In a rush to go to market, many aspiring startups and entrepreneurs create company names based on what they do, or worse, where they do it. This results in literal and descriptive names that quickly become obsolete or outdated, poisoning marketing efforts and killing future growth. In an attempt to counter the effects of these misleading and outmoded business names, owners spend crucial ad dollars in an attempt to "educate" their potential customer base about their true purpose.
In other words, entrepreneurs fall into the trap of continually correcting misconceptions that they conceived.
If that sounds ridiculous, witness established companies that have made the same mistake but still managed to survive: ...
... In an attempt to be all things to all people, companies pivot, expand and take on new product lines and service offerings, still clinging to their original, literal/descriptive brand identity ...
read more (Forbes)
In other words, entrepreneurs fall into the trap of continually correcting misconceptions that they conceived.
If that sounds ridiculous, witness established companies that have made the same mistake but still managed to survive: ...
... In an attempt to be all things to all people, companies pivot, expand and take on new product lines and service offerings, still clinging to their original, literal/descriptive brand identity ...
read more (Forbes)
