10 Qualities Of A Good Business Name

One of the first decisions that most business people make is that of what to call their business. This is a very important decision for anyone to make, as the business name forms a big part of the brand of the business and the business brand is very important in the marketing of the business. 

The first thing about your business that people will meet is its name. Unfortunately many business owners choose sub-standard names for their business. Choosing a name for your business is a very key decision that will affect the growth of the business. You must not do it in haste without putting many things into consideration.  

You need to choose a name that will make people want to come closer and see what you have to offer; a name that on its own advertises you and gives you the first credits to beat competition.
 
In this post, I present to you ten unique qualities that every good business name should have. However, you must give much time to think before deciding on a name for your business.
 

1.    It Is Short

The best business names are short. Business names with two-syllabi are ideal. Names like Google, Facebook, LinkedIn, FedEx, Yahoo, Apple, Sony, Samsung, Nokia, Honda, Shoprite, are all two syllabi names that rock. However it could be three-syllabi like Toyota, Mercedes, Picasa, Toshiba, or a unique one syllabus name like Sharp, Nike, Dell, Sprint or Shell, and it will still do a good job.
 

2.    It Is Not A Phrase

The best business names are usually one-word names like Toshiba, Sony, Mercedes, or two jointed words names like FedEx, Facebook, BlackBerry, or two separate-words names like Coca-Cola, Rolls-Royce, Kia Motors, etc. Anything more than this becomes a long phrase and it is not good for a business name. Exceptions are institutions and corporations.
 

3.    It Reveals Creativity

In choosing a business name, you must avoid names that are too obvious. For example naming a restaurant business, ‘Nice Food Restaurant’ is not cool. But naming it ‘Mouth Power’ brings in something new and wins the attention of your customers. Naming a car ‘Wonderful Cars’ is unappealing but calling it ‘WONDERS’ will certainly appeal more in the minds of your customers. Let your choice be an uncommon one with some creativity in it.
 

4.    It Is Sharp

Some business names are too dull. When they are called, they create no further thought in the mind of the hearer. Such names are not good business names. The sharpness of the name depends on the first letters and the combination of the words that make the business name. 

Using words like Success, Good, Nice, Best, Victory, etc. makes your business name dull. Using strange words, wrongly spelled words, words that begging with letters like Z, F, Q, K, X, V, could make a name sound sharp. Think of names like Xerox, Suzuki, Kia, Volvo, etc. are names that will wake up any sleeping mind, any day any time.
 

5.    It Is Easy To Memorize & Pronounce

If you choose a short one-word name and a one, two or three-syllabi name like the ones mentioned above, it is likely not going to be hard to memorize and pronounce, although some two or three-words names could be difficult to memorize and pronounce depending on the language used. That is why very often when the language used is not a one that is common in the environment where the business operates, it is better to use a one-word name. This is seen in the case of most cars.
 

6.    It Creates Curiosity

The best business names are names that cause people to think and talk. When the name of your business has a whole story to tell, it will always make people more curious to know what story you are telling. 

Imagine calling a restaurant Hot Vapor Restaurant, Red Pepper Restaurant, Pot Belly Restaurant. All these are names that will make people ask questions; and when they can’t get the answers, they will come to know why your business has the name it has. This will bring them closer and could keep them forever, if you know what to do.
 

7.    It Talks About The Business

As already mentioned above, the first thing people meet when they come across your business is likely the name. A good business name speaks of the business but not in a straight forward way sometimes. For example, what do you think the name Sharp, speaks of the kind of TVs they produce and how do you think the name Caterpillar describes the type of vehicle it stands for, same with Coca-Cola, Pepsi, Hotmail and Facebook. Some names just summarize the business’ operations, others speaks of one quality or the other which the business has and want to communicate.
 

8.    It Is Not The Owner's Name

Many businesses in Nigeria bear the names of the founder/owner and/his family member’s name. This is not the best for a brand name that could someday go international. Although there are businesses named as such which are doing very well like Dangote Group, Ferrari, Philips, I still will not recommend the naming of businesses after the name of the owner. 

It is possible to name a business with the owner’s name and it thrives, but it would have done even better if the name was something more uncommon, sharp and with much creativity.
 
Some business owners have names that can go for a business but for most persons, their names are not good enough for their business. The worst is tribal names. Have you thought that you could someday be selling the business that is bearing your name?
 

9.    It Does Not Carry Punctuations Marks

It is not usually common to see business names with punctuation marks although we have a few like Yahoo! Coca-Cola, Wal-Mart and McDonald’s. Realize that the punctuation did not really change the name very much as it could still be read the same if written without the punctuation sign. Using punctuation marks is not really necessary for your business name.
 

