And I shall call it…: expert-novice differences in new venture naming strategies

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And I shall call it…

Expert-Novice Differences in New Venture Naming Strategies

Master’s Thesis MSc Entrepreneurship (joint degree VU and UvA) Supervisor: Dr. Y. (Yuval) Engel

Submitted by: Annelice Keizer Student number: UvA: 11147644

VU: 2570027

E-mail Address: UvA: annelice.keizer@student.uva.nl VU: a.c.keizer@student.vu.nl

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Preface

“Statement of originality

This document is written by Student Annelice Keizer who declares to take full responsibility for the contents of this document. I declare that the text and the work presented in this document is original and that no sources other than those mentioned in the text and its references have been used in creating it. The Faculty of Economics and Business is responsible solely for the supervision of completion of the work, not for the contents.”

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Acknowledgements

A special thanks to Yuval Engel for encouraging me in writing this thesis, giving very helpful feedback and as such making this process of writing my thesis enjoyable for the most part.

Furthermore, thank you mom and dad for motivating me and helping me to get the best out of myself. There have been moments that you were afraid I would not even finish high school, but your support has stimulated me to move on in obtaining a proper education.

Thank you Laura Keizer, Lisa Bottema and Kim Maijenburg for helping me finding direction for this thesis and giving suggestions for revision of this piece.

Thank you Marc de Nijs, Marc Zijerveld and Gert-Jan Rutgers for offering me a non-disturbing working environment in your office building, bringing me coffee all day and providing me with a great lunches every day.

And last but not least, thank you Bart Rijkelijkhuizen for your always positive attitude towards me, even when I gave you a hard time being grumpy when I got home. The morning shakes and coffee have been giving me lots of energy and your overall support has been very appreciated.

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1. Introduction

One of the first fundamental choices every entrepreneur faces is an obvious one: How to name the venture? While ubiquitous, the naming decision is of strategic importance as it may shape the identity of the venture, its legitimacy in the eyes of stakeholders, and its competitive position in the market (Belenzon, Chatterji, & Daley, 2014; McDevitt, 2014; Smith & Chae, 2015). Moreover, as oppose to later decisions in which employees and investors may be involved, name selection is entirely within the control of the entrepreneur. It is therefore not surprising that entrepreneurs often worry about how to name their ventures and use a variety of naming strategies in making their selection (Belenzon et al, 2014; Bresciani & Eppler, 2010; Fryer & Levitt, 2003; Loken & Roedder, 1993; McDevitt, 2014; Smith & Chae, 2015; Wernerfelt, 1998). Indeed, an entire industry of naming consultants has grown to assist entrepreneurs in tacking this specific decision (e.g., Belenzon et al, 2014; McDevitt, 2014; Smith & Chae, 2015). However, while research begins to unravel the implications of selecting one naming strategy over another (e.g., Belenzon, et al., 2014; Smith & Chae, 2015), it remains unclear what processes do entrepreneurs go through in deciding on new venture names and why would they come up with any particular name. In other words, there is no theory of how entrepreneurs actually go about creating names for their ventures and what goes on in their minds as they make their choices.

In the current study we take on this challenge by assuming that the naming decision, like many other entrepreneurial decisions (Baldacchino, 2013; Baron, 2009; Baron & Ensley, 2006; Grégoire, Corbett & McMullen, 2011; Dane, 2010; Dane & Pratt, 2007; Dew, Read, Sarasvathy, & Wiltbank, 2009; Sarasvathy, 1998; Shepherd, Williams, & Patzelt, 2015) involves cognitive processes experienced by entrepreneurs and that therefore the application of theories and methods from cognitive science is both relevant and valuable (Baron, 2009; Baron & Ensley, 2006; Dane, 2010; Dane & Pratt, 2007; Dew et al., 2009; Sarasvathy, 2001). Specifically, we designed this investigation of the naming decision as a comparison between two groups of entrepreneurs that have been shown to possess markedly different cognitive frameworks: novice (first-time) entrepreneurs and expert entrepreneurs (experienced in starting and operating several new ventures). In particular, we build on studies documenting the effects of expertise on cognitive processing (Baron, 2006; Baron & Ensley, 2006; Baron & Henry, 2010; Cornelissen & Clarke, 2010; Dane, 2010; Dane & Pratt, 2007; Dew, Read, Sarasvathy, & Wiltbank, 2015;

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6 Huang & Pearce, 2015; Salas, Rosen & DiazGranados, 2010) to argue that experience in starting and running new ventures changes the ways in which individuals approach the naming process of their ventures. Yet, because this application of cognitive research to this particular decision represents a completely new area of research (Edmondson & McManus, 2007) we were careful not to overstretch our argument and make unsubstantiated hypotheses about specific cognitive difference shaping the naming decision. Instead, we formulated a more general expectation that such differences exist and therefore aimed to expose the relevant constructs and their possible relationships. We thus ask the following research question:

What commonalities and differences exist in the naming decision processes of a group of expert entrepreneurs, as opposed to novice entrepreneurs, when they are each faced with the decision to name exactly the same new venture that begins with exactly the same idea?

In addressing this research question, we use a multi-method qualitative research design, including both a think aloud verbal protocol analysis and a semi structured interviews with 8 expert entrepreneurs and 8 novices. In particular, during the think aloud verbal protocol each entrepreneur faces with the decision to name exactly the same new venture that begins with exactly the same idea. The purpose is to discover real-time inner thoughts or cognitive processes by which the entrepreneur comes to a name for his or her imaginary venture. Subsequently, we conduct an interview to gain deeper insights on the personal and professional aspects of the entrepreneur (e.g., age, educational level, number of businesses started, etc.). This information can be used to make comparisons based on the specific characteristics. The interview also allows a moment of reflection on their decisions and helps clarifying any thoughts that might arise during the execution of the think aloud verbal protocol.

Our study contributes to the literature in several important ways. First, we extend the literature on entrepreneurial processes, and specifically on entrepreneurial marketing and -strategy (e.g. Belenzon et al., 2014; Bresciani & Eppler, 2010; Delgado-Ballester & Hernández-Espallardo, 2008; Ingram, 1996; McDevitt, 2014; Rao, Qu & Ruekert, 1999; Smith & Chae, 2015). In particular, we uncover a new naming strategy – the linguistic construction naming strategy – that has been overlooked in prior research. We also provide much needed depth to existing naming strategies by identifying their individual action components. Second, we extend the literature on entrepreneurial behavior and cognition (e.g. Baron, 2006; Baron & Ensley, 2006; Baron & Henry, 2010; Sarasvathy, 1998; Westhead, Ucbasaran, & Wright, 2005) by comparing two types of entrepreneurs (experts & novices) and showing how they actually go about creating a name for a new venture. The literature to date acknowledges that differences exist between expert and novice entrepreneurs, but remains unclear about how these differences apply to the specific entrepreneurial decision of naming a new venture. We present findings on the commonalities and

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7 differences between the two types of entrepreneurs and develop a conceptual model that illustrates the entrepreneurial naming process.

