Troubleshooting: Msg 3201 – Cannot open backup device.. Operating system error 53 (The network path was not found.)

Error 

Msg 3201, Level 16, State 2, Line 1
Cannot open backup device ‘\\NetworkShare\BackupFolderName\Database_Name.back’. Operating system error 53(error path not found).

Root cause analysis (RCA) 

Network Path: \\NetworkShare\BackupFolder was incorrect.

Solution                     

Make sure the network folder path is correct