Entrepreneurial Process

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SETTING UP YOUR BUSINESS

An attempt has been made by a good entrepreneur to think through the idea to see if it is a laudable opportunity that can be launched. But this is not enough. There are still some hurdles to pass before setting up your business. We will try and look at them one by one.

NAME YOUR BUSINESS

The name that your business will be called has to be decided by you. Most times, entrepreneurs found it difficult to pass this stage which will determine the fate of their businesses. The name that your business is called is very important since it gives a brand in the mind of your customers. They are eager to know what you are made of and what you can offer them before they can part with their resources.

At this stage, you have to be careful since the name of your venture will make or mar your business. Usually, you may be asked to bring two or three names for a search at the Corporate Affairs Commission (CAC) which may go through or not depending on the existence of businesses with those names. If there are businesses with those names, you will be requested to submit other names. But, you may be fortunate that out of the two names that you submitted, one will go through.

What are you thinking? What name do you want to give your business? You may have to consider the following points before deciding on the final name to choose:

What is my vision? What is my mission?

What line of business am I?

What type of business activities will I be doing?

What impression do I want to create in the mind of my target customers?

What value am I creating?

Is the business going to be a local or international business in the long run?

What business model am I using?

How do I want to stand out-Positioning?

What is my brand?

Adetokunbo Adekanla is the innovation consultant at Thinking House Consulting. Kindly reach him through adetokunbo@thinkinghouseconsulting.com if you have any question.