10.    It Is Not Abbreviations

Just as in the case of punctuation marks use for business names, there are few time when you see businesses going for abbreviations for their business name, for example popular AOL, AT&T, BenQ, DHL, MTN, HTC etc. Some of these businesses do this intentionally to raise curiosity in the minds of the people, who will be seeking to know the meaning.
 
Your business name should not cause people to be curious to know the meaning of the name but to know the business. How many people who own Toyota, Mercedes, Honda, Suzuki, Samsung and Sony products really bother to know what the names stand for? But the names are powerful in themselves and cause people to want to know what they offer.
 
Like I said, you don’t have to use abbreviations for your business name when there are many idle words you could use, when you put your creative mind to work. Also, if you a name made up of many words it could be reduced to abbreviations and the name will be drowned in a few letters that make no sense.
 
I am sure you can now sit down and get to work, coming out with a business name that rocks. When you start thinking and you get one or two options, don’t stop at that and get satisfied. 

Very often when I think of business names, I get them like some kind of inspiration and I am tempted to always think I have had the best. However, later I get a better one and I feel different about the former. Take some time to think deeply before settling on your business name. Think about all the products and services you will be offering; think about the far future of the business and you will make a better choice.
 
When you choose a name for your business, choose one that is strong and goes down in history and never easily gets lost in the crowd of names of similar businesses.
 
Make your comments below...

WEALTHRESULT

By what standard are you measuring success?

There was a time in my life where I was living my greatest potential totally unfulfilled simply by letting others define what success meant for me. Back then, when I looked around at my peers, I saw brilliant people who were doing amazing things and making tons of money, bankers, lawyers, blossoming corporate champions, entrepreneurs…people doing what society expects and getting all the honour and respect. Starting school all over again from year one after losing it earlier in my final year was challenging and intimidating. Even my younger ones were ahead of me academically. Friends and class mates who didn’t have any issues in their academics had moved on to get some of the best jobs, and some had started thriving businesses. I began to make efforts to quickly succeed; and before I knew it, I had allowed it become a measure of my worth. All of a sudden, I began to feel the urgency to do well instead of the need to do well. They are different. The urgency to do well is always unhealthy and negative because it always comes from envy, jealousy or low self-esteem. It always come from a self-comparison with others that ignores our own peculiar circumstance and instead focuses on that of others. The need to do well comes from a personal recognition of one’s unique purpose, with a clear understanding of the value we will add to the world when that purpose is served and lived out.

So, for a very long time, I tried to define my own success by comparing myself to others. I tried to define my own success by trying to conform to society’s expectations and standards. It was a terrible time for my mind but I didn’t even know. Those standards were telling me the kind of person to marry, the kind of business to start and the kind of office to have, the kind of place to stay, the kind of certifications to have, the kind of career to build, the kind of fashion to maintain, the kind of car to drive, the kind of places to go, and many more. Before I knew it, all of these became a measure of my worth. These were self-imposed tests and standards that I wasn’t even aware of while they were happening. These things happen in your sub-conscious. They go on right in there in your mind and your head, and there’s already a kind of hypnotism that prevents most people from having honest self-evaluations. This creates an unhealthy mental posture that helps people easily live in denial.

I always make bold to say that I went through years of experimentation and self-doubt in order to cultivate the resolve, conviction and assurance of purpose that I now have about my journey. And honestly, while I find immense value in different perspectives about the unique journeys of others, I also know that I have my own unique journey, and it is my duty to always put it in perspective, and fight to protect it from any wrong influence or adulteration of any kind. The most important step for me was finally becoming aware that I was making comparisons. In itself, that is a great victory. Most people will live out their existence without coming to that level of awareness. As soon as that awareness came, every moment from then on till date is about the creation and defence of my own unique measure of success.

Let’s start with you now. If you say you are not doing well, how do you know? By what standards would you measure that? In your life are you making these damaging and unnecessary comparisons? It may be something as unnoticeable as a subconscious compulsion, urge and drive to get promoted, to get another degree, to travel abroad for summer or to have a collection of artificial hair and be able to wear different ones daily. It could just be this driving force that pushes you to be more, in some way, than you are now. Whatever your striving for validation looks like, first be comforted by the fact that most of the people you know, and most of the people you compare yourself to are also suffering from the same thing, seeking to meet some kind of standard someone else set for them without the knowledge and consent of both the setter and the person it was set for. The way to get out of this rut is hidden in one simple question: How Do You Define Success? Ask yourself, “What does success mean to me?” Have you ever honestly asked yourself this question? Or have you simply adopted your priorities from everyone around you? Most people have done just that and are not crystal clear on what success means to them? Are you crystal clear on what success means to you? The way to begin is to know what success is about. What has happened is that our history and negative experiences as Africans, has wrongly defined success as the pursuit of personal comfort.