The remaining of this thesis is organized as follows: Chapter 2 lays the foundation of this study by means of a literature review. We first try to understand the various naming strategies that are presented in the literature. Then, we look at acknowledged cognitive dimensions that vary along the level of expertise. Chapter 3 outlines the details about the methods employed in this study, including the research design, data collection method, sample selection and the data analysis method. Chapter 3 also discusses the validity and reliability of this study. The key findings of this research are presented in chapter 4 in which we aim to find how the cognitive dimensions can explain the variety in adopted naming actions or strategies by expert- and novice entrepreneurs. Finally, chapter 5 discusses the key findings of this study in the light of the literature and in addition the implications of this study for both theory and practice, together with the limitations of this study.

2. Theoretical framework

This chapter presents a literature review of the main topics covered in this research. It discusses extant literature about naming strategies and the known cognitive differences between expert- and novice entrepreneurs.

2.1 Naming strategies

The available methods that entrepreneurs use to create, evaluate and select new venture names are called naming strategies (Kohli & LaBahn, 1997). Examples of such naming strategies are the “descriptive naming strategy” (e.g., Bresciani & Eppler, 2010), “the deliberate naming strategy” (e.g., Smith & Chae, 2015) and the “eponymous naming strategy” (e.g., Belenzon et al., 2014). A full review of the naming strategies studied to date is provided in table 1. According to Mintzberg (1987) strategies can be either deliberately imposed or emergent from a situation. In both cases the strategy is the instrument that guides the actor through a set of decisions (Mintzberg, 1987), in this case, entrepreneurial decisions about naming a new venture.

Most research to date is focused on studying single naming strategies and how they might be linked to venture outcomes (Belenzon et al., 2014; Delgado-Ballester & Hernández-Espallardo, 2008; Ingram, 1996; McDevitt, 2014). However, little is known about how naming strategies developed over time.

Looking more broadly, the naming strategies we review originate from various domains, like marketing, branding and consumer behavior.

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Table 1. Naming strategies Naming strategy Definition Examples Descriptive naming strategy

This strategy is applied when the entrepreneur adopts a venture name that describes the product or service offered, or at least has a direct link to the venture’s activities. The adoption of this strategy could minimize information asymmetries between the venture and its stakeholders, but on the other hand, a descriptive name makes it hard to differentiate the product (Bresciani & Eppler, 2010).

Global Human Resource, British Airways, Rabobank, Ford Motor Company

Deliberate naming strategy

Deliberate names are “those that explicitly include the moniker of the market category to which the organization claims membership in the organization’s name itself” (Smith & Chae, 2015). By means of this strategy the new venture expresses its relatedness to a specific market and as such customers are better able to assess the venture’s activities (Smith & Chae, 2015). The venture name can include, among others, cues of geographical location, social identity and culture. Such cues in the venture name make the name a valuable carrier of information towards the market. As such, the venture name enables people to identify with the venture (Ingram, 1996; Sjöblom, Hakala, & Ainiala, 2014).

The Big Apple Hotel, Best Single Travel, The Student Hotel, The Catholic Company, Islam Basics.

Fanciful naming strategy

A fanciful name is a name that can permit broader interpretations than one that simply describes the product. When future developments are uncertain, a fanciful name leaves room for a wide range of developments as such that the venture’s developments will not be restricted by the determined name (Bresciani & Eppler, 2010). This strategy tends to focus on building broad public awareness (Petkova, Rindova, & Gupta, 2008).

Google and Sony

Umbrella naming strategy

The umbrella strategy is adopted in situations in which brand extensions are made under an existing brand name. As such a family brand name is created (Loken & John, 1993). This approach causes perceived similarities of quality between the various divisions or products of the family- or umbrella name (Wernerfelt, 1988). It aims to establish credible commitment of a new division or product to the quality of existing divisions (Belenzon et al., 2014).

The Easy Group, Marriot and The Virgin Group

Alphabet naming strategy

When entrepreneurs deliberately choose to give their venture a name that begins with an A or a number he or she adopts the alphabet naming strategy, as these names appear at the beginning of each category in alphabetically ordered lists, like the Yellow Pages. Such venture names may be more likely to attract the attention of customers who start their search at the first listing (McDevitt, 2014).

AAAA Scott’s Plumbing and Amazon

Eponymy naming strategy

This naming strategy applies when an entrepreneur chooses to explicitly attach his or her personal identity to the venture’s name. In other words, the new venture bears the name of its owner. The use of eponymy creates a strong association between the entrepreneur and the new venture. Because the development of a new venture often relies primarily on the contributions of its founder(s), the eponymy naming strategies signals informational cues to the external environment about the ability of the entrepreneur (Belenzon et al., 2014). “Consequently, high-ability entrepreneurs are more drawn to eponymy than are low-ability ones” (Belenzon et al., 2014).

Gucci, Guinness, Hewlett Packard, Johnson & Johnson, Proctor & Gamble and Ryanair

Eco labeling naming strategy

Another approach of naming a new venture is to attach an eco-label to its name to inform customers about intangible product characteristics (e.g. social responsible). The added value of the venture’s activities is signaled in the venture’s name and this helps to overcome information asymmetries between the venture and the customer. Consequently, it could influence the purchase choices of the customer, which affects the performance of the venture. Ultimately this could even prevent the venture from failing (Sammer & Wüstenhagen, 2006).

Ekoplaza, Super Foodies and Zonnatura

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2.2 Expert- Novice Cognitive Differences

As this study aims at finding an explanation for how the level of entrepreneurial expertise influences the creation and selection of venture names, deeper insights about entrepreneurial cognition are required. Independent on the level of expertise, each individual that is involved in the act of entrepreneurship will have some lines of thought on the steps to take. These lines of thought are together called the entrepreneurial cognition. Mitchel, Busenitz, Lant, McDougall, Morse, & Smith (2002) describe entrepreneurial cognition as “the knowledge structures that people use to make assessments, judgments, or decisions involving opportunity evaluation, venture creation, and growth”.

