Abstract

Scenario planning and analysis is an essential part of the strategic development and decision-making process for new firms. It involves assessing and envisioning various potential future scenarios to anticipate and prepare for potential challenges and opportunities. By considering a range of plausible situations, startups can proactively strategize and allocate resources effectively. Scenario planning helps identify potential risks, market fluctuations, technological advancements, and competitor actions that may impact the business. By conducting a thorough analysis of these scenarios, startups can identify key drivers, evaluate the impact of different strategies, and develop contingency plans to mitigate risks and capitalize on opportunities. This process enables startups to navigate uncertainties and make informed decisions that align with their long-term vision, enhancing their resilience and increasing their chances of success in an ever-changing business landscape.

Description