Entrepreneur Coach specializing in Leadership, Relationships, and Mindset. Specializing in NLP and clarity. I've studies with dozens of the leading experts like Tony Robbins, John Grey, Deepak Chopra, David Deida, Harv Eker, et al. Coach since 2002 Software Developer, IT Manager, and start-up builder from 1987-2001 Master & Health NLP Certified 2002 B.S. Information Systems Management 1993 Member International Coach Federation
Let me ask about your personal experience?
When you have an illness, do you want a specialist who knows the problem and immediate solution OR a general doctor than helps with colds? Yes, part of the answer is that the specialist earns much more because typically they have put years of effort into solving that problem & they solve it fast.
As a coach, I suggest our mind points us to a non-logical answer to this question. Our fear-based mind sees scarcity, "not enough", so it thinks a general client base is "safer", will feed us, but fear drives away clients. Shift your inner world, your mind, to an abundance mindset. Focus on the great number of people with the specific problem you want to solve. Also, many starting entrepreneurs are addicted to variety so they resist a specific niche they can invest years into.
A coach can help you grow your inner mindset as well as the outer-world practicals like niche.
Since getting my business degree in 1993, I've been fascinated with the psychology of branding. Now as an entrepreneur coach, that fits in with getting clarity in the mind so we can take powerful action. Your brand helps your customer get clear on what they get so they can cut through the noise of all the offerings in your market and buy.
I agree with Andrew's tip about qualities. More specifically, unique difference:
#1 Get clear on your Unique Selling Proposition (USP) before you go any further with your business.
Wikipedia's article is a good crash course for marketing:
What makes you different from the other companies in your market space? "Dude Undies" sounds like what's different is they're little boy underwear for "dudes" (cow-boys maybe). (The market's reaction is always the truth.) Is that what makes you different?
Consider Google & Amazon. They both wanted to be the "biggest", thus a massive number and a massive river. They are big and the name reflects the secret behind delivering this difference: A "googol" which is 10-to-100 in science & amazon a massive river for distribution and commerce.
Nike embodies victory & speed, and of course she's on the Olympic gold medal, the peak of global sports achievement. Under Armor looks like roman armor, molding the body like a warrior. Etc. M&M, in the WP article is "mmmmmmm" because that sugar coating high. Coke, well, we all remember it had cocaine in it originally.
#2 Brainstorm a list test it! Good marketers will tell you what works (as if they have a crystal ball). Great marketers will say, "I don't know, let's test it in the market." First test with your Mastermind under the USP. Then, test with your idea customers to see which names they'd buy (We don't care if people "like" it. We care if they'd eagerly pay your asking price for it.)
I'm happy to help you more with this fun process.