- Know the Characteristics of an Entrepreneur
- CMAT 2023 Preparation Tips for Innovation & Entrepreneurship
- CMAT 2023 Innovation & Entrepreneurship Important Topics
- Books & Study Material for CMAT 2023 Innovation & Entrepreneurship …
- Innovation & Entrepreneurship Questions Asked in CMAT 2022
- CMAT Innovation & Entrepreneurship Sample Questions
- Why is CMAT 2023 Innovation & Entrepreneurship Important?
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CMAT 2023 Preparation Tips for Innovation & Entrepreneurship: Preparing for CMAT 2023 Innovation and Entrepreneurship may seem difficult for MBA aspirants as it is quite a unique and newer section. It is a knowledge-based section consisting of 20 questions on Business & Economy, Latest Who’s Who, and Comprehension Passages among other topics. Cracking CMAT Innovation and Entrepreneurship isn’t much tricky, especially if you have studied Business Studies and related subjects.
Getting your hands on the sample papers and previous years’ question papers is one of the best CMAT 2023 preparation tips for Innovation and Entrepreneurship. With a fair idea of what topics to focus on and how to retain the knowledge, one can easily get through this section easily. Since there are no calculation or formula-based questions, candidates must gather and study important Innovation and Entrepreneurship topics and retain the information to answer the questions in CMAT 2023.
The Innovation and Entrepreneurship section was introduced in CMAT 2021 by National Testing Agency as an optional section with 25 questions. Many students skipped this section due to a lack of preparation and knowledge about it. However, in CMAT 2022, Innovation and Entrepreneurship appeared as a mandatory section carrying 20 questions. CMAT 2023 exam will also have this section apart from General Awareness, Quantitative Techniques & Data Interpretation, Logical Reasoning, and Language Comprehension.
If you are appearing for CMAT 2023 but are clueless about Innovation and Entrepreneurship preparation, then go through some of the best preparation tips shared by our MBA experts.
Also Read: CMAT 2023 Preparation Tips for General Awareness
Know the Characteristics of an EntrepreneurA leader, a visionary, a risk-taker, and someone with a determination to turn an idea into reality are all characteristics of an entrepreneur. Following are some of the essential traits of an entrepreneur:
- Willing to try things
- Always have a plan
- Passionate and motivated
CMAT 2023 Preparation Tips for Innovation & Entrepreneurship
To prepare for CMAT 2023 Innovation & Entrepreneurship, you don’t need to spend hours figuring out a way to solve an equation. All you need to do is study the important topics and remember the information. Check out the CMAT 2023 preparation tips for Innovation & Entrepreneurship to understand what you need to do.
Gather Important Topics
Since Innovation & Entrepreneurship is a knowledge-based section, candidates must have an idea of all the topics that it covers. Begin your preparation by knowing about Innovation & Entrepreneurship and the topics concerning them. You may come across some topics like concepts of innovation and business, innovation of the life cycle, entrepreneurship and start-ups, entrepreneurial development, entrepreneurship and government policies, etc. Ensure you make a list of everything you find so that you know beforehand what you are going to study.
Practice Sample/ Previous Years’ Papers
Another best way to start your CMAT Innovation & Entrepreneurship preparation is by going through the sample/ previous year’s question papers. This will give you an idea of the type of questions asked in this section. Note down all the important topics and allocate them to your timetable at your convenience. Once you get a detailed understanding of the topics, you can start solving CMAT previous years’ question papers or sample papers.
Know About Famous Innovators/ Entrepreneurs
As Innovation and Entrepreneurship are all about inventing or developing new and unique ideas that can revolutionize the market by replacing the old, many questions are asked about the innovators and their inventions. Candidates must ensure to read about the famous innovators or entrepreneurs who created a buzz around the globe by thinking out of the box. You can simply Google the famous innovators and then read about each one of them. This is indeed one of the great CMAT 2023 preparation tips for Innovation & Entrepreneurship.
Learn Basics About Starting an Enterprise
Starting a venture is quite different from getting into a traditional business. The competition may be less, but the risk involved in entrepreneurship is huge. The innovative product or service might revolutionize the entire market or end up failing miserably. It is crucial for candidates to have a thorough knowledge of starting an enterprise. Various questions or an RC passage may be asked around it. Having a clear mindset of doing business can be helpful a lot in solving Assertion-Reason type of questions.
Read About Govt-Aided Entrepreneurial Schemes
There are various government-aided entrepreneurial schemes in our country like Stand-up India and Start-up India, etc. CMAT 2023 Innovation & Entrepreneurship section may have questions about government-aided entrepreneurial schemes; thus, it’s important you get a complete idea of them. Also, not just India, you can read about global entrepreneurial schemes as some questions might appear around them in the exam.
