Welcome to the Ben There series – A short tidbit from a serial entrepreneur. I’ve made tons of mistakes, and there’s no reason for both of us to make the same one. Here’s something I learned.
Choosing a Name
Whether you’re choosing the name of a farm or a completely unrelated business, it’s an important decision. Here’s something to consider … what’s your exit strategy.
- Are you gonna ride it til the end and let them bury it with you down at the cemetery?
- Are you planning to pass this down to someone when you die?
- Or are you hoping to build something you can package and sell one day?
#1 is easy … Give your ego a stroke and get a billboard with Smith’s Sewer & Spaghetti Suppers, along with a slightly turned half body portrait, right on the main drag in your town.
If your answer is 2 or 3, think of a name that’s bigger than Smith’s Sewer & Spaghetti Suppers. Create a name that allows the next owner to grow, move, and pivot with time. Don’t be too specific with your location, your product, and I beg of you, don’t use your name. This allows you and your business to roll with the changing climates in every genre of business.
Start with defining the core values of your business, the things you want your grandchildren to define you by. Using these values, find a word or phrase that ties into that idea. With AI becoming more prevalent, it’s become much easier to plug in a list of things you want a name to embody.
We don’t know what the future holds, but we can say with certainty that it will change. Give that future generation the gift of a name that can span those valleys and mountains.
I hope you find the perfect name for your next venture. I’m rooting for your success, and I know many others are too.
Here’s your quote of the day:
“I choose a lazy person to do a hard job. Because a lazy person will find an easy way to do it” – Bill Gates