Before we present differences between expert- and novice entrepreneurs with regards to their cognition, we will first define both entrepreneurial groups. Sarasvathy (1998) defines an expert entrepreneur as ‘a person who, either as an individual or as part of a team, has founded one or more companies’. In line with this definition, Carton, Hofer and Meeks (1998) define expert entrepreneurs as those individuals that repeatedly engage in entrepreneurship. Though, as opposed to Sarasvathy (1998), Carton et al. (1998) state that expert entrepreneurs are distinct from individuals that only act once. Dew et al. (2009) also starkly contrast expert entrepreneurs to one-time entrepreneurs, by stating that novice entrepreneurs, as opposed to expert entrepreneurs, are novices in entrepreneurial thinking. Novice entrepreneurs did not develop themselves extensively in the entrepreneurial domain (Westhead et al., 2005).

The existing body of literature acknowledges various differences between the cognition of experts and novices. Table 2 provides a summary of the cognitive differences between experts and novices.

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Table 2. Expert-Novice Cognitive Differences

Subject Novices Experts

Business focus Focus on the novelty of their ideas (Baron, 2006).

Focus on the feasibility of their ideas (Baron & Ensley, 2006).

Information processing

Sensemaking (Baron & Henry, 2010; Salas et al., 2010)

Pattern recognition (Baron & Henry, 2010; Dane & Pratt, 2007; Dew et al., 2015; Salas et al., 2010)

Information storage in memory

Isolated concepts (Dane, 2010; Salas et al., 2010).

Interconnected concepts (Baron & Henry, 2010; Dane, 2010; Dew et al., 2009; Salas et al., 2010).

Memory access Short term memory access (Dew et al., 2009).

Multi-level memory access (Baron & Henry, 2010).

Situation assessment

Atomistic assessment (Dew et al., 2009) Holistic assessment (Baron & Henry, 2010; Dew et al., 2009)

Ability to make mental simulation

Limited ability to make mental simulations (Baron & Henry, 2010)

Substantial ability to make mental simulations (Baron & Henry, 2010)

Decision making Analytical (Huang & Pearce, 2015; Salas et al., 2010).

Intuitive (Baron & Henry, 2010; Huang & Pearce, 2015).

Communication Metaphorical communication (Cornelissen & Clarke, 2010)

Domain specific communication (Cornelissen & Clarke, 2010)

Meta-cognition Limited meta-cognition (Baron & Henry, 2010)

Enhanced meta-cognition (Baron & Henry, 2010)

2.2.1 Business focus

The first cognitive difference between expert- and novice entrepreneurs is their business focus. Expert entrepreneurs are much more concerned with issues that would be of interest to major stakeholders, like financial returns (Baron & Ensley, 2006), while novice entrepreneurs tend to become fascinated by the novelty of their own ideas (Baron, 2006). Expert entrepreneurs have learned to think in ways that help them keep their eyes firmly on what is feasible and potentially profitable, while avoiding the potential trap of being swept away by what is merely new or unique (Baron & Ensley, 2006).

2.2.2 Information processing

Crucial in the early stages of venture development is the process of handling incoming information. Expert entrepreneurs are better than novices in making fine discriminations between sources of incoming information. They recognize information that is crucial in a situation and information that is relatively unimportant (Baron & Henry, 2010). Experts view incoming information as chunks or patterns (Dew et al., 2015), whereas novices view incoming information more as an irregular collection of fragments (Salas et al., 2010). The pattern recognition ability of expert entrepreneurs helps them to quickly react to changes in the environment (Salas et al., 2010). Moreover, experts are also better at identifying the underlying meaning of patterns (Baron & Henry, 2010). They have developed a vast repertoire of patterns in their memory (Dane & Pratt, 2007) built up from previously solved problems. When a new problem occurs, it is matched against stored problems, and these matches are used to suggest solutions for the new problem

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11 (Dew et al., 2009). In other words, the expert entrepreneur has learned to grasp the meaning of certain patterns of a situation and does not need to think, but is able to just react to it (Dane & Pratt, 2007). This causes experts to be more quick and accurate in their actions (Baron & Henry, 2010). The whole process allows experts to direct their attention primarily to the information that is most relevant and useful (Baron & Henry, 2010). In contrast, novices are unlikely to identify the patterns that an expert can, as they are not able to relate new issues to previous problems, due to their lower level of expertise (Salas et al., 2010). Therefore, novice entrepreneurs utilize a more deliberate manner of thinking, a more analytical approach, in which they activate all cognitive resources to make sense of a situation.

2.2.3 Information storage in memory

Drawing on theories of information processing, experts have also been found to be better than novices at storing new information in their memory (Dane, 2010). Experts enter new information into their memory in more organized ways (Dew et al., 2009) and at deeper levels than novices (Baron & Henry, 2010), and they use domain-related concepts that function as categories. The clear categories, together with ability to make interconnections between these categories and concepts (Dane, 2010; Salas et al., 2010), make it easier for experts to retrieve information from their memory in situations that require specific actions or problem solving capabilities (Salas et al., 2010). Novices make categories as well, but these contain fewer information per category (Salas et al., 2010) and interconnections are made only to a limited extent (Dane, 2010), which results in irregular collections of fragments and a disorganized manner of their memory (Salas et al., 2010).

2.2.4 Memory access

The memory of novice entrepreneurs has crucial limits, as it can hold only a relatively small amount of information at any given time compared to expert entrepreneurs. As a result of deliberate practice experts have an enhanced capacity to accurately use their long term memory by bringing information from their long-term memory into their working- or short term memory (Baron & Henry, 2010). Novices store most information in their short term memory. The inability of novice entrepreneurs to accurately use the long term memory results in a risk of overloading the short term memory and ignoring crucial information in rapidly changing circumstances (Dew et al., 2009). The expanded memory of expert entrepreneurs, and their ability to access their long term memory, can help them to more rapidly adapt to changing circumstances and make superior decisions under conditions of high time constraint and uncertainty (Baron & Henry, 2010).

