A: What's in a name? When it comes to your business, Randy, a lot more than you might think. In fact, deciding on a business name is one of most important decisions you will ever make. The right business name can help you rise above crowd while wrong business name can leave you trampled in rush.

With economy in a slump and competition on rise, now more than ever it is important that you put considerable thought into coming up with perfect name for your business.

Unfortunately, this is a task that is easier said than done. It seems like all good business names are either married or… no wait, that's a different subject, but analogy holds true.

We live in an age when a business called "The Body Shop" might repair wrecked cars or sell skintight jeans to teenagers, so before you send your letterhead to printer, consider following points to help you select business name that's right for you.

The first thing you should do is conduct a little research to determine if name is already in use by someone else. You would be surprised at how many entrepreneurs forget to research this point and open a business with a name that is already in use. Check with county clerk and secretary of state to make sure name isn't already licensed for use or incorporated with state. Also check with U.S. Patent and Trademark office to see if name is already trademarked, i.e., owned, by someone else. Using another company's trademarked name exposes you to legal action by trademark owner. Even if your name is just similar to trademarked name, you may find yourself in court defending your right to use name. And odds are it's a battle you will lose.

If name you choose is not in use, you should immediately reserve name with secretary of state (if you plan on incorporating) and apply for a trademark to ensure your legal ownership. If you do not trademark name someone can come along later and attempt to steal name out from under you. Imagine spending years building up your business only to have some upstart trademark name and engage you in a legal battle over rightful ownership. This is one fight you don't need, especially when hassle could have been easily avoided with a few bucks and a few forms.

Another important thing to consider is domain name for your business. The domain name is website address a customer will use to find you on Web. Is domain name for your business name available? If not, is there a domain similar to business name you're considering?

A: Regina, have you seen television show, Fear Factor? If you haven't seen it you've probably heard about it. Fear Factor is show where they put contestants through all sorts of pseudo-death defying feats like bungee jumping off a bridge over a pool of crocodiles and driving a car through a wall of fire (you know, stuff we did for fun in high school).

The contestant who overcomes their personal fear factor wins cash and prizes (usually at cost of their dignity, but I digress).

The highlight of Fear Factor is eating competition. That's when contestants are invited to partake of all sorts of culinary fare. Yummy stuff like monkey brains, all manner of live bugs and spiders, moose intestines, old fruitcake (the horror!), and my personal favorite, live giant worms. At this point competition becomes not so much who can overcome their fear actor, but who has lowest gag reflex.

Your question makes me feel a little like those contestants, Regina, because no matter how I answer I am opening a can of giant worms that I will undoubtedly be forced to eat later.

My highly educated peers will argue that education is much more important than experience, while my highly experienced peers will argue that experience is more important. Either way, it's worms ala carte for me.

Oh well, I've eaten more than my share of crow over years.

How much worse can worms be?

It's important to understand that success of an entrepreneur is not measured by how much education he or she has or how many years of experience are under his or her belt. An entrepreneur's success is measured by achievements, not words on a resume.

By definition, an entrepreneur is a risk-taking businessperson: someone who sets up and finances new commercial enterprises to make a profit. Entrepreneurs start businesses. The smart ones then hire MBAs to run them.

Let's start with education. Is a Bachelor's degree or better required to succeed in business? Of course not. An MBA from Harvard might give you a leg up in a job interview, but it certainly doesn't guarantee that you will succeed in business. Nor does it automatically mean that you will be a better business person than someone who didn't finish high school. Knowledge is a good thing - if you know what to do with it.