The device on the photo below is used to upload data to various kinds of flash memories (the details are not important).
There is a LED underneath the box labeled "RUN" which lights up whenever an upload is in progress (the data are being transferred). In addition, there is a button (not visible in the photo) on the other side of the device underneath the LED that is used to initiate a transfer (so that you don't have to operate your PC when you need to flash multiple memories).
How should I label the LED and the button so that their function is clear? Currently, due to the limits on space and imagination, the single word "RUN" stands both the LED (the operation is RUNning) and for the button (RUN the operation). However, I'm sure there is a better way. The LED would be better named "BUSY" and the button "START", but how do I make it clear what each of the labels is associated with? Note that while the user will most likely notice the button, the LED is completely hidden underneath the paper.