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Scenario Planning and New Venture Creation

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  • M.K. Nandakumar

    (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.

Suggested Citation

  • M.K. Nandakumar, 2020. "Scenario Planning and New Venture Creation," Working papers 372, Indian Institute of Management Kozhikode.
    • Handle: RePEc:iik:wpaper:372
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    Keywords

    Scenario Planning; New Venture Creation; Business Plan;
    All these keywords.

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