One of the most important decisions an entrepreneur has to make is what to name his/her company.  It should be short, memorable, and capture the essence of the business.  Not an easy task.

Skype got its name from the shortening of sky-peer-to-peer, which turned to skyper, then finally Skype.

3M was originally Minnesota Mining and Manufacturing Company.  Not as creative sounding now but probably very unique at the time.

You can read the inspiration of other famous companies in the article here.

Logos are another mountain in itself.  Fortunately, there are lots of companies (such as 99 Designs) with talented graphic designers that can help you create a beautiful and practical logo for a relatively inexpensive price.