Scenario Planning and New Venture Creation

Nandakumar M.K. ()
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Nandakumar M.K.: Indian Institute of Management Kozhikode

No 372, Working papers from Indian Institute of Management Kozhikode

Abstract: Scenario planning is a widely used technique in the strategic planning process. It can give critical inputs to the strategic planning process. Scenario planning is useful in gaining a good understanding of the opportunities and challenges which might emerge in the future. Hence it helps organizations to overcome uncertainties relating to their future to a large extent. Many risks characterize the new venture creation process. In this paper, I discuss the utility of scenario planning in helping start-ups to make crucial decisions during the business planning phase. First, I explain how scenario planning is conducted in organizations. Second, I discuss the critical elements of a business plan and explain the significant uncertainties faced by startups in this phase. Third, I discuss how scenario planning helps start-ups to overcome some of these uncertainties.

Keywords: Scenario Planning; New Venture Creation; Business Plan (search for similar items in EconPapers)
Pages: 15 pages
Date: 2020-03
New Economics Papers: this item is included in nep-ent
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