Did you know there are only a limited number of options to name an enterprise? What a relief, isn’t it? As a matter of fact there are only seven really different ways in which you can create a name for your business or product and I am going to show them to you. However, before we get to the seven ways, we must first get a strategic issue out of the way. Going through the seven options with the wrong strategy will only help you from the frying pan into the fire.
So, let’s quickly play a game.
What would you choose?
Upfront I offer you a name that won’t harm your enterprise. Take it, off you go to a flying start! It is not a “Wow!” but it will work. Most importantly it won’t harm your business.
However, I also have a secret name in a box. If you reject the “plain” name that I offer you upfront, you may choose the name in the box. But, wait, here’s the trick! In the box can be either of two names. Name A is an absolutely fabulous, mindboggling “Wow!” name for your venture. Name B on the other hand is a very inappropriate, “ouch!” name for you business. For our experiment’s sake you will have to use whatever you choose. Once taken you can’t discard.
What do you do? Take the appropriate, but uninspiring name and get off to a flying start? Or do you take the chance and choose the box – at least you have a fifty-fifty chance of getting a fabulous name for your business?
What you should do, is choose the appropriate if uninspiring name, because a name alone will not guarantee business success. A business is by far too complex for that. A bad name, however, may positively harm your business. I have seen some really bad names for businesses which the owners justified by saying that “they wanted to be different.” Yes, we need to differentiate, but if we are too different your market will fail to make the connection between their needs and your offering! Many things will differentiate your brand. The onus is not on the name alone! When you come to a professional agency for name development, the greater part of the fee will be for preventing you choosing a name that will make you look foolish and harm your business!
Before you even begin to name you enterprise, make the right strategic decision. If, by luck or inspiration you do stumble on a “Wow!” name, good for you! You are lucky, but don’t over estimate the power of a name in business success!
Now we get to the tricks of naming a business or enterprise.
1. A personal name
If you are in the services industry, your first choice should always be your own name. Only when there are compelling reasons to the contrary (for instance: you are afraid if you fail, your name might be tarnished), should you choose anything else. Take your name in the real world, for instance Sue McGregor and add the description of your business, for instance “Sue McGregor Financial Advisors.” Your biggest advantage in small businesses is you yourself; especially in services. Use your name to give personality and a face to your business. Personalise, personalise, personalise!
2. Combine two words to create a metaphor
Take two words and combine them to make a new word with a new meaning, “airbus,” for example. A bus transports passengers in bulk on land. Combining the word bus with the word air creates a new meaning, bulk passenger transport by air. You use a part of the meaning of one or both of the words.
3. Combine two units of meaning (morphemes) to create a new word
“Provita,” the name for the well-known health biscuits come from “pro” meaning “for, on behalf of” and “vita” life. This is very powerful.
4. Create an acronym from the first letters of a description
This is very popular way with technology companies. “Intel” comes from “Integrated electronics.” “Modem” comes from modulator emulator. The important thing to remember is that the name must sound like a real word. This means that you should have vowels attached to consonants as in In and tel. Don’t, don’t have only consonants such as BRD or RDF. “IBM” only works because it first was Industrial and Business Machines, became well-known, and was then abbreviated. You are not IBM!
5. Take a part of what you do and use it to refer to the entire enterprise
“Staples” is only an (insignificant) item on the list of office supplies, but it is the name of a large supplier of all kinds of office supplies in the US. Windows is only the obvious visual part of the office software package.
6. Take a well-known word from one area of life and apply it to your enterprise
“Diesel” is the name of type of fuel, but it is applied to a well-know clothing brand. In this case the word carries emotional overtones of “rugged” and “working class.” “Apple” is another example. The trick here is to choose words with emotional associations that will support your enterprise.
7. A totally new word that has not existed before
There is a strong case to be made that this may yet be the best of all options for a product or large enterprise. Examples are “Exxon,” “Sony” and “Kodak.
Finally your biggest no-no is to be generic. You can’t be “Our Game Farm” or “The Pharmacy” or “My wine.” As an individual you don’t want to be known as “My father’s son.” You want to have a name! The Internet has not changed this at all. Remember, books.com got nowhere, but Amazon did! Search.com got nowhere, but Google did! It’s counter-intuitive but indisputable true!
