raining down every few weeks. This has stirred a sense of uncertainty amongst CEOs and business owners.
Who knows if you purchase a piece of cutting edge technology worth some considerable amount of money, and the next month a new product rolls out and your competitor gets your strategy with it? Staying liquid is the best advice tough times like these. Concluding, now that we have seen how a bad attitude and slight carelessness about things can let you into making mistakes most of the entrepreneurs make, now’s the time to dodge those mistakes. For this, you might want to check out our take on how to select a brand name for your company? Or the best way to find your company name for an emerging business is to hire a professional Brand Naming Agency and let it shine the light upon your company’s reputation.
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Last Updated on February 3, 2021.
