The New Team Project Wizard uses the team project name you type here when creating various components. After the team project ...

The New Team Project Wizard uses the team project name you type here when creating various components. After the team project is created, the name is used by team members to locate the team project. 

Make sure that the name you pick for the team project is not already in use by Team Foundation Server or any other software used in the deployment (for example, SharePoint Products or SQL Server Reporting Services).