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Cornell Student Articles on Topical Affairs

The essence of a business is all in the name

The world of business is an ever-evolving one. We are currently dealing with an economy that is becoming more digitally-enhanced by the day. Because of this digital advancement and further technological development, the world of business has become increasingly competitive over recent years. The reasons why make complete sense, too. As the market began to modernise, more and more individuals saw the inherent potential in creating and profiting off their own business idea. The logic is airtight. With the introduction of the world wide web, and the utilisation of social media as a digital marketing strategy, there has never before been such a significant potential for impact. That potential is hinged on the idea that, because social media often allows for global reach for content, that global reach can transfer over into said business idea, increasing its value and its global reach as well. This has been known to happen, so the idea is not all that outlandish. But before anything else, establishing the essence of the business must come first. But where to start?

When it comes to kick-starting a new professional avenue, naming a business can be – and often is – one of the most difficult parts of the initial planning process (if not the most difficult of all). However, it is also one of the most important parts of the planning process because the business name is the essence of the business, it is the front window of the digital marketplace, as it were, and that marketplace is becoming more crowded with the competition by the second. Having a business name that is unique and bold sets the business apart from the rest, it establishes the essence of the business as it is presented to the world. The business name is the marketing front that you show to the world, and it has the power to be either incredibly unique and unforgettable, or bland and boring. It is crucial to strike to the right end of the spectrum – the unique and unforgettable.

Choosing to name a business can be difficult. It might sound obvious, but before anything else, ensuring that the business name is something that relates to the business, that reflects something important about either the business or you as the creator of said business. After this comes the finer details. Long, complicated names are easy to forget. And names that sound similar to other companies are confusing. Neither naming tactic wins a business any favours. The perfect business name should be concise and unique. Ideally, a single word is perfect for business naming because it is easy to remember. If you can get all the social media and digital handles with it spelt correctly, perfect. If you cannot, then switch up the spelling a little bit to give it an edge. This also makes the business name unique, and thus more recognisable. Pairing the business name with the perfect logo is the cherry on top, and will lead to your business having a distinctive branding that it needs to become a global empire.

Thanks at least in part to the rise of digital marketing (and with it, possibly global brand exposure), there have never been as many new businesses coming out of the woodwork. Every month, over 540,000 new business ventures are brought to fruition. That is over half a million new businesses making their way onto the ever-expanding global market every four weeks. Without fail. While not all these business ventures take off, it still makes for an incredibly competitive market out there. And it is only growing. The incessant rise of the digital age has come with the inescapable realisation that this is the new reality; there is no going back to the days of solely brick and mortar businesses, whose brand exposure and essence rarely expanded beyond the local. Now, the entire world is a business’ potential consumer, and the brand name is the distinction between your business and the one next to it.

The business world that we currently exist in is one that is more centred around technological disruption and digital advancement than ever before. We have created and pioneered this world, and so this is not a shock to us. What has proven to come as a bit of a surprise, however, is beating out the masses of competition that are constantly coming out of the wood work. Before anything else, beating the competition starts with establishing and understanding the essence of the business. This starts with finding and trademarking the perfect business name. The name of a business is the essence of it; this is the name that consumers, the competition, and the world comes to know you by. This is where the core of the business’ internal models and methods starts. Getting the business name perfect is crucial, because getting it wrong can mean the difference between an unforgettable, edgy business, and a bland and boring one. You always want to be the unforgettable – that is what brings in the masses, from all over the world.

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