Bonjour, new guests from small-town India
Puneet Dhawan of Accor is brimming with ideas on ways to revive the hospitality sector
Scenario planning helps entrepreneurs create a strategy that works for all future situations, including the pandemic, according to Sudhir Raj K, Professor at the Nitte-based Justice KS Hegde Institute of Management (JKSHIM).
Speaking at a webinar on ‘Scenario planning: A new mantra for start-up success’, organised by JKSHIM, he said Covid pandemic has shaken the world business at its root. In such a situation, scenario planning is extremely useful for all corporates, investors, entrepreneurs and leaders.
He defined scenario planning as a ‘diagnostic tool’ for conditions in which uncertainty rules with no clear answers. It is the construction of the possible future situations for the conditions. By engaging in a disciplined process of thinking ahead, it helps in alerting the actions of entrepreneurs accordingly.
Explaining the steps involved in scenario planning, Raj said an entrepreneur should create scenarios after identifying the problem he/she trying to solve and the critical uncertainties around it. Following this, the entrepreneur should identify and monitor the key indicators in those scenarios. Scenarios provoke genuine learning and strategies, he said.
Futurists act and think ahead of times and choose innovative solutions through scenario planning, he said.
Urging the start-up entrepreneurs to reboot and reimagine, he said they should think the unthinkable and start building scenarios on that. With the mantra of thinking the unthinkable they should create critical mass of skilled personnel.
Entrepreneurs should not see pandemic as a problem but as an opportunity, he said. There is a need to evolve new business scenarios.
Referring to the example of Wig Garage of Mumbai, he said Shekar Wig, a lawyer by profession, had the liking for repairing cars. He used this skill to repair cars during the lockdown period. This made him set up his enterprise Wig Garage, he added.
Puneet Dhawan of Accor is brimming with ideas on ways to revive the hospitality sector
Citroen’s first vehicle sports a novel design and European interiors. It is also meant to be as comfortable as ...
The pandemic is only the tip of the iceberg that the country’s cash-poor airlines — both regional and national ...
The government is yet to specify the framework of its recently announced old vehicle scrappage policy
Here is a checklist that equips you to discern the market nuances
Sensex, Nifty 50 have witnessed sharp decline
The fund has consistently outperformed S&P BSE 100 TRI over one, three and five years
Returns are superior to immediate annuity plans, but SCSS can secure better rates for new investors sooner if ...
With the public looking beyond mainstream media for reports from the ground, independent digital platforms are ...
While Supreme Court has cleared the way for women seeking longer tenures and senior roles in the Indian Army, ...
Mughal Gardens in the Capital open to visitors — albeit with Covid-19 protocol — for the annual Udyanotsav
Salty, buttery, cheese coated or with maple syrup and bacon — popcorn is lending its adaptable self to gourmet ...
Its name is the starting point of a brand’s journey and can make a big difference in the success sweepstakes
Sober spirits are the in thing
A peek into where ad spends went last year and where they are headed tomorrow
Can Swiggy Instamart disrupt the ecommerce groceries space, currently ruled by the Amazons and Big Baskets? ...
Three years after its inception, compliance with GST procedures remains a headache for exporters, job workers ...
Corporate social responsibility (CSR) initiatives of companies are altering the prospects for wooden toys of ...
Aequs Aerospace to create space for large-scale manufacture of toys at Koppal
And it has every reason to smile. Covid-19 has triggered a consumer shift towards branded products as ...
Please Email the Editor