Choosing the Right Name for Your Startup: Emotional Insights
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Understanding Name Selection for New Ventures
Naming a business can be a chaotic experience, whether you’re going solo or collaborating with others.
Picture this: crumpled papers strewn across the floor, each one bearing names that didn’t quite make the cut. As you pace around, perhaps chewing on an old piece of gum from your unwashed jeans, the questions swirl in your mind.
"What should I call it?"
"Should it clearly reflect what the business does?"
"Or should I aim for something that tugs at the heartstrings?"
"Wait, I think I have an idea… No, that’s not it."
The thoughts keep racing. But what if you had some guidance? You might want to check out my blog post on coming up with business names.
When it comes to naming their new ventures, novice entrepreneurs often lean towards descriptive titles, while those with more experience tend to choose names that evoke emotion.
According to research by Yuvav Engel, first-time founders are inclined to select names that convey what their business does—a method referred to as cognitive naming. In contrast, seasoned entrepreneurs gravitate towards names that resonate emotionally, a practice known as emotive naming (Engel, Y, 2020).
Exploring Entrepreneurial Naming Strategies
Engel’s research involved two groups: one comprised of eight novice entrepreneurs and the other of seasoned business owners. Their task? To brainstorm a name for a software company.
The newcomers expressed a desire for straightforward names that referenced their product or service. Meanwhile, the experienced entrepreneurs sought aspirational names that could generate excitement among potential investors.
To summarize, the newcomers favored names like "Stock Price Estimator" or those hinting at "game" or "software," while the veterans opted for emotionally charged names such as "Be Your Own Boss" or "CEO."
Which Naming Approach Works Best?
So, which type of name proves to be more effective? This remains an open question. Professor Engel points out that previous studies indicate emotive names yield advantages, including higher ratings from customers and stakeholders.
These emotional names seem to resonate better, as they tap into the subconscious feelings of potential clients, according to Engel.
Final Thoughts on Naming Your Venture
New entrepreneurs may lack the experience necessary to make informed naming decisions, while seasoned founders leverage their past experiences to choose names wisely. It could be beneficial to seek advice from someone experienced when naming your inaugural business.
Would you like to support me?
This video titled "Entrepreneurship Solo: The Emotional Side of Expanding a Business" explores the emotional challenges entrepreneurs face when growing their businesses.
In this video, "How to Choose a Great Business Name | Creating an Amazing Brand," you’ll learn practical strategies for selecting a compelling and memorable business name.
Annotations:
Yuvav Engel, Ruben v. Werven & Annelice Keizer (2020) "How novice and experienced entrepreneurs name new ventures" Published in "Journal of Small Business Management"
Simona Giorgi (2017) "The Mind and Heart of Resonance: The Role of Cognition and Emotions in Frame Effectiveness" published in "Journal of Management Studies"