2.2.5 Situation assessment

Another difference between expert- and novice entrepreneurs is the overall completeness by which entrepreneurs make sense of a situation. Where novices merely take an atomistic view by assessing

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12 individual fragments of a situation, experts tend to take a holistic view by which they seek for antecedents and likely evolution of the situation (Dew et al., 2009). Novices focus too much on what is new or unique in a certain situation, which causes a potential trap of ignoring crucial incoming information. Expert entrepreneurs do include awareness of danger or opportunity in their thinking and keep their eyes firmly on what is feasible or realistic (Baron & Ensley, 2006). This suggests that experts tend to solve the problem by using a more integrative approach, unlike the novices who merely focus on the immediate scene and solve functional problems in isolation (Dew et al., 2009).

2.2.6 Ability to make mental simulations

In line with the enhanced ability to make holistic assessments of a situation is the enhanced capacity to conduct mental simulations. Expert entrepreneurs are better able than novice entrepreneurs to imagine the consequences of specific decisions or actions. This helps them to picture multiple situations and choose the most appropriate one on the basis of this mental simulation (Baron & Henry, 2010), Novices also make mental simulations to picture their idea, but they are less able to imagine various courses of future developments (Baron & Ensley, 2006).

2.2.7 Decision making

Yet another difference between experts and novices is the decision making process. “There is a strong evidence supporting the notion that there are two distinct information processing systems in the human brain, one conscious and deliberative and the other unconscious and intuitive” (Salas et al., 2010, p. 4). Expert entrepreneurs seem to adopt the unconscious and intuitive way of processing information and making decisions, as they draw heavily on well-developed knowledge structures. These knowledge structures allow them to make decisions accurately and rapidly often with relatively little cognitive effort (Baron & Henry, 2010), while novices struggle to analyze information or extract useful insights from their memory to guide decisions and actions. The intuitive decisions expert entrepreneurs make are not only more accurate and rapid, they are also increasingly acknowledged as better (Huang & Pearce, 2015), especially in situations under uncertainty. If the decision maker is taken out of his or her expert context, then the likelihood of the intuition being effective decreases (Salas et al., 2010). Though, analysis may drive out intuition in circumstances in which decision makers must justify their decisions to third parties because formal analysis is thought to carry more weight and be more socially respected (Huang & Pearce, 2015). In other words, prior research suggests that under instability, unknowable risks, and non-decomposable tasks, when speed is critical and decision makers have complex, domain-relevant experience, intuition may be more effective than analytic decision making, but analytical decision making is preferred when decision makers must justify their decisions to third parties (Huang & Pearce, 2015).

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Furthermore, existing literature acknowledges differences in the communication style of expert- and novice entrepreneurs. Novice entrepreneurs lack specific domain related jargon and they do not have direct analogies to hand to compensate for this lack of prior industry knowledge. Consequently, these entrepreneurs are likely to draw on entrenched, idiomatic words or expressions in their speech that they metaphorically extend to the new venture as a way of creating understanding for themselves and others (Shamiyeh, 2014). Cornelissen & Clarke (2010) state that “in the absence of directly relevant prior experiences and observations, entrepreneurs will induce metaphors to make suggestions with regards to the creation and commercialization of a new venture in an unfamiliar industry”. Experts entrepreneurs will refer to their knowledge of specific industries and apply domain specific communication, including the use of industry descriptions and jargon (Cornelissen & Clarke, 2010).

2.2.9 Meta-cognition

Finally expert- and novice entrepreneurs do also differentiate in the level of meta-cognition they possess. Experts in a given field are better than novices in reflecting on their own thoughts and actions and, consequently, are better able to understand the factors that have influenced their performance. Expert entrepreneurs are very conscious about what they know and what they do not know, and this can be highly beneficial for the development of a new venture, in which current and future activities should be aligned with the entrepreneur’s knowledge, skills, and abilities. In addition, the enhanced meta-cognitive ability of expert entrepreneurs will protect them against becoming overconfident, which is a common pitfall for entrepreneurs. Usually overconfident entrepreneurs underestimate the resources their new ventures needs while at the same time overestimating their own knowledge, skills and abilities (Baron & Henry, 2010).

Now that we know differences exist between expert and novices, we would also like to understand whether these differences apply to the specific entrepreneurial decision of naming a new venture. Our preliminary expectation is that expert- and novice entrepreneurs might differ in the process of naming a venture as well, and consequently, we argue that experience in starting and running new ventures changes the ways in which individuals approach the naming of their ventures.

3. Methods

3.1.1 Rationale

We set out to investigate how expert entrepreneurs, as opposed to novice entrepreneurs, create and select a name for their new venture. Since little is known about the naming decision process, we used a qualitative research method, including a multi-method research design. The purpose was to identify commonalities

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14 and differences in how expert- and novice entrepreneurs create a name for their new venture, by comparing data from our analysis to the extant literature.

We collected data by using two complementary methods; a think aloud verbal protocol and a semi-structured interview (detailed protocols for both can be found in appendix 1). A think aloud verbal protocol is a research instrument that is used to analyze responses and thought processes of subjects as they solve decision problems (Dew et al., 2009; Sarasvathy, 1998). The purpose of this instrument is to discover detailed differences between various (groups of) people. During the think aloud verbal protocol used in our research, all subjects (a group of novice entrepreneurs and a group of expert entrepreneurs) were given the same set of decision problems regarding an imaginary venture. The imaginary venture was a video simulation game of entrepreneurship, including educational material and profiles of successful entrepreneurs to make it an excellent teaching tool for entrepreneurship. Decision problems like determining the target market, setting a price and creating a name for the venture were posed. The entrepreneurs were requested to think aloud while solving the decision problems about this imaginary venture. As such, immediate verbal expressions to the entrepreneurs’ thoughts were monitored and recorded by the interviewer (Ericsson, 2006). In other words, this method allowed us to discover real time inner thoughts or cognitive processes as this research progressed together with the entrepreneur in the process of coming up with a name for the imaginary venture (Zainal Abidin, Christoforidou, & Liem, 2009).

In addition a semi-structured interview was conducted. The semi-structured character gave enough support to find the required information, while at the same time it offered room to improvise to discover new lines of information during the course of the interview (Myers, 2013). The use of solely an interview could have caused the negative effect of a bias, because the subject would have been requested to take a retrospective view on past events. The entrepreneur may not be capable of describing former thoughts, behaviors and strategies in a manner that would allow others to understand their actions. Consequently, the collected information would deviate from what really happened back then (Ericsson, 2006). Nevertheless, here the interview was used as an extension to the think aloud verbal protocol, to gain deeper insights on the personal and professional aspects of the entrepreneur (e.g. age, educational level, number of businesses started, etc.). This information was then used to make comparisons based on the specific characteristics. More importantly, the interview also allowed to reflect on the think aloud verbal protocol.

