Entrepreneurship Lessons for Success (Collection)

Truth 40. Establishing a brand

A brand is a set of attributes that people associate with a business. These attributes can be positive, such as trustworthy, innovative, dependable, or easy to deal with, or they can be negative, such as cheap, unreliable, sloppy, or difficult to deal with.

The customer loyalty a company creates through its brand is one of its most valuable assets. This sentiment is affirmed by Russell Hanlin, the CEO of Sunkist Growers, who said, “An orange is an orange...is an orange. Unless...that orange happens to be a Sunkist, a name 80 percent of consumers know and trust.”^[1] By putting its name on an orange, Sunkist is making a promise to its customers that the orange will be wholesome and fresh. Other ways of thinking ...