High turnover is a self-evident sign that things aren’t going well for a business, regardless of its size. When people constantly come and go through a proverbial revolving door, it points to several problems. But what most business owners don’t consider to be a subtle warning is the opposite, and that’s a low turnover rate. The truth is, the former is obvious, while the latter silently damages a company from within. That’s right. Although most entrepreneurs think a low turnover rate is great, it can actually be doing extensive harm. Read on to learn why.

Okay, so you have a great idea and want to launch a brand. You’ve got plenty of inspiration in every other aspect. But, when it comes to giving it a brand name, the well is just plain dry. So, you’re looking for various ideas to give you some direction. Well, one thing is for sure, it’s got to resonate with people. Or, does it? Now that’s a scary thought. However, it’s a necessary thought-experiment. Differences between a Company Name and a Brand Name Let’s first look at what we’re actually talking about. If you’re going into a trade or profession, it’s customary and wise to go with tradition. In other words, if you’re going to open a specialty bakery, it’s perfectly okay to go with something like “Little Miss Muffin.” People will get it. Although, you might toy with the prospect of giving it a more eccentric name. Just be aware, doing so is a big gamble. Throughout the entire life cycle of your business one thing is constant – your business name. And this means getting it right, the first time. Why? Consider this – assuming you optimize your Web site, post your business on local online listings, develop a social media strategy, and deliver a great service, your business name and all that it represents will go viral (and hopefully in a good way). —Small Business Trends That’s really the difference between a company name and a brand name. Think about it this way. If you were approached in 2005 and asked “What is Facebook?” Or, “What is Twitter?” Could you answer? Nope. The reason why is obvious, neither existed back then. But today, they are household names. Even though their names do not describe what they are or what they offer. Tips for Choosing a Brand Name Let’s put it another way, when you choose a brand name, you’re giving your entity a brand or an identity. Now, it makes sense to name it after yourself or to take off from an existing brand. But, doing so creates some problems. So, here are some helpful tips on how to choose a brand name: Conduct several web searches. Dropbox. Twitch. YouTube. Though familiar to nearly everyone now, at one time, these were unknowns. A good place to start is simply by searching the web to learn if there’s already a spot-on or similarly named company out there. Compare and contrast what’s out there. Speaking of out there, once you begin to identify organizations, take the time to compare and contrast what’s similar and dissimilar. It’s definitely worthwhile because you’ll learn important lessons. Find something that will set your brand apart. Of course, you’ve got to pick a brand name that will set you apart from the competition. But, don’t go too far out or you might confound anyone who encounters it. Don’t rely on incumbent brands because it’s a mistake. One the other side of the coin, some organizations take an approach of building off another entity. For instance, publications like “Android Police and Mac Rumors.” While these make sense for the present, they could well look outdated in the future. After all, Google might rebrand its mobile platform or Apple could very well come out with a new line of computers. What other suggestions do you have for choosing a brand name? Please share your thoughts and experiences by commenting! Interested in learning more about business? Then just visit Waters Business Consulting Group.

Entrepreneurship myths are everywhere. They populate the minds of anyone who dreams of striking out on their own. Heck, even successful entrepreneurs believe some of them. (At least at some point in their journey.) The reason entrepreneurial myths are so widely believed is because they involve risk. And, everyone is risk-averse (to one degree or another). Therefore, these misconceptions live on and keep good people from following their passions. But, you don’t have to believe them. Two Common Entrepreneurship Myths Let’s start with two common entrepreneurship myths; then, we’ll get on to the big three. First is the old nagging feeling that money is the single biggest obstacle. Nonsense. You can start a business in about 10 minutes using social media and a little imagination. Now, you’ve got to know how to use social media to effectively promote your business. But, the point is, you can find a ton of free and really cheap ways to get things going in a short amount of time. As people are trying to navigate away from the “corporate jungle” towards the land of supposed “entrepreneurial utopia,” a lot of misconceptions arise. Perhaps this has to do with the media, advice they have received or what is heard through the grapevine but often these insights can derail a person from taking the plunge in the startup world. Or cause them to jump on the entrepreneurial bandwagon, when they have no business doing so. —Entrepreneur.com Another common entrepreneurial myth is that making more money is the best motivation. This simply isn’t true. And, it’s actually somewhat dangerous. If you’re only motivated by money, your heart and mind are in the wrong place. Of course, there’s nothing wrong with earning a better living but it’s foundation can’t be greed. 3 Biggest Entrepreneurship Myths The fact of the matter is money isn’t an obstacle and it’s a bad motivator. But, this isn’t the only challenge people let get in their way of realizing their dreams. Now, let’s get into the three biggest entrepreneurship myths people believe: The more customers, the better. At the bottom of the top three is the notion that more customers means more success. Which in turn means, the better. Two words about that: Not. True. Quality will always trump quality. What’s more, it’s a risky situation — especially early on. You’ll spread yourself too thin and that will only hurt you in the long run. Focus on the ones who make it a pleasure and let go of those who waste your time or have unrealistic expectations. You need an inherent entrepreneur trait. Some people actually subscribe to the notion there are “born entrepreneurs.” Of course, there are individuals who have a knack for it but that doesn’t mean everyone else is shut out. It just takes work, self-confidence, and most of all, persistence. Those who go forward and don’t give up have a much higher success rate than those who don’t. It just takes one great idea to make it work. Now, we’re at the biggest of all entrepreneurial myths. And, that’s believing you only need one great idea. While this is a key element, it won’t work as a magic bullet. Lots of people have great ideas. The trick is to define it and market it effectively by testing the market and remaining persistent with discipline and consistency when things get difficult. What other entrepreneur myths do you think people believe? What suggestions do you have to get past them? Please share your thoughts and experiences by commenting! Interested in learning more about business? Then just visit Waters Business Consulting Group.