From too much love, entrepreneurial brands loseEchipa BF

In his book Predictably Irrational, Dan Ariely talks about a phenomenon that we see as edifying in terms of the relationship of Romanian entrepreneurs with their brands and their weight in making a change.

At Duke University, where Ariely's story happens, basketball is almost a religion. The university has a fairly small stadium for the demand of spectators, so in order to get tickets to a match, many students are subjected to a difficult selection process. Following this process, only a limited number of students will be ticket holders, the others continuing to participate in the next selections, undergoing the same difficult process.

The question that Ariely and Professor Ziv Carmon of INSEAD asked themselves was whether students who won tickets put more value on tickets than students who did not win them, although the latter made the same effort to get them. Thus, after interviews that the two had with both students who won the tickets and those who did not win, the two validated their idea that the property right over something increases its value in the eyes of the holder.

This property right makes us emotionally attached to what we own, to focus more on what we lose than on what we gain, and to value our property differently from those around us.

Linking this principle of experience in various rebranding processes with Romanian entrepreneurship, we realized that there are some aspects that make entrepreneurial businesses unique, but at the same time diminish their strength to change things when the business model or context requires it.

Entrepreneurs are in love with their brands and that blinds them.​

And it's good to be like that. However, it is bad for this to affect business decisions. Often in the rebranding processes the feeling of possession over a brand acts against its efficiency and implicitly against its evolution. Brand names are kept, even though they make the communication process very difficult, just because there is the organization's attachment to it. An old symbol / logo, which cannot give rise to an idea, is untouchable, just because the organization has known it there for years. In branding processes, entrepreneurial business must need tothink better when balancing their feelings about their brand vis-à-vis its future.

Entrepreneurs are focused in a process of rebranding on what they lose and less on what they gain.​

The aversion to losing is a strong emotion. In business, however, this can lead to delayed decisions or making wrong decisions. Romanian entrepreneurial businesses were built by instinct, without access to knowledge of business strategies. Today, a name given to a business 20 years ago can be confusing. There are developing businesses whose name is no longer relevant to the business idea or to the expectations of customers. These businesses refuse to see what they lose by keeping the same name and what they gain by giving it up. Sooner or later they will make the change. One thing is for sure, when it comes to selling them, the estimated value of the brand will be lower.

Entrepreneurs hardly accept that consumers see their brand as something other than what they see.

Romanian entrepreneurial brands were born and lived for a long time in a market where demand far exceeded supply and buyers were quite generous. This situation created a kind of myopia of entrepreneurship that led to the inability of many businesses to adapt to a business environment driven by competitive strategies. Romanian entrepreneurs are still under the tranquilizing effect of past successes, they still hardly accept that they need specialized help to move to another level of their development. From a branding perspective, entrepreneurs must move to a stage of cleaning, choosing the features that define their business and their brands. Whether we call this process rebranding or just call it change, the result should be the same: keeping the relevance of a brand, of a business in its category.