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Question
The first stage of a business plan is to come up with a business name supposing you are an entrepreneur, who is in the stage of deciding abusiness name for your enterprise would you :
(i)Keep the name of your enterprise, similar to one of the enterprises that are already doing really well in the same line of business?
(ii)Select/create a completely new name for your enterprise and create a brand name of your own? Give reasons. (Honestly)
Solution
If I am the entrepreneur in the stage of deciding a business name of my product then I will not keep the name of the enterprise, similar to one of the enterprises that is already doing really well in the same line of business. Instead I will go for a completely new name for my enterprise and create a brand name of my own. This is because:
(i) Honesty: Having a new brand name is a honest attempt to start a new venture.
(ii) Creative: Altogether new enterprise will mean that the entrepreneur is creative.
(iii) Initiative: This indicates that the entrepreneur is taking initiative for ! starting a new thing.
(iv) Discipline: In this case, by opening a new enterprise with a new brand name indicates that the entrepreneur is well aware of the business ethics and is a strict disciplinarian.
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