There’s popular success and there is true success. They are different. Popular success is material strength and prosperity for its owners. Popular success teaches that comfort and convenience are victory signs for yourself over those who observe you. It is actually the weakest expression of self. True success is first of all, the ability of the human life to gain superior control over his or her spirit, soul and body; and to use that control to bring deep love, joy, peace and fulfillment to the world he or she can influence. Popular success is achievement by the standard of others, especially that of society. But truer success is living the kind of life society can be grateful for. True success happens in the heart. For example, is your success helping young girls or sleeping with them? With this definition, you understand straight away that success is not an event, it is not a destination either, but it is a lifestyle. It is what you do every day of your life regardless of your circumstances. Whatever your measure of success is, can society be grateful for it? Can your area of influence be grateful that you are successful? The point is that you get to understand what success is, and choose how you engage it for yourself but in a way the world can be better for. You have to define it. Live by it. Sustain it. Protect it and Share it. Your comment is important here...

OlakunleSoriyanBlog

Top 10 Most Expensive Mobile Phones in the World (2014)

It is no secret Nigerians love Luxury items despite us being one of the poorest countries on earth. Here is a list of the top 10 most expensive phones in the world via sportrichlist.com. if you can ‘afford’ them. But before you start dreaming, these phones  are for the royals, the politicians and the oil tycoons.

1) iPhone 5 Black Diamond : Price Tag – $15.3 Million (Approximately 2.5 Billion Naira) :

The one most richest brands in the world is Apple and their devices are also cotted with Gold and diamond check out the iPhone 5 which is the most expensive one due to its diamond computation . It has been cotted with 26 Carrot of black diamond.

2) iPhone 4 Diamond Rose Edition : Price Tag – $8 Million (approximately 1.3 Billion Naira) :

It looks like iPhone series is bringing with multiple luxury gold and diamond edition the 2nd mobile we have on the list is the iPhone 4 which is cotted with multiple diamond rose edition .

3) iPhone 3GS Supreme Goldstriker Advanced : Price Tag – $3.2 million (approximately 400million Naira) :

iPhone 3GS is one of the top edition in the gold plated format , it looks like that only luxury peoples or the millionaires can go for such advance technology .

4) iPhone 3G Kings Button : Price Tag – $2.4 million :

What is so special in the iPhone 3G Kings Button that its button is made of diamond a luxury style of iPhone buttons , the most expensive carrot diamond of 6.6 edition on the home button .

5) GoldVish Le Million : Price Tag – $1.3 million :

GoldVish Le Million another phone which coverd with only gold made for the peoples who love to handle the Luxury edition . The mobile is the design of the Emmanuel Gueit a Swedish Designer. The mobile is owned by the famous Russian Businessman .

6) Diamond Crypto Smart Phone : Price Tag – $1.3 million :

Diamond Crypto Smart Phone another phone which has the price of round about $1.3 million but the best things that it has been totally covered with diamond .

7) Gresso Luxor Las Vegas Jackpot : Price Tag – $1 million :

Gresso Luxor Las Vegas Jackpot its totally a master piece of design with Luxurious gold and diamond series . Its price is some where near to the $1 million.

8) Vertu Signature Cobra : Price Tag – $310,000 :

Vertu the mobile company may be not that popular but in the creation of the expensive mobiles and most powerful devices they were leading till today . They have create a mobile with gold medal .

9) Sony Ericsson Black Diamond : Price Tag – $310,000 :

Sony Ericsson one of the most selling brands at one time but they have also get into the Luxury edition . Sony Ericsson the mobile which is covers with totally Black Diamond .

10) iPhone Princess Plus : Price Tag – $176,400 :

There are some mobile which will feel you the real world of luxury one of them is the iPhone Princess Plus the phone which is coated with diamonds.

Sportrichlist

Top African Entrepreneurs Shares Their Secrets To Making Riches In Africa

If you are an African entrepreneur and you are looking at ways to get motivation for what you do, one place I advice you watch or visit is the CNN’s African Start-Up. Every week, the CNN’s African Start-Up follows entrepreneurs in various countries across the African continent to see how they are working to make their business dreams become reality.

Alpesh Patel, CEO and founder of Mi-Fone

Photo credit: Pierre Bosch

Alpesh Patel’s Secret to Making Riches in Africa:

Young entrepreneurs should come into the game with some of their own savings, so get some corporate experience in your chosen field and learn how the system works. Save as much as you can from your income, and create some key relationships. Look for the gaps in what big companies are not doing well, and make sure you take advantage of this to create a niche for yourself.