Based on our data, we extracted a set of naming actions and strategies adopted by the sample entrepreneurs. We also noticed that there were variations in the emphasis with specific naming actions and strategies along the level of expertise.

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15 The validity of this case study is increased by executing several actions. First, the think aloud verbal protocol used, is built on Sarasvathy’s (1998) acknowledged think aloud verbal protocol (see also Dew et al., 2009). Only small adjustments are made, in terms of pruning decision problems that are not relevant for this specific study. The content of the introduction, the description of the imaginary product and the formulation of the decision problems have remained in their original state. Furthermore, each think aloud verbal protocol and interview is recorded and transcribed to minimize misinterpretations. (Myers, 2013).

With regards to the reliability of this study, it is of main importance to measure the real time actions and decisions of the entrepreneurs, to avoid retrospective information that could be biases by many factors, like time, memory capacity, etc. By using a think aloud verbal protocol analysis real time inner thoughts are captured, which consequently allows to make a more thorough and reliable analysis. Furthermore, special attention is paid on keeping the characteristics of the sample group as similar as possible, so that age biases, life history biases and educational background biases have minimal chance to influence the results of the study (Baron, 2009).

3.1.2 Sample

Individual entrepreneurs were the initial unit of analysis of our research (Yin, 2013). Our inductive methodology was supported by theoretical sampling, as the purpose of our research was to develop new insights (Eisenhardt & Graebner, 2007). Specifically, we employed “polar types” sampling, which aims at discovering contrasting patterns in the data (Eisenhardt & Graebner, 2007). This type of sampling approach fitted our research aims, which were finding commonalities and differences between expert- and novice entrepreneurs in the naming decision process.

A group of eight expert entrepreneurs and eight novice entrepreneurs formed the sample of this research. The contrary characteristics in expertise level between the two groups enabled this research to make comparisons along the way by which the effect of expertise on the naming process of new ventures can be explained. Since this study focused specifically on the effects of expertise in the process of naming a new venture, and given the fact that age is often highly correlated with expertise (Baron, 2006), the two groups were as closely matched in age as possible (20-33). In the overview below, more detailed information about the individuals’ characteristics is given.

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Table 3. Characteristics of the sample entrepreneurs

Respondent Highest obtained education Age Level of expertise # of company’s founded Founding year of the 1st company Geography (All from The Netherlands)

R1 Middle-level applied education 33 Expert 5 2004 Woerden

R2 Research university 24 Expert 5 2010 Amsterdam

R3 Research university 28 Expert 3 2012 Amsterdam

R4 Research university 25 Expert 10 2008 Woerden

R5 Middle-level applied education 20 Expert 3 2011 Tilburg

R6 University of applied sciences 23 Expert 4 2011 Utrecht

R7 University of applied sciences 22 Expert 3 2008 Amsterdam

R8 Middle-level applied education 27 Expert 6 2008 Montfoort

R9 Research university 24 Novice 1 2015 Woerden

R10 University of applied sciences 23 Novice 1 2013 The Hague

R11 Research university 22 Novice 1 2013 Woerden

R12 Middle-level applied education 20 Novice 1 2015 Woerden

R13 Research university 28 Novice 1 2015 Amsterdam

R14 Research university 23 Novice 1 2011 Woerden

R15 University of applied sciences 33 Novice 1 2011 Woerden

R16 University of applied sciences 22 Novice 1 2014 Amsterdam

One remark is that not all expert entrepreneurs were necessarily highly successful (Baron, 2006). Studies of expertise suggest that while expertise often overlaps with, and explains success, expertise is not the same as success. An expert entrepreneur may have found one or more failed firms, while a novice entrepreneur might achieve supra-normal profits in his or her very first venture. Expertise in this study was about consistent commonalties in cognitive processes used by expert entrepreneur within a given domain (Read & Sarasvathy, 2005). We therefore defined expert entrepreneurs in this study as people who have named new ventures repeatedly (at least 3 times). The key idea behind this definition was to make absolutely sure that the experts in this study had gone through the process of naming new ventures several times. We defined novice entrepreneurs, on the other hand, as people who have named a new venture only once. Therefore they are presumably novices in entrepreneurial thinking. Though, they were required to have enough experience in basic business knowledge so as to understand and tackle the decision problems of the think aloud verbal protocol (Dew et al., 2009). The definitions presented here are consistent with prior studies dealing with expert-novice differences in entrepreneurship (Carton et al., 1998; Dew et al., 2009; Sarasvathy, 1998; Westhead et al., 2005).

3.1.3 Data analysis

After the think aloud verbal protocols and interviews were transcribed (Myers, 2013), we analyzed the first part of the data in three steps based on the techniques of Gioia, Corley & Hamilton (2013). The data analysis structure is illustrated in Figure 1.

During the first step, we applied open coding to discover naming actions that entrepreneurs expressed during the think aloud verbal protocol. Common statements formed first-order concepts. For

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17 example, we found common statements about a name that should ´relate to entrepreneurship´, ´make clear what the venture does´, ´is obvious´, and should ´connect creatively to the product´.

In the second step, we moved from open to axial coding (Strauss & Corbin, 1998) by consolidating the categories, which became more abstract and general. For instance, we consolidated the statements about a name that should relate to entrepreneurship, make clear what the venture does, is obvious, and should connect creatively to the product into a second-order theme of ‘product coupling’.

In the third step, we identified aggregate dimensions underlying our second-order themes. Second-order themes that were observably related to each other were clustered, and subsequently aggregate dimensions, like the ‘descriptive naming strategy’, were introduced.

The second part of our data was analyzed by means of a cross-case analysis. In this phase of the data analysis, we tried to understand the commonalities and differences in the naming decision process of expert entrepreneurs, as opposed to novice entrepreneurs. We developed an overview that presented the emphasis between the individual entrepreneurs, categorized on expertise level, and the aggregate dimensions. We observed that expert entrepreneurs show a strong emphasis with the deliberate naming strategy, while novice entrepreneurs show a strong emphasis with the descriptive naming strategy. We compared the data and the emerging model continuously, until a conceptual model could be derived and good fit with the data could be established.

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Figure 1. Data structure

1st order concepts 2nd order themes Aggregate dimensions

Descriptive naming strategy Product coupling

Statements about a name that ´relates to entrepreneurship´, ´makes clear what the venture

does´, ís obvious´, ćonnects creatively to the product´, ís a direct link to what you do´, ís the

core of the product´.

