Backup failed for Server ''. (Microsoft.SqlServer.SmoExtended)

[Administrator]

When initiating a backup of MSSQL database using SQL Management Studio, you might get the error as below.

TITLE: Microsoft SQL Server Management Studio
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Backup failed for Server ''.  (Microsoft.SqlServer.SmoExtended)

For help, click: go.microsoft.com/fwlink?ProdName=Microsoft+SQL+Server&ProdVer=11.0.5058.0+((SQL11_PCU_Main).140514-1820+)&EvtSrc=Microsoft.SqlServer.Management.Smo.ExceptionTemplates.FailedOperationExceptionText&EvtID=Backup+Server&LinkId=20476

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ADDITIONAL INFORMATION:

System.Data.SqlClient.SqlError: Cannot open backup device 'C:\backup.bak'. Operating system error 5(Access is denied.). (Microsoft.SqlServer.Smo)

For help, click: go.microsoft.com/fwlink?ProdName=Microsoft+SQL+Server&ProdVer=11.0.5058.0+((SQL11_PCU_Main).140514-1820+)&LinkId=20476

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BUTTONS:

OK
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This error is due to incorrect permissions on the folder under which the backup file is generated. Simply, add network user's permission on that folder & you will be able to generate the backups.