Kulula Work Brings You The Cheapest Flights Of The Day For Your Business Travel
Time spent on the road for business can be a nightmare when you don’t have an efficient travel partner. But of course, you’re on a budget, so compromising comfort for cost is your best bet in a tight economic climate. Not necessarily.
Does the thought of a conference or out of town meeting conjure up images of dodgy motels, delayed flights and unexpected Uber trips, because your rental car booking was mixed up — again?
There’s an affordable solution to ensure you’re on time, every time, comfortable, refreshed, organized and stress-free when you seal that deal you travelled a few hundred kilometers to clinch.
Enter kulula work.“kulula.com was built on a culture of entrepreneurship and we know how important entrepreneurs are to economic growth,” says Dawn Weir, head of kulula work. “So, we want to be sure that there are as few obstacles as possible to building a business, especially as most new jobs in coming years will be in small businesses.”
Low-cost benefits for entrepreneurs and business executives
Growing your business means networking, meetings and time consuming periods away from your business. This is where efficiency and resourcefulness are key. A specialised corporate travel service, kulula work ensures that business people can travel to close deals, meet business partners or network without incurring excessive costs.
“Face-to-face meetings are proven to be far more beneficial than email conversations or teleconferences. While technology has a role, personalised face-time still beats other means of contact for business,” says Weir.
Travelling with kulula work guarantees the best fares of the day on kulula.com and British Airways (operated by Comair), and you don’t pay booking or flight change fees — only for the difference in fare and the airport taxes.
All-in-one services for business on the move
With kulula work, you’re also offered competitive car hire and accommodation options, assisting you with all your business travel requirements. The cost of convenience? Great savings and a reliable travel service, around the clock.
“Because running a competitive and efficient business is about managing your costs, kulula work offers support on invoicing and monthly reporting, as well as account management and access to a Corporate Reservations team,” adds Weir.“They’re also available after-hours if needed.”
Dedicated to you so you can focus on work (and play)
kulula work’s team of professionals features an agent dedicated to your account who assesses your business travel needs and sets up a corporate travel deal to meet your specific requirements.
For that work-life balance you’re after, kulula work offers an extra 20kg free baggage allowance for travellers with musical instruments and sporting equipment. Because entrepreneurs need a healthy combination of work and play, on the road to success.
The following is exclusively available when your next business trip is booked via kulula work:
- Best fares of the day on kulula.com and British Airways (operated by Comair)
- Flexible flight changes (only the difference in fare & taxes will apply)
- No booking fees
- Competitive car hire rates with Europcar and Avis
- Great hotel rates with Protea Hotels and City Lodge Hotel Group
- Invoicing and reporting
- Account management
- Access to our qualified Corporate Reservations team. *
* Legal stuff applies
Contact kulula work on:
- Tel: +27 (0)11 285 3050
- Email: email@example.com
- Visit: www.kulula.com/work
Why You Need A Million-Dollar Pitch Before Your Start a Business
You’re not ready to launch your business until you can explain in 20 seconds or less how it helps someone.
I would argue that you should not try to start a business until you can clearly articulate how you help people in a pitch. Pitching is vital to your success so it makes sense that you need to master it before you can launch a business. Why? It forces you to focus on what you can do right now and what problem you solve in the marketplace. It’s the value of your business in just a few words.
You will need to pitch your product, idea, or service to:
- Turn strangers into customers
- Attract investment partners
- Hire new employees
Before anyone is going to do business with you, you have to get attention. A million dollar pitch is a short commercial that will attract attention and make the benefits of your company tangible to a customer. It should be 20 seconds or less and help the person take an immediate interest in what you do. It’s a simple statement with a specific goal.
How much time have you invested perfecting your pitch?
If you’re saying to yourself right now that what you do is “too complicated” to put in a few words, you probably lack clarity about what you’re doing. It might also be a sign you’re only thinking about making money instead of how you can add value to others.
A lot of people cannot articulate their value in a few words.