Product mind mapping Statements about determining a name by using 'a

mind map´, connecting 'creatively to the product' and writing ´down many words, like a mind map'.

Deliberate naming strategy Market coupling

Statements about a name that 'refers to the person who will be playing the game', that 'appeals to the target market', that adresses 'who you are selling

to' and that makes 'clear' for who this is.

Customer desire coupling Statements about a name that 'triggers a desire to

become something', 'The Next Global Entrepreneur', 'a wow-feeling', a feeling of 'I am

already an entrepreneur'.

Name localization Statements about adopting 'an international name',

an 'English name', a 'Dutch name', a 'separate name in each country', 'a common denominator'

for various countries or a 'recognizable format'.

Name differentiation Statements about a name that is 'trending',

'interesting', 'sounds well', 'fancy', 'catchy', 'unique', 'non-existant', 'exciting', 'appealing', 'expressive', 'serious' and that 'people remember'.

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Figure 1 continued. Data structure

1st order concepts 2nd order themes Aggregate dimensions

Fanciful naming strategy Name broadening

Statements about a name that is 'holistic', 'broad', and 'not obvious', permits 'room to expand', and

does not 'restrict'.

Linguistic construction naming

strategy Word/character

counting Statements about that the name should consist

of 'seven characters', 'one or two words' and be 'as short as possible'

Search engine optimization Statements about that the name should be 'SEO

proof' and checked 'on the basis of statistics'.

Name verbification Statements about that the name should be 'a

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4. Findings

4.1 Naming actions and Strategies

From the data analysis ten common naming actions that the entrepreneurs expressed during the think aloud verbal protocol were derived. We present them in the light of an overall naming strategy to which they belong. Some of the naming actions link to naming strategies that are acknowledged by the literature, while others represent completely new discoveries. In addition, some naming actions seem to be adopted deliberately by the entrepreneurs, while others are expressed in between the lines and indicate an unconscious use of these naming actions. The findings are illustrated with ‘power quotes’ in the text, and ‘proof quotes’ that are presented in comparative tables (e.g., Souitaris & Zerbinat, 2014).

4.1.1 Descriptive naming strategy

The first strategy that proved its practice in this study is the descriptive naming strategy. Fifteen out of a total of sixteen entrepreneurs expressed the use of this strategy. As mentioned before, the descriptive naming strategy is applied when the entrepreneur adopts a venture name that describes the product or service offered, or at least has a direct link to the venture’s activities (Bresciani & Eppler, 2010). Two main naming actions derived from the utterances of the entrepreneurs on this theme; product coupling and product mind mapping.

Action 1: Product coupling

This naming action entails the activity of reflecting a description of the product in the venture name. Statements about a name that should make clear what the venture does and a name that should contain a direct link to the core of the product were expressed by the entrepreneurs during the think aloud verbal protocol. As such the venture name signals credible information about the venture as it is a close representation of what the venture does. One of the entrepreneurs stated:

‘Well, I always find it pleasant when the venture name says something about the product or service itself.’(R11)

This quote indicates the act of product coupling, by making a direct link between the product and the venture name. Other quotes that represent similar actions are listed in the table below.

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Table 4. Descriptive naming strategy: Product coupling Respondent Quote

R1 ‘I would give [the venture] a name that relates to entrepreneurship.’ (R1)

R2 ‘I think it would be useful that the name says something about what the venture’s activities are. So

you could mention “software”, so that it becomes clear what the venture does.’(R2) ´It should be immediately clear that you provide software for educational purposes.´(R2)

R5 ‘It should be immediately clear - oh this has something to do with starting your own company-’.(R5)

´It should be related to starting your own company.´(R5)

R6 ‘It should somehow connect creatively to the product.’(R6)

R8 ‘It should be clear that “entrepreneurship” needs to be included [in the venture name].’(R8) R9 ‘Economics, Simulation, Ecomation.’(R9)

R10 ‘Haha super classy, I would say E, dash, entrepreneur. But then without the e of entrepreneur, so

E-ntrepreneur.’(R10)

‘Yes, it is a direct link to what you do. It is online, and E-learning’s are trending, so people make a direct link with education.’(R10)

R11 ‘Well, I always find it pleasant when the venture name says something about the product or service

itself.’(R11)

‘Preferably, I take the product itself [as a venture name] as this has many advantages. Your name says a lot about what you do; online it works better, so that’s a real benefit. So, I would always try to do something with the product [in the venture name]. Become a CEO, I find a good name for the product.’(R11)

‘I think, considering the fact that the game is part of the venture… Just thinking, if I would keep the name of the game and the name of the venture the same. That is actually my first consideration. Because, when you do so, then you restrict yourself completely to the name of the venture, while there might be an opportunity to expand in the future with other products, next to this game.’(R11) ‘If you will just focus on making this game big, than I would give [the venture and the product] a similar name. But if my plans contain more ideas, that allow me to expand with more of these games, then I would give the venture a different name. Something like “Interactive Learning” for the venture and “Become a CEO” for the game.’(R11)

R12 ‘Yes, with these kind of things, I prefer, like with AutoCat, it is just clear… At least for people who

work in the graphic design industry it is clear what this program offers. Just like WYSIWYG: What You See Is What You Get. In other words, whatever you draw is what you get out of it, as this program can make very realistic illustrations. I prefer that whatever the program is capable of, is reflected in the name.’(R12)

‘Well, you have an electronic game, so I think of Monopoly right away, a game about money. But I think that if you call it Monopoly, it does not sound seriously enough, something that you do want for this game.’(R12)

R13 ‘Well, I do think it should have a link with entrepreneurship, but hey what on earth is that.’(R13)

‘It should be immediately clear [what the venture does]’(R13)

R14 ‘The focus is on entrepreneurship, so… I think I would use the words “entrepreneurship” in the name

itself, because this is the core of the program. Well, let´s think of something: This is how you become entrepreneurial, Entrepreneurship for Dummies, Enterprise!´(R14)

‘Anyway, it should be active, playful and related to entrepreneurship’(R14)

R15 ´Moreover it should address what the venture does. I would do something with “Simulator”, I think

“Sim” is an accepted term, so yes, I would do something with “Sim”. And also with entrepreneurship. Business Simulator or something like that. It is a name, that’s very hard to come up with.´(R15) ´The name should describe what the venture does, something with simulator. The game does not need a very catchy name, because you really want to do something with it.´(R15)

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Action 2: Product mind mapping

Yet another naming action that is part of the descriptive naming strategy is the act of product mind mapping. Mind mapping in general is a “visual, non-linear representations of ideas and their relationships” (Davies, 2010). In particular, product mind mapping is the act of determining words around one single concept of the venture’s product and the aim is to find creative associations between these words. This act helps to gain new insights or generate new ideas for a new venture name that links to the venture’s product. Free-form, spontaneous thinking is required when creating a mind map. Consciously applying this method will help to structure unconscious thoughts (Davies, 2010). Though, not all entrepreneurs during the research were yet aware of their act of product mind mapping. Others did explicitly express their conscious use of this method. An example of this conscious adoption of this method is:

´I would use a mind map relating to vanity, but also to money, business and learning.´ (R3)

The following quotes also indicate the action of product mind mapping, either adopted deliberately or unconsciously.

