Two step Approval Process

Hi Bill - The "Start approval process when the status is set to..." is what the status of the object will become after it makes it's way through approvals

Example:

Status changes to "your status"

System sets the status to "your status - awaiting approval"

Once the approvals go through the status will be set to "your status"

You could have 2 paths instead of 2 stages using 2 statues to kick off approvals however, the user would have to initiate those manually by changing to another status after the first approval

If you have fusion you could build this into an automation and uses 2 paths instead of stages in your approvals. 

The only way to change the status at the end of an approval would be if it was rejected unless you have Fusion to trigger something different upon an approval. 

Great "idea" to submit here on the exchange though to have the option to reflect a different status upon approval, not just rejection.