Need to change the error name(you must enter a value) as of (Need a value).How?
2 Answers
As this is a standard required field on a standard page layout you cannot overwrite or change this using a validation rule (the required field test is run before the validation rule).
The only way to do this is by writing a Visualforce page and displaying a custom error message. You will need to have the re-render run immediately as well for it to work.
You can use the validation rule.