Table 5. Descriptive naming strategy: Product mind mapping Respondent Quote

R1 ‘I would give [the venture] a name that relates to entrepreneurship.’ (R1)

R3 ´I would use a mind map relating to vanity, but also to money, business and learning.´(R3) ‘I would, when determining a name, list some words like vanity, best, perfect. Just cliché, but that kind of things.’(R3)

R6 ‘It should somehow connect creatively to the product.’(R6)

R7 ‘Often I just write down many words, like a mind map. Regarding […] the product’.(R7) R9 ‘Economics, Simulation, Ecomation.’(R9)

R13 ‘Well, I do think it should have a link with entrepreneurship, but hey what on earth is that.’(R13) R14 ‘I would [Google] some keywords that relate to entrepreneurship and see what is suggested, maybe

something that rhymes.’(R14)

R16 ‘No clue yet, but something with education, services and entrepreneurship.’(R16) 4.1.2 Deliberate naming strategy

The next naming strategy that proved its practice is the deliberate naming strategy. To recall, the deliberate naming strategy is referred to as the act of choosing a new venture name that expresses its relatedness to a specific market category (Smith & Chae, 2015). Thirteen out of sixteen entrepreneurs expressed that they would reflect their desired market in their new venture name, either by means of expressions that claim membership to a specific social identity or culture, or by using indications of a specific geographical location. Four common naming actions emerged from their answers; market coupling, customer desire coupling, name localization and name differentiation.

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Action 3: Market coupling

Market coupling is the most direct form of the deliberate naming strategy, as this naming action aims to understand what the desired market is looking for and subsequently that is expressed in the new venture name. Attracting the customer’s attention, creating a feeling of relatedness between the venture and the market, and eventually capturing the market’s value is what this naming action is all about. The following quote illustrates the act of market coupling, expressed by one of the sample entrepreneurs.

‘It is also important that you keep in mind who you will be contacting. You will be contacting schools. If you call and say “Hi, I am from Bluechip Company”, then they’ll right away think, forget it. If you adopt a too funny name, they will not talk to you either. So you need to adopt a relatively serious name that signals that you are a serious partner, so that schools are willing to talk to you.’(R2)

The comparative table below shows additional quotes that support the use of this naming action.

Table 6. Deliberate naming strategy: Market coupling Respondent Quote

R1 ‘Yes, I would say something like “The Next Global Entrepreneur”. The entrepreneur refers to the

person who will be playing the game.’(R1)

R2 ‘It is also important that you keep in mind who you will be contacting. You will be contacting

schools. If you call and say “Hi, I am from Bluechip Company”, then they’ll right away think, forget it. If you adopt a too funny name, they will not talk to you either. So you need to adopt a relatively serious name that signals that you are a serious partner, so that schools are willing to talk to you.’(R2)

R4 Maybe you cannot use “app” in every country, but you might have to use “application”, or maybe you

will even have to use some different term in German, but that you have at least some recognizable format. People can see that although it is a native name, there is an international side to it. That is what you also see with the bigger web shops. You get a globe when entering the website, and you have to choose in which country you would like to shop. It represents that that company is big and trustworthy. It is something to keep in mind, an international appearance.

R5 ´It should be somehow clear that this is for youngsters. So, it should be related to starting your own company, but I wouldn´t give it a name that makes its very obvious that it´s a software program that sells software to children, with which they can position themselves in the role of the entrepreneur. That’s something I will explain the government and the organizations and the ministry myself.´(R5) ´It should be somehow clear that this is for youngsters.´(R5)

´Most youngsters do not know what the word CEO is, so I would not use that.´(R5)

‘I think you shouldn’t use an English name, which sounds cooler though, but these children do not understand that.’(R5)

R8 ‘You want [the venture name] to appeal to your target market.’(R8)

‘People need to get a feeling of “wow, if I do that I am already…”.’(R8)

‘You want [the venture name] to appeal to your target market. They should have a wow-feeling when they hear the name.’(R8)

R10 ‘[The name] depends on who you are selling to.’(R10)

‘Haha super classy, I would say E, dash, entrepreneur. But then without the e of entrepreneur, so E-ntrepreneur.’(R10)

‘Yes, it is a direct link to what you do. It is online, and E-learning’s are trending, so people make a direct link with education.’(R10)

R11 If I would do “Become a CEO” then I try to communicate what someone is going to learn from this

product. That’s just… It speaks for itself. Everyone then knows what to expect.

‘I would try to use the term “CEO” somewhere, because that is just really fancy. People find that very exciting.’(R11)

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24 R12 ‘You should be pointing at the fact that you will be the entrepreneur or CEO in this game.’(R12) R14 ‘[The name] should be action focused, as you are working with VMBO-level students.’(R14) R15 ´So, it should be an appealing name to both target markets.’(R15)

´Yes, when you just asked what name I would give this venture, I said that I prefer to give it a Dutch name when serving the Dutch market, but considering the international growth opportunities, you have to keep in mind…Or maybe you should choose to adopt a specific name for each market or region, so that is corresponds to the local language. Or maybe a holistic name, which then should be English I suppose. Yeah, well, with these kind of apps, you should actually expand internationally, so while I am thinking my way through this, I maybe do prefer to adopt an English name, when

considering the growth opportunities.’(R15)

´Moreover it should address what the venture does. I would do something with “Simulator”, I think “Sim” is an accepted term, so yes, I would do something with “Sim”. And also with entrepreneurship. Business Simulator or something like that. It is a name, that’s very hard to come up with.´(R15)

Action 4: Customer desire coupling

This naming action also belongs to the deliberate naming strategy, although this naming action has a less direct link between the market and the venture name. When applying this naming action, the venture name will refer to the desired social identity of the market, so the venture name will include some form of communication that expresses a desire of the market. The following quote expresses how a venture name can affect the market’s perception on a venture.