Use social media as much as possible to raise awareness at a low cost, and build your brand every day.

Magatte Wade, CEO and founder of Tiossan

Photo credit: Terry Gannon Photography for Tiossan

Magatte Wade’s Secret to Making Riches in Africa:

Many Africans are unaware that the “cultural creative” demographic in the U.S. and Europe actively seeks out high-quality products from exotic cultures. With a sophisticated branding strategy that targets this demographic, we can replace the negative connotations of the Africa brand with a positive appeal, and bring the best of African culture into the global marketplace as a prestige brand.

Issam Chleuh, founder of Africa Impact Group

Issam Chleuh

Issam Chleuh’s Secret to Making Riches in Africa:

It’s important to carefully think through the whole ecosystem and supply chain of your business to make sure you cover all the steps along your way to success. Be mindful of people’s promises and double check their work — your employees, clients and partners. Africa has a laid back culture, and it’s important to have control and oversight over all segments of your operations.

However, opportunities are endless — dare to innovate in Africa, the rewards will make you forget about all the risks.

Heshan de Silva, founder of DSGVenCap

Heshan De Silva

Heshan De Silva’s Secret to Making Riches in Africa:

Transplanting what works in the West and the East over here doesn’t cut it. You need to innovate locally and address challenges that people face on the ground. Make the start-up relevant to the masses in a way that’s accessible, and you’re on the right path.

You need good market research. Often we think we’re “on to something” when we are not. Make sure you’re addressing issues that are really affecting people, not just those you think are affecting them.

Ashish Thakkar, CEO of Mara Group

Ashish Thakkar

Ashish Thakkar’s Secret to Making Riches in Africa:

You need to be mindful of the fact that Africa is diverse. The biggest problem that those who are new to doing business in Africa face is that they tend to treat it as a homogenous entity, whereas in fact this is a place where you have many different cultures, parliaments, political and regulatory systems — it’s important to understand this. You cannot engage with Africa from a distance — you need to be able to gain first-hand knowledge of the environment in order to properly know the market.

Patrick E. Ngowi, CEO of Helvetic Solar Contractors

Patrick E. Ngowi

Patrick E. Ngowi’s Secret to Making Riches in Africa:

You should start small, with lean operations, and scale up as you go along. I started my solar company being the only employee, going on roof tops to install one solar panel at a time. I made sure every client got value for their investment and, most importantly, was satisfied. Our clients became our ambassadors, especially at a time when there was no budget for marketing.

Jason Njoku, founder of iROKO

Jason Njoku

Jason Njoku’s Secret to Making Riches in Africa:

You have to be on the ground in Africa. I personally don’t believe that you can start a business in Africa if you don’t immerse yourself in the market 100%.

You also have to keep speaking to your audience — don’t make assumptions about what you think they want as you might be wrong, especially if you have moved back to Africa after a long spell abroad — many Western models do not apply to African audiences and consumers. You need to have African solutions to African nuances and challenges.

What’s your take on this? Have you been inspired by the words of advice of these African entrepreneurs? Let’s talk about it in comments…

CNN

60 Signs You Might Be An Entrepreneur

Entrepreneurs are always seen as people with unique features or people who sees opportunity in virtually everything that comes their way. Their unique ways of doing things makes it a point of necessity to study the possible signs that shows when a person is likely going to be an entrepreneur.

I have had my doubts about some conceptions on who an entrepreneur is which at some point left me with the option of researching and consulting some core entrepreneurs and other resources that focuses on entrepreneurship.

If you have at some point paused to ask yourself if actually you are an entrepreneur, the list below can help to point you to the right direction. While the list may not to be the final signs of who an entrepreneur might be, it however points to some features which a would-be entrepreneur might posses.

Let’s run through them:

