CMAT Innovation and Entrepreneurship Practice Questions 2024

CMAT Innovation and Entrepreneurship Practice Questions 2024: The CMAT Innovation and Entrepreneurship section is unique to the CMAT 2024 exam and it was introduced in 2021 as an optional section in the exam. Subsequently, the CMAT Innovation and Entrepreneurship was converted into a mandatory section, and a candidate’s performance in this section is counted towards the overall CMAT score calculation.

Similar to the other sections in the CMAT question paper, the Innovation and Entrepreneurship section also consists of 20 questions of 4 marks each. Therefore, it is essential for aspirants to put in their best effort when preparing for this section to increase their chances of scoring a high CMAT percentile score. In this article, aspirants will find all the necessary information about the CMAT Innovation and Entrepreneurship Practice Questions 2024 and more!

Also Read: CMAT 2024 Preparation Tips for Innovation & Entrepreneurship

What is CMAT Innovation and Entrepreneurship?

The CMAT Innovation and Entrepreneurship section is designed to assess students on their business acumen and management knowledge. This section is specifically designed to ascertain whether students have the skills and knowledge to understand and pursue a higher level of management education and become successful entrepreneurs in the future.

Since this section is purely focused on entrepreneurship, the CMAT syllabus for the Innovation and Entrepreneurship section only consists of topics related to business and entrepreneurship. This section is similar to the CMAT General Awareness section since both these sections include mostly objective-type questions. Some of the most important topics of the CMAT Innovation and Entrepreneurship section include:

• Concepts of innovation and business
• Entrepreneurial development
• Entrepreneurship and government policies
• Entrepreneurship and start-ups
• Innovation of the life cycle
• Strategies for starting a venture
• Types of start-ups

CMAT Innovation and Entrepreneurship Practice Questions 2024

Aspirants must check out the CMAT Innovation and Entrepreneurship practice questions during their preparation process to understand the type of questions asked in this section. Check out some of the most important CMAT Innovation and Entrepreneurship questions mentioned below:

• Question 1: Which is not a disadvantage of Entrepreneurship?
  • a) Risk of Failure
  • b) Uncertain Income
  • c) You are the Boss
  • d) Long working hours
    • 1) Answer (C).
• Question 2: An entrepreneur is a person who is a _____?
  • a) Risk Taker
  • b) Initiator
  • c) Actor
  • d) All the Above
    • 2) Answer (D).
• Question 3: Which of the following is not an Entrepreneur?
  • a) Founder of Zomato
  • b) Someone who starts an online health checkup service
  • c) Founder of PVR
  • d) A person starting a new pharmacy store
    • 3) Answer (D).
• Question 4: According to Schumpeter, the primary function of the new age entrepreneur is_______?
  • a) Creativity
  • b) Innovation
  • c) Skill
  • d) Invention
    • 4) Answer (B).
• Question 5: India’s first live payments bank was launched by which of the following?
  • a) Bharati Airtel
  • b) Aditya Birla Idea
  • c) Paytm
  • d) Cholamandalam
    • 5) Answer (A).
• Question 6: Individuals influencing the Entrepreneur’s style and career choices are known as which of the following?
  • a) Moral support network
  • b) Role Model
  • c) Professional support network
  • d) Support system
    • 6) Answer (B).
• Question 7: Who introduced the term Entrepreneur?
  • a) Joseph Schumpeter
  • b) William Stanley Jevons
  • c) Richard Cantillon
  • d) Carl Menger
    • 7) Answer (C).
• Question 8: Who introduced the term Intrapreneur?
  • a) Joseph Schumpeter
  • b) Peter Drucker
  • c) Gifford Pinchot
  • d) David McClelland
    • 8) Answer (C).
• Question 9: People who own, operate, and take responsibility for a business venture are known as _______
  • a) Promoter
  • b) Employee
  • c) Entrepreneurs
  • d) Entrepreneurship
    • 9) Answer (C).
• Question 10: A business where an individual is both the owner and conductor of the business affairs is called _______
  • a) Proprietorship Firms
  • b) Partnership Firms
  • c) Private Limited Company
  • d) None of the above
    • 10) Answer (A).
• Question 11: Which is not an advantage of Entrepreneurship?
  • a) Freedom to choose a business interest
  • b) Freedom to be creative
  • c) Earning Money
  • d) Making decisions alone
    • 11) Answer (D).
• Question 12: Which of the following sells products to other businesses rather than the final consumer?
  • a) Online Gaming Company
  • b) Wholesaler
  • c) Retailer
  • d) Restaurants
    • 12) Answer (B).
• Question 13: What is an office memorandum?
  • a) A message from another person
  • b) A short written form of business communication
  • c) Letter
  • d) Short speech
    • 13) Answer (B).
• Question 14: What is opportunity cost?
  • a) Choosing the first option
  • b) Choosing the 2nd best option
  • c) Choosing the best alternative
  • d) Choosing the easiest option
    • 14) Answer (C).
• Question 15: Which of the following is not one of the traits of an entrepreneur?
  • a) Opportunity Exploration
  • b) External locus of control
  • c) Risk Taking
  • d) Perseverance
    • 15) Answer (B).
• Question 16: In regards to the differences between the entrepreneurial