Step 3: Choose A Name For Your Business

Don’t come to this step until you have chosen a Business that is aligned, true and authentic with your curiosity, passions and purpose.

The rest of this guide is the easy part. Listing your passions and choosing the business industry and model are foundational elements that are found in every successful company. So, if you are ready to move on… Now it’s time to choose a name.

A lot of new entrepreneurs get caught up in selecting a name and think it’s one of the most important parts of starting a business. It’s not. Yes, it’s awesome when you create a good name that people like but there are so many cases where massively successful companies don’t have a catchy name or end up changing it all together.

For example, Berkshire Hathaway, owned by Warren Buffet and Charlie Munger, it’s one of the largest companies in the world and nobody knows what their name means or represents. It’s not catchy at all but that hasn’t stopped them from growing to be one of the best companies in the world. Yes, having a good name is important, but what your company does, sells, and the quality of the products and services is much more important. Don’t get too caught up on selecting a name. Plus, you can always change it.

Start by writing all of your ideas on a piece of paper. Send it to 10-20 friends, family, or partners and get their opinions on what they like best, but remember, it all comes down to you. What name feels most aligned, true, and authentic with the company you’re starting? Once your business is more established, you definitely want to spend more time thinking about your name and branding overall. Don’t waste time on it now.

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