Names are important. Think about it—having a name helps to define you as a human being. You may not realize it, but in the business world, the name of your company is just as significant. In fact, there’s proof that the name of your new business can make or break its success.

Consider the example of Minnesota Mining and Manufacturing Co.: a name that is robotic, dull, long—and forgettable. In 1902, the founders renamed the company “3M”—short and simple, but memorable. Today, the “3M” trademark is recognizable on Post-It notes, Scotch tape, and band-aids.