Attempt CMAT Mock Tests
Mock tests are extremely helpful in understanding the CMAT exam pattern and expected topics from every section. When preparing for CMAT, try to solve one mock test daily to get an idea of the questions that can be asked in the actual exam. While attempting the Innovation & Entrepreneurship section, try to think logically about the questions like an entrepreneur and then answer accordingly. CMAT mock tests will help you analyze your performance, manage time and accuracy, and know where you are lacking.
Also Read: 7 Tips to Beat CMAT 2023 with a Bang!
CMAT 2023 Innovation & Entrepreneurship Important Topics
Listed below are some of the important topics for CMAT 2023 Innovation & Entrepreneurship you must focus on.
Overview of Entrepreneurship
Concepts 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
Emerging Trends in Social Entrepreneurship
Principles of Business Organisation
Motivation, Communication, and Leadership
Idea Generation & Prototype Development
Technological and Non-technological Innovation and Process
Intellectual Property Rights (IPR) & Patents
Startup and Venture Development
Investment, Angel, VC Fund System
Govt. Schemes and Funding to Support Ideas, Innovations, and Startups
Project Management for Innovation
3 Types of Idea Management Systems
Books & Study Material for CMAT 2023 Innovation & Entrepreneurship Preparation
Check out the best books and study material to refer to for CMAT 2023 Innovation and Entrepreneurship preparation:
National Policy on Skill Development and Entrepreneurship 2015- Published by Govt of India
Document on Atal Incubation Centre (AIC)
MSME Market Development Program by Govt of India
Woman Entrepreneurship Platform by Government of India
Venture Capital Scheme by Govt of India
End-to-End Energy Efficiency Scheme of Govt of India
Standup India Program 2016 by Govt of India
Innovation and Entrepreneurship by Peter F. Drucker
Entrepreneurship & Innovation Management by R. Gopal
Innovation & Entrepreneurship Questions Asked in CMAT 2022
Last year, a total of 20 questions were asked in the CMAT Innovation & Entrepreneurship section. The questions were focused mostly on the candidates' awareness of Entrepreneurship skills. Around 10% of questions were from current affairs while 90% were from static affairs. Here’s a list of questions asked in CMAT 2022 Innovation & Entrepreneurship:
CEOs and Names of Companies (OYO, Sugar, Lenskart, Berkshire Hathaway)
Brands and Punchlines
Reason for Govt's increasing role in business globally
Term that refers to the attractive idea that an entrepreneur invests in?
Having more than one customer segment
Phases of Entrepreneurial process
CMAT Innovation & Entrepreneurship Sample Questions
Go through the sample questions from the CMAT Innovation & Entrepreneurship section to get an idea of what to expect in the exam:
Which of the following is not one of the traits of an entrepreneur?
A business where an individual is both the owner and conductor of the business affairs is called:
India’s first live Payments Bank was launched by:
Which city is ranked as one of the world’s five fastest-growing startup cities?
The process of gathering information about the market or socio-economic trends is called:
What is the title of the Authorised Biography of J.R.D. TATA?
Someone legally appointed to sell off the assets of a bankrupt company is called:
The idea and actions that explain how an entrepreneur will make his venture profitable and impactful are commonly referred to as:
Ru pay was launched by:
The term bootstrapping is often associated with
Why is CMAT 2023 Innovation & Entrepreneurship Important?
When introduced in CMAT 2021, the Innovation & Entrepreneurship section was optional. However, now that section is mandatory to attempt for qualifying the exam, it has become quite crucial. Here are some reasons why CMAT Innovation & Entrepreneurship is important:
- The difficulty level of CMAT Innovation & Entrepreneurship ranges from moderate to easy. Candidates can easily crack this section by studying the important topics. If you know the right answers, you can get through this section and get an impressive score.
- While answering CMAT Innovation & Entrepreneurship questions, you will not need to do any calculations or apply any formulae. It’s a black-and-white section; either you know the right answer or not. So, you can save a lot of time which can be invested in solving calculation-intensive questions for other sections.
- CMAT is one of those MBA entrance exams whose every section has equal weightage (General, Awareness, Quantitative Techniques & Data Interpretation, Logical Reasoning, Language Comprehension, and Innovation & Entrepreneurship). If a candidate has to qualify for the exam, he needs to put equal effort to crack every section.
- There is no sectional time limit in CMAT. Since you don’t have to do calculations to get the answer, you can finish this section in less time and utilize the remaining time in solving QA, DI, and LR questions.
Hope these CMAT 2023 preparation tips for Innovation & Entrepreneurship help you crack this section easily. Make sure you go study all the important Innovation & Entrepreneurship topics mentioned above and solve sample questions for a foolproof preparation. We wish you all the best for CMAT 2023!
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