1. You greatly value self-reliance (it’s something you really believe in).
2. You always want to learn from everyone about everything.
3. You strive for distinction through excellence.
4. You have tremendous belief, faith and trust in your own abilities.
5. The passion for entrepreneurship runs deep in your lineage. Your great grand parents, grand parents and parents all worked for themselves. And you grew up with that mentality and want to follow the trend. (This in most cases is not true for every entrepreneur).
6. You’re determined. You have to make the wrong right. You have to make the impossible possible.
7. You always refer to Steve Jobs’ quotes and makes references with them as a way of keeping yourself from falling to pieces.
8. You work on your particular area of interest than working on an alien platform just for monetary benefits.
9. You are always careful not to get side-tracked from your thought process.
10. You always watch out for local business news in your area.
11. You strive to make things better and are willing to take action on it.
12. You are always very optimistic about everything around you.
13. You’re a charming and charismatic person.
14. You always see the cup half full and expect more water to come in.
15. You enjoy creating and building things and can think of numerous ways to combine existing things and new ones in an exciting manner.
16. You are a dreamer. Always dreaming of business ideas and investment opportunities in the future. Part of you always feels like it is in the future, and that excites you.
17. Passion runs deep down your veins. Inside and outside of you. Your passion for what you do keeps you going even when you spend excessive amount of time working without making a dollar.
18. You hate to take NO for an answer. Not ever.  You may concede but you will never give up, rather you will figure out a way to fit a square block into a round hole.
19. You like being in charge of your own Success or Failure.
20. Selling your visions to others is what you find easy doing.
21. You always think of building business, and not just coming up with ideas.
22. You always have thoughts of living a life of “freedom from boss” kind of work. Working and being your own boss runs through your head at all time.
23. You think outside the box because you always want to try things out yourself.
24. Your business life is a little unpredictable. You rarely give space for people to predict what’s on your mind. You don’t like to live by predictable patterns of life.
25. You have a competitive nature and are willing to lose. You always know that you can do something better.
26. You don’t take no for an answer. An entrepreneur never gives up — ever.
27. You see what others don’t see. For example, you walked into a coffee shop and sees the seats closet to power outlets as the best seats in that coffee shop.
28.  You surround yourself with quality people — not those capable of talking you down on your business moves.
29. You are not afraid to leave security for something you believe in.
30. You always think and believe your visions will come alive.
31. You don’t work for money alone, but for your business and your name.
32. You have strong people skills and finds it easy communicating with people.
33. You are a good listener and see customers as kings.
34. You embrace technology and give your best to it. In today’s business world, every product or service that has been created must be sharp and precise in terms of technology.
35. You see working with people as a necessity for a successful business venture.
36. You see opportunities in every day life. In stores, on television, in the news etc… everything for you is an opportunity.
37. You like strategy and have an eye for strategic manoeuvres, and nothing is going to beat you.
38. You always ask yourself  - What can I do now to start changing things for the better?
39. You dropped out of college like Bill Gates, Steve Jobs, Mark Zuckerberg and Matt Mullenweg.
40. You sign up for every newsletter that comes your way. Before I see this as a waste of time and distraction, but over the years, I’ve come to know that every single newsletter in my inbox if carefully looked into can be utilized. No newsletter is totally useless as long as you sign up on sites of people you see as pros.
41. You are a ROI motivated person. (ROI means Return On Investment).
42. You can spend at least 60 hours a week without complaining.
43. You don’t have problems lying underneath your computer desk and catching a little sleep.
44. You believe that your time is worth more than money.
45. You might be an entrepreneur if you sleep like a baby – waking up several times throughout the night worrying how and when they will eat.
46. You have the attitude of lying  to your doctor about the number of meals you eat, hours you sleep, and times you workout per week to spare yourself the lecture.
47. The daily commute to your office is from the bedroom to the living room.
48. You’ve always resisted authority; that’s why you’ve had a problem holding down a job.
49. You believe so much in marketing that you don’t have problems throwing revenue at it.
50. You enjoy being with a group but don’t relish much being alone. You probably get most energetic when working with groups of more than four people.
51. You spend more time with your co-founder than you do with your spouse.
52. Your definition of light reading includes comparing and contrasting preferred equity and convertible notes.
53. You feel uncomfortable working for 31 days and waiting for your pay.
54. Your idea of a holiday is a working day without anything interfering with the tasks you really need to get done.
55. You get more SMS alerts from people you follow on Twitter than from actual friends listed in your address book.
56. If the first thing you do when you wake up in the morning is check your Github
57. If you go to the bathroom to hide from your girlfriend so you can write some notes down about a killer thought you just had without getting in trouble for interrupting dinner.
58. You see opportunities everywhere. For example, you walk into a building and are curious about its worth or the companies inside.
59. If tying a shoe is what you can easily do without struggling. I am sure you are aware not everybody know how to tie a shoe lace?
60. If you are willing to push through the portion of the journey called the “middle mile” – the place where challenge and drudgery happen.

Do you think you have at least 10 out of 60 of the above traits in you? These traits or features are only signs as I said. Being an entrepreneur is what you will develop over time. It doesn’t just happen immediately, with consistent push into what you believe and love doing, you can easily develop the spirit of entrepreneurship and live it as a lifestyle.

Is this list of 60 signs all that shows if someone might be an entrepreneur? I am certain you have some comments to make on them or probably would like to add yours to the list. So let’s talk about them in comments…

Jackpreneur