Change the Name of your Site
On the first setup, the name of the Site Template is used as the name of the first site. In most cases, it will be called "Team Site". Most customer may not want this as the name of the first site. Most customer will call this "Home" or "Corporate Site". You can change this to whatever you want.
Here is what the first site will look like. As you see, the Name of this site is called "Team Site" as this was the site template that was used when creating the site. Changing this is simple.
In the Title box, just type out the name of what you want to call your site, you can add a description and even upload your own logo for the site. When your finished, click OK and your site will be renamed.