´[The venture name] should be something that triggers you to achieve it. If I call it, for example, Annelice, then you think – I don’t want to become Annelice – but you do want to become “The Next Global Entrepreneur”. Something like that. I would come up with a name that triggers a desire to become something. If you have achieved that during the game, you have the feeling that you really are “The Next Global Entrepreneur”.’(R1)

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Table 7. Deliberate naming strategy: Customer desire coupling Respondent Quote

R1 ‘Yes, I would say something like “The Next Global Entrepreneur”. The entrepreneur refers to the

person who will be playing the game.’(R1)

´[The venture name] should be something that triggers you to achieve it. If I call it, for example, Annelice, then you think – I don’t want to become Annelice – but you do want to become “The Next Global Entrepreneur”. Something like that. I would come up with a name that triggers a desire to become something. If you have achieved that during the game, you have the feeling that you really are “The Next Global Entrepreneur”.’(R1)

R3 ´I would use a mind map relating to vanity, but also to money, business and learning.´(R3) ‘I would, when determining a name, list some words like vanity, best, perfect. Just cliché, but that kind of things.’(R3)

R8 ‘People need to get a feeling of “wow, if I do that I am already…”.’(R8)

‘You want [the venture name] to appeal to your target market. They should have a wow-feeling when they hear the name.’(R8)

‘ ”Then I am already an entrepreneur. When I play this game, then I can do it.” That is the name that you are looking for when trying to sell this product.’(R8)

R11 If I would do “Become a CEO” then I try to communicate what someone is going to learn from this

product. That’s just… It speaks for itself. Everyone then knows what to expect.

‘I would try to use the term “CEO” somewhere, because that is just really fancy. People find that very exciting.’(R11)

R12 ‘You should be pointing at the fact that you will be the entrepreneur or CEO in this game.’(R12)

Action 5: Name localization

Then, there is the naming action called ‘name localization’, which is also part of the deliberate naming strategy, since it links to the market by indicating a geographical location. The indication of geographical location in the venture name can be a major customer attractor in some cases. For example, The Big Apple Hotel is such a deliberate name that indicates it is located within New York City. Since people that are looking for accommodation in New York are the hotel’s market, the venture name signals its relatedness to the customer demands. As such, the venture name plays an important role in attracting its customers. Not only can a venture name signal credible information about geographical location when it comes to very specific locations, it could also work the other way around, when an international name is chosen due to the fact that the international appearance of the name attracts the market the venture wants to serve. The struggle of how to include an indication of geographical location in the venture name is represented in the following quote:

´Yes, when you just asked what name I would give this venture, I said that I prefer to give it a Dutch name when serving the Dutch market, but considering the international growth opportunities, you have to keep in mind…Or maybe you should choose to adopt a specific name for each market or region, so that is corresponds to the local language. Or maybe a holistic name, which then should be English I suppose. Yeah, well, with these kind of apps, you should actually expand internationally, so while I am thinking my way through this, I maybe do prefer to adopt an English name, when considering the growth opportunities.’(R15)

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26 Table 8 presents additional quotes of similar considerations.

Table 8. Deliberate naming strategy: Name localization Respondent Quote

R1 ‘When the product is real good, you want to sell it internationally, so you should give it an

international name.’(R1)

R4 Maybe you cannot use “app” in every country, but you might have to use “application”, or maybe you

will even have to use some different term in German, but that you have at least some recognizable format. People can see that although it is a native name, there is an international side to it. That is what you also see with the bigger web shops. You get a globe when entering the website, and you have to choose in which country you would like to shop. It represents that that company is big and trustworthy. It is something to keep in mind, an international appearance.

‘If you develop an app, the costs are usually so high that it is not profitable to only sell it in The Netherland. Translating the content of the app is only a fraction of the costs of developing the app, so I would try to pick a name that fits various countries. But that’s usually quite difficult.’(R4) ´I usually experience that I automatically find Dutch names. It is just easier to come up with and easier to remember. Finding a good international name is often quite difficult. Also because you are less able to assess the meaning of such a word is in another country. That requires some more research. It could also be a solution to have a separate name in each country. The marketing that you do here is not useful in other countries anyway, unless you get much international attention, but that is not very likely to happen I believe.’(R4)

‘You can include a common denominator, as such that you one word comes back in the variations on the venture name.’(R4)

R5 ‘I think you shouldn’t use an English name, which sounds cooler though, but these children do not

understand that.’(R5)

R6 ‘Yes, that is important. If you want to go international, you should make everything English right

from the start.’(R6)

´We set out our product in four different countries, but all under the same name. We do have various domain extensions, the name is in English, it just sounds right, and the product connects to it as well. You could also translate the name [into the various languages], but then you need to market it separately as well. We can just decide to enter a new country and use the branding we already have, you don’t have to do that over and over [for each new country]. Otherwise that is a continuous process of starting and maintaining. That is very difficult. It takes months, a waste of time.’(R9)

R10 ´It should be in English, no matter what, because it is software. We have a marketing plan that is very scalable. You just put a link to your product on a website and they’ll buy it from there. So [the venture name] needs to be English.’(R10)

R11 ‘If you want to stay in The Netherland, I would adopt a Dutch name, but if you would like to expand

abroad, then you can adopt an international name of course.’(R11)

R15 ´So preferably, when I do not want to expand internationally, I would adopt a Dutch name.´(R15) I don’t think an English name would do, probably Dutch is better, especially since it is for

educational purposes it is not necessary to be in English. I would say a Dutch name with “Sim” in it. ´Yes, when you just asked what name I would give this venture, I said that I prefer to give it a Dutch name when serving the Dutch market, but considering the international growth opportunities, you have to keep in mind…Or maybe you should choose to adopt a specific name for each market or region, so that is corresponds to the local language. Or maybe an holistic name, which then should be English I suppose. Yeah, well, with these kind of apps, you should actually expand internationally, so while I am thinking my way through this, I maybe do prefer to adopt an English name, when

considering the growth opportunities.’(R15)

Action 6: Name differentiation

This naming action involves the act of determining a venture name that is unique, interesting, serious, trending or any other act that differentiates the new venture name from existing ones. These terms all have an abstract character, which leaves room for personal interpretations of what the venture really does. In

And I shall call it…: expert-novice differences in new venture naming strategies