Every business needs a name. You can make it as simple as your net name, real name, your dog’s name, a name you really like or one that you create that makes sense the product(s) you develop and name. This is a great experience to go through even if you don’t set-up a business or for the business you may dream of running or being part of in the future.
You may want to choose and develop your KODIP™ – product – kid’s online digital information product before you choose your “Business Game Name™”. For example; if you choose a name like Sam’s Sports Reviews for your “Business Game Name” and then develop a product that describes a “trip of a lifetime” , you will realize they don’t really go together. The risk of tying your business name to your product is that you may have difficulty in the future when you want to launch different products. For example; there have been situations where a clock shop wants to sell TVs. Would you think of going to Martha’s Clock Shop to buy a TV.
It is important not to use existing company names, that already have a reputation and have been protected through name registration. For example, you can’t name your “Business Game Name™” after a company you like, or provide the same product as they provide. There are business help centers operated by most governments, that can help direct you to the right authorities, if you want to register your name. Discuss the naming of your business with your parents, as they may be uncomfortable with you using your real name.
Brainstorming
Brainstorming is a great way to come up with ideas. The goal of brainstorming is to come up with a long list of “crazy ideas”. Brainstorming gets people to think in ways they don’t normally. It is important to have fun and not criticize (don’t say, “what a stupid idea”). The basic rules are:
- Quantity, not quality (more is better); it is important to generate as many ideas as possible and don’t worry how good they are at this stage.
- No ideas can be criticized and no idea is too wild to write down. Remember they are all good ideas at this stage.
- It doesn’t matter who came up with the idea first, work together to build on it and generate more ideas.
Check out our Brainstorming resources.
Advanced considerations and learning;
Setting up a Real Business
At some point in your business career, you may create a formal, legally recognized business entity. The choice of which form you take, usually rests on consideration of the nature of the goods or services a business provides and tax and legal liability issues.
Every country has different rules and regulations. If and when you take your business from our game to a live business experience you should get appropriate tax, accounting and legal advice to make the right choice.
Sole Proprietorship
This business form, is the legal default category for any person who does business in Canada or the United States and who makes no effort to organize the business otherwise. This is a business owned and operated by one person, who assumes total control and liability for the business. No legal entity is formed. While the sole proprietor may have employees, he or she does not have co-owners.
Partnership
This form is when two or more parties go into business together to make a profit and share profits, losses, and liability for the business.
Corporation
This is a business form created with government laws and requiremetns, upon the filing of an application and payment of a fee. It creates a legal entity, separate from its owners (the shareholders). It also eliminates any personal liability the owners have for the business.
There are also other forms of business that are available through local government departments, responsible for setting up companies.