CMAT 2024: All About Innovation and
Entrepreneurship with Sample Questions
Vipra Shrivastava
Senior Manager - Cont ent
Updated on May 7, 2024 18:57 IST
CMAT Innovation and Entrepreneurship questions can be handled
with a bit of practice and focus on fundamentals. Know all about CMAT
Innovation and Entrepreneurship section. Also get sample questions on
Innovation and Entrepreneurship to prepare for CMAT 2024.
CMAT preparation tips f or Innovation and Entrepreneurship section
CMAT, the national level management aptitude test has a unique section -
Innovation and Entrepreneurship. This section was introduced as an
optional section in CMAT 2021. However, in CMAT 2022 and 2023, the
Innovation and Entrepreneurship section appeared as a mandatory
Disclaim e r: This PDF is auto -generated based o n the info rmatio n available o n Shiksha as
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section. In CMAT 2024 too, it will appear as a mandatory section.
The CMAT Innovation and Entrepreneurship section will carry 20
questions of 4 marks each. There will be negative marking of -1 mark
f or each incorrect attempt. Since it is a newly introduced section, there is
not much study material available in the market. So, you need to rely upon
guidance and previous years CMAT question papers.
In the CMAT 2024 exam, the questions of Innovation and
Entrepreneurship will be straightf orward and moderate. If you've studied
Business Studies bef ore, you will have a f air idea of what to f ocus on f or
preparation of this section. CMAT Innovation and Entrepreneurship is
a knowledge based section and can be mastered by understanding
concepts. There are no f ormulae or calculations in this section.
Preparation can also be done through CMAT Innovation and
Entrepreneurship book and PDF material which is readily available. But the
best way to prepare f or it is by practicing sample questions. CMAT 2024
exam will be held on May 15, 2024, so now is the time to do revision and
f ind out key aspects of this section that will help you in the exam.
CMAT 2024: Innovation and Entrepreneurship
Preparation
Innovation and Entrepreneurship section of CMAT 2024, section is
basically all about business knowledge. To crack this section candidates
need to know the f ollowing:
Concepts of innovation and business
Innovation of the lif e cycle
Entrepreneurship and start ups
Entrepreneurial development
Strategies of starting a venture
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Types of start ups
Entrepreneurship and government policies
Difference Between Entrepreneurship vs Business
Check below the main f eatures of entrepreneurship and business which
are the key dif f erentiators. This is critical to understanding the CMAT
Innovation and Entrepreneurship section:
Entrepreneurship Business
Unique idea Existing idea
Creates a new market Creates a space in existing market
Low competition High competition
High risk Comparatively low risk
Market leader Market player
revolutionary traditionalist
Who is an Entrepreneur?
An entrepreneur is someone who has the ability and desire to establish,
operate and succeed in a startup venture along with risk entitled to it, to
make prof its. The entrepreneurs are considered innovators or the source
of new ideas who revolutionise the market by replacing the old with their
new invention.
What is Entrepreneurship?
Entrepreneurship can be def ined as the ability and ef f orts to develop,
organize and run a business enterprise in order to make a prof it. The
entrepreneur has to be aware of risks involved and have the willingness to
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take those risks.
Types of Entrepreneurship
Small Business Entrepreneurship: This is ref erred to as those
businesses, which are set up by individuals f or self -sustenance and
self -employment such as grocery store, non-essential and essential
items shops, tailoring, salon, consultancy, ticketing & travel agency,
etc. This type of business doesn’t require capital f rom the market.
Scalable Startup Entrepreneurship: A business started with a new
idea aiming to grow into a prof itable company can be def ined as a
Scalable Startup. This type of business model requires external
capital f or expansion. The most f amous examples of scalable
startups are Facebook, Skype, and Twitter.
Large company Entrepreneurship: This type of entrepreneurship
ref ers to new businesses established within the existing business
with the aim of becoming the market leader in the said f ield. It
includes huge investments, solid inf rastructure and innovative
products to beat competition.
Social Entrepreneurship: As the term suggests, this type of
entrepreneurship ref ers to the business set f or catering to social
needs and contributing to welf are of vulnerable sections of the
society. The sole aim of Social Entrepreneurship is not prof it.
Characteristics of an Entrepreneur
An entrepreneur is not a prof essional. An entrepreneur is a someone who
is a leader, who is a visionary, who is a risk taker and who has the drive to
convert an idea in to reality. Some of the key characteristics of an
entrepreneur are given below:
Risk taker
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Innovative
Visionary
Leadership qualities
Flexibility
Knowledge
CMAT Innovation and Entrepreneurship Syllabus
Given below is are the topics included in the syllabus of Innovation and
Entrepreneur section of CMAT exam 2024. Candidates must go
through these topics in detail:
Concepts of Entrepreneurship
Overview of Entrepreneurship
Evolution of Entrepreneurship in India
Role of Entrepreneurship in Economic Development
Theories and Models of Entrepreneurship
Framework of Entrepreneurship Theories
Models of Entrepreneurship
Emerging Models of Corporate Entrepreneurship
Dimensions of Entrepreneurship
Entrepreneurial Society
Entrepreneurial Culture
Rural Entrepreneurship
Women Entrepreneurship
Emerging Trends in Social Entrepreneurship
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Principles of Business Organisation
Motivation, Communication and Leadership
Also Read:
CMAT exam pattern 2024 CMAT 2024 preparation strategy
CMAT question papers of
CMAT syllabus 20234
previous years PDFs
In CMAT, the questions in Innovation and Entrepreneurship section will be
based on these concepts. The questions will be in MCQ f ormat and
candidates will be required to select the right or closest option. Check out
below some of the Innovation and Entrepreneurship questions f rom
CMAT 2021 question paper.
Innovation and Entrepreneurship questions for
CMAT
Q: What is the title of the Authorised Biography of JRD TATA?
A: My Times: An Autobiography
B: Beyond the Last Blue Mountain
C: Ace Against Odds
D: Wings of Fire
Q: The process of gathering inf ormation about market or socio-
economic trends is called:
A: Need f or achievement
B: Tenacity
C: Neuroticism
D: Environmental Scanning
Disclaim e r: This PDF is auto -generated based o n the info rmatio n available o n Shiksha as
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Q: India’s f irst live Payments Bank was launched by:
A: Aditya Birla Idea
B: Cholamandalam
C: Bharti Airtel
D: Paytm
Q: Which city is ranked as one of the world’s f ive f astest growing
startup cities?
A: Cochin
B: Ahmedabad
C: Bangalore
D: Nagpur
Q: A business where an individual is both the owner and conductor
of the business af f airs is called:
A: Proprietorship Firms
B: Partnership Firms
C: Private Limited Company
D: None of the above
Q: Which of the f ollowing is not one of the traits of an
entrepreneur?
A: Opportunity Exploration
B: Perseverance
C: External locus of control
D: Risk Taking
Disclaim e r: This PDF is auto -generated based o n the info rmatio n available o n Shiksha as
o n 0 8 -May-20 24.
The section will also have passage based questions.
Practice Free CMAT Mock Test by Shiksha
CMAT_Mock_Test_1 CMAT_Mock_Test_1_Solutions
CMAT_Mock_Test_2 CMAT_Mock_Test_2_Solutions
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Disclaim e r: This PDF is auto -generated based o n the info rmatio n available o n Shiksha as
o n 0 8 -May-20 24.
