Editing "custom menu" label when creating "page"?

I’m using wordpres core “menu” and widget “custom menu” in sidebar. But, when I show a page in widget “custom menu” the label (anchor text) is too big so I want to edit it.

For example: A page with title “Welcome to My New Website WordPress.com” shows same in the menu. I want it to be short “Welcome”.

I know, I can edit it through “Menu” at wp-admin/nav-menus.php but is there a way I can edit it while creating a page.

In short: Is there a way to edit “custom menu” label (anchor text) in page?

I am new to wordpress. I used drupal till now and it has too much flexibility but I find wordpress installation and configuration easy and fast and it has lots of pleasing themes and plugins which has made me to drive on the road of wordpress from now on.