Entrepreneurs

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Every entrepreneur tries to hit a homerun with branding a new enterprise (name, logo, and entire corporate identity). It is not easy to do, because too often entrepreneurs try to do it on a shoestring. Usually the graphic design side suffers because a friend’s daughter in art school gets the assignment for a couple hundred bucks. Or the entrepreneur has a strong preference for other marks, hence the Nike swoosh craze of not too many years ago.

The naming challenge is in its own way even tougher. For one thing, it seems like there is nothing new under the sun and to find a unique DBA (doing business as) name that gets attention, defines what you do, and will stand the test of time isn’t so easy. Coca Cola, Microsoft, and Apple did not become industry giants overnight and without perpetual advertising exposure.

This is a pretty good overview from Entrepreneur magazine on a naming approach and pitfalls to avoid. It conveys how really hard it is to find that sweet spot that captures everything you want to convey in a first glance as well as a lasting impression. But that doesn’t mean you shouldn’t swing for the fences.

Yesterday, I was in NYC/North Jersey for a trade show at the Javits Center. While sitting in traffic, waiting to get on the New Jersey Turnpike, I saw a fully vehicle wrapped service van with a name I had never seen before — a name that conveyed a lot. FRSTeam! This name struck me as a unique and well thought out approach to the challenges of saying a lot in a short burst. Plus, it hit upon a somewhat new formula from all of those contained in the Entrepreneur article.

FRSTeam is a corporate name that manages to convey a lot.

FRSTeam is a corporate name that manages to convey a lot.

Immediately, FRSTeam says two things. It implies FIRST in a way that your mind completes the word and fills in the missing vowel. Of course FIRST implies number one, but more importantly in this case, it implies fast response as in the team that is first on the scene to help you. It also says Team, which underscores that you are not dealing with a lone contractor spread too thin. That’s a very good thing, because FRSTeam is in the business of helping homeowners and businesses respond to property damage from fire or flood or mold.  SERVPro and Service Master are the two best-known names in this space.

Ultimately, what struck me about the FRSTeam name, however, is that it also combines an acronym — Fabric Restoration Service — which happens to be the specialty of FRSTeam. As anyone who has ever tried to get smells or stains out of fabric can tell you, that is an enterprise that cries out for a specialist with skills, equipment, and know-how. Their web site suggests that they have all that, plus a solid customer service emphasis. I found nothing that said they do STEAM cleaning of fabric, but if they do, that is yet one additional meaning you can get out of the FRSTeam name.

As for the FRSTeam logo, it is a strong font with a fire and water symbol hanging off it. Interestingly, they split the R in FRST to visually convey the I, but upon closer look, it is also a 1. Clever.

What’s in a name? Sometimes confusion. Sometimes a company that has outgrown its original name and is now an acronym (IBM). But sometimes just the right mix of letters and impressions.

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Flush with success is taking on an unfortunate meaning.

Flush with success is taking on an unfortunate meaning.

Something is seriously out of whack. Why do so many average Americans (those with full-time jobs) seem to be unenthusiastic about their work? When is the last time you heard anyone talking about becoming a millionaire instead of just scraping by? The focus in the current economy seems to be on downsizing and unemployment instead of wild success or even just growth. No one speaks, let alone thinks, of rewards anymore. Who dares to dream about starting their own business these days? Where are all the entrepreneurs?
Incentives? Carrots have become sticks. Visions of sugarplums are gone, replaced by fears of inflation, foreclosures, and punitive taxes. Retirement plans are pushed back. Class warfare is far too commonplace. Even young guys like Facebook founder Marc Zuckerberg who achieve beyond their wildest dreams talk about giving away half their fortunes. More on that in a minute.
It is easy to blame a difficult global economy and a world of low cost competitors. But the answers lie a lot closer to home. America has lost its way. This is still the land of opportunity built on free enterprise and initiative. However, decades and decades of perpetual government growth adding more and more unelected bureaucracies and departments and officials and regulators, all funded by a tax system that is Byzantine and designed to punish and disincentivize the achievers and job creators.
As the Wikileaks scandal(s) and the latest TSA controversy illustrate, the U.S. government is doing a pretty lousy job of protecting itself and its citizens. So, why is anyone still buying the concept that going after the rich, French Revolution style, is a winning strategy for economic recovery. How is giving the government more funds to waste a help to anyone?
Both major political parties and all citizens of this country have their work cut out for them in re-engineering government at all levels in the coming years. Socialists need to take a basic economics class so they understand that it is not desirable for government to take on nanny-state responsibilities for an entire nation of adult-size Depends wearers. A healthy private enterprise sector is vital to American economic vitality and global economic vitality. Capitalists need to wake up to responsibilities far beyond short-term profits and start investing more in American-based operations and communities. That includes examining government largesse toward big business and specific industries through lobbying, healthy subsidies, and tax breaks — the system is currently unfairly stacked against small businesses where so many Americans are employed and so much innovation begins. Government needs to learn to spend less and spend wisely.

If more of us were this rich, we could afford to give away half our fortunes to charities. And that's a good thing.

If more of us were this rich, we could afford to give away half our fortunes to charities. And that's a good thing.

Doubling back to Marc Zuckerberg, he has announced plans to give away half his fortune to charities, part of a campaign started by Warren Buffet, who is appealing to the consciences of the uber-wealthy. That is different from the idea espoused by another high-profile millionaires group, which has come out in support of boosting the tax rates of the very rich. Nothing is stopping these extraordinarily well-off folks from contributing more of their fair share of taxes directly to the US Treasury now. Unless it is the nagging doubt that such a generous act would be akin to flushing those funds down the sewer line.
The rest of us need to start dreaming big again. It would be great to be so successful in business that we can become like Scrooge McDuck, dancing hip-high in currency in our own private vaults, knowing we will still be comfortable and well-provided for after donating half of everything to help others.

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