How do I add traffic light options but with text in the drop down?

Hello -

I'd like my column to have traffic light options (red/green/yellow/blue) but in the drop down, I'd like it to be defined (i.e., blue - not started, green - in progress) so whoever is completing the information, has the proper context for that particular color. In the actual cell, I only want the colored dot. How do I add text to the drop down menu?