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It’s very important to get the right name for your business. Here are some things to think about when choosing a business name:

1 Make it easy to remember
2 Make it easy to pronounce
3 Make it easy to spell
4 Stir the customer’s interest – make them want to ask more
5 Make it positive sounding – optimistic
6 Make it changeable
7 Make sure it doesn’t confuse you with someone else
8 Make it attract the kind of customers you want
9 Make it fun
10 Make it quirky

Here are some suggestions to help you choose a name:

1 Brainstorm – think about how you want people to feel when they see or hear your name
2 Think of humorous aspects of what you do
3 Check other names and trademarks on the internet
4 Check domain names
5 Does your name sound cheap or expensive
6 Think about picking a name that starts with “A.” That could be important for Yellow Pages

Students, both in undergraduate and graduate institutions, are deciding to launch their own ventures upon graduation rather than taking the traditional route of working for another firm.

While these ventures may ultimately be very successful, they face certain challenges in their business plans and capital raising processes. The foremost challenge is overcoming the lack of experience of the management team. A classics chicken-and-egg problem presents itself – the management team has no past company successes to point to, and can’t prove itself unless given the opportunity to launch the business. While this problem is nearly always the case for graduating students, it also presents itself to many entrepreneurs, particularly those who are launching their first ventures.

To overcome this challenge, these ventures must represent themselves as having a great team by attracting a stellar management team and/or advisors. By attracting a quality management team, even if the team will not start until after financing, it gives investors that confidence that the plan will be properly executed. It also proves that the entrepreneurs have the ability to “sell” others on their vision. The management team need not be complete before seeking capital, since additional members will most likely be added after capital is raised.

Attracting high-quality advisors builds great credibility since if respected individuals are willing to risk their reputations by taking an advisory position, the venture must have some merit. Advisors can also help with the execution of the business and sometimes will also provide the needed capital.

Even if the venture is able to attract quality management teams and advisors, it will always be at a disadvantage versus other ventures headed by entrepreneurs who have “been there, done that” successfully in the past. To compensate for this, these ventures must really know their customers, know their market and know their competition. By possessing an in depth knowledge of the external factors that will effect the company’s success, the entrepreneurs can both create a solid business strategy and convince investors that an opportunity really exists. If the opportunity truly exists, then investors know that even if the venture is initially mismanaged, then they can hire additional managers later to put it back on course.

In summary, when students or first time entrepreneurs, begin developing their business strategies and plans, they must compensate for the management deficiencies they possess versus established entrepreneurs. By doing this and showing a comprehensive knowledge of their market, these ventures can level the capital raising playing field. Fortunately, these ventures can point to a long list of other successful companies which were launched by students and/or first time entrepreneurs, most notably Google and Microsoft.

With the economic downturn, students in all the major business schools have been dropping out of their entrepreneurship classes and transferring back to classes where they think they have a secure future. Students and professionals who were once planning to start businesses now have decided to go back to their previous jobs and everything is going back to normal or at least. Below are nine reasons why any student should start a business.

You gain experience. Owning and running your own business is an incredible way to gain experience and credentials regardless of whether you decide to stay in business once you graduate. Starting a business helps in getting a better job when you graduate.

You have nothing to lose. I think it’s safe to say that most students dip into their parents’ checkbook when it comes time to pay the bills. In general, students aren’t paying child support, rent, utilities and many other expenses. The worst thing that could happen if your business fails is that you get a job, have an incredible credential on your resume, and have experience that will increase your chances of success in the future.

Two-thirds of millionaires are entrepreneurs. If it’s the money you want, then consider entrepreneurship. You receive not only a salary, but also a lot of money if you’re lucky enough to sell your company or take it public.

You develop networking skills. You’ve likely heard that your network increases your net worth. Consider the fact that by running a business and constantly being in a business community, you will develop excellent contacts.

You increase your value. Put simply, starting a business in college increases the value of “the brand called you” and gives you more options. For example, an entrepreneur with a large brand value can publish a book, star in a documentary movie, or go straight to the top of another company.

Operating a profitable business in the long term is less risky than being an employee in the long term. For example, just look at the recent economic downturn. Tens of thousands of people have been laid off. I can guarantee the owners of profitable businesses are still with the business. They will be the last people to go down with a ship. Business owners can have multiple streams of incomes from different customers.

You will learn more about yourself and what they don’t teach or prepare you for in school. Furthermore, entrepreneurship is the combination of all the disciplines of business. It includes knowledge of marketing, accounting, management and operations. Already having knowledge of these topics before you take classes on them allows you to see more clearly how everything applies.

It is yours. You make the rules, create your own hours, work from wherever you want and choose who you want to work with.

You’ll grow. You personally will grown a lot from owning a business.