There are so many distractions out there, so you need a well-crafted pitch to cut through all the noise. People call me all the time on my shows with long-winded explanations about their business. When you’re pitching, no one wants to hear about your company history. I don’t say that to be disrespectful, but because it’s just the truth. You have to give someone a reason to want to ask more about you – that’s what a good pitch does. The other party knows the immediate benefit and whether it’s big enough for them to want to learn more.
What can you do right now?
Have you ever thought “I could do that too” when you hear about someone doing a particular activity to become successful? I always laugh when people tell me stories like this. Let’s agree that you can learn anything. Here’s my question: is your idea something that you could do if you learned it or is it something that you can do right now?
Before you can be successful, you have to base what you do in your reality. Ask yourself what you can do right now, not what you could do in the future. Unless you’re planning a career change, assess your income-producing skills that you currently have and centre your pitch around that.
What problem does this solve?
After you figure out what your skill is, you have to ask what problem it solves. If a lot of people are having the same problem then it could be a great idea for a business. Who is your audience? Who do you already know in the marketplace that already needs your product, that wants your product? Most likely it’s not going to be people around your street corner. Look for a market that already exists and see how what you do can help that market.
Putting it together
Now that you have a business idea based on these two requirements, create a 20 second or less commercial out of it. The shorter the better. Most people just string something together without much thought. It’s your job to create a powerful statement that makes it impossible for someone not to want to learn more about you.
Here’s one of my pitches “My company increases sales by 15 to 20 percent and we’ll do that in less than 14 days.” Look how it’s based on something that I can do right now and that solves a problem for a large group of people. Do you think that my prospective customer would be interested in what I have to say after they hear this pitch? I’ve used it many times so I can answer for you – yes!
Is your pitch effective?
What kind of response are you getting from your pitch? Are you getting people to take action or ask more questions? Aside from creating a compelling pitch, it has to be practiced to be effective. Why do you think I wrote the Closer’s Survival Guide? It’s a training manual for closing – it’s essentially a bunch of pitches with the goal of closing the customer. I wrote them out and train them all the time. That’s what a lot of people miss. They could have killer pitch but are horrible at delivering them. You will only sell someone on your pitch if you train, drill and practice it until it’s second nature.
3 Tips for pitches
Clarify Your Goal: What is the purpose of your pitch? To have a successful pitch, you need to clarify your goal. Do you want the other party to sign a contract, agree to a meeting or sign up for your email list? If your goal is clear, then it’s much easier to create a pitch that serves that purpose.
Ask for Attention: You’ll have to get the full attention of the person before they will listen to your pitch. Never start your pitch before you ask them if you can share what you do. The best way to do this is to simply ask them. If you’re in an elevator ask, “can you give me your attention for the next 20 floors?”
Make It Memorable: A pitch is not an explanation of how your business operates or your company history – it’s a well-constructed value statement and it has to be BIG. You need to wow the customer and you’re not going to do that if your pitch is dull. It has to hit hard using a big claim. If you use my pitch as an example, it has a quantifiable result for the customer. That’s a good strategy to use. Show exactly how you can help that person. I always say show me don’t tell me.
Building a business one person at a time
Remember that strangers have everything that you want. Using a well-crafted pitch is the best way to introduce yourself to someone because you created it to get attention. It’s your job to make them interested in you. You must network and make your contacts grow so you can grow your business.
Promote and market yourself using your pitch 24/7. The better it is, the more attention you’ll get. Don’t be like everyone else and “start a business” before you have created a million-dollar pitch. I can tell you from experience that if you follow these simple steps, you’ll have a better business and will be able to sell more people on your ideas. Let me know how this strategy works for your business.
This article was originally posted here on Entrepreneur.com.
What To Do When You Realise You Hate Your Job
Do you give in or get started on something new?
In this episode of Leaders Create Leaders, Entrepreneur Network partner Gerard Adams sits down with entrepreneur and influencer Dr. Mona Vand of Hot & Healthy. Vand trained to become a pharmacist, and throughout her education she was driven by that goal.
However, on her first day of work as a pharmacist, she suddenly realised that this path wasn’t for her. She cried when she got home, realising that she had tied herself to this career through her education, and that she might have to continue this for the foreseeable future.
That realisation helped spur her to branch off and build a business that fit her better. Click play to learn how she did it.
This article was originally posted here on Entrepreneur.com.
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