In a word, No!
It’s such a common misconception though! An attention-grabbing, memorable logo is so often one of the first things startups want. You might need something tidy for your business cards when you are trying to hit up potential prospects or secure funding. This initial logo is often very literal and takes inspiration from the brand name, which is possibly where the confusion stems from. Your brand name is not your brand. And it is not purely the visual representation of that brand name—your logo—that is your brand. Often an initial logo will be revisited and updated as the business expands or changes. This may be due to an increase in funding, a change of target market, or a sharpening into focus of where the company is headed.
An example of this scenario is the brand redesign for ‘the Kitty Cafe’—a cat rehoming charity in Nottingham fronted by a cafe where visitors can play with prospective companions. As a small startup, initially their branding wasn’t the most versatile or modern. However, as they have expanded into Leeds on the wave of a keen female market with an appetite for the cute and cuddly, their new logo is perfect for a bubbly, fun brand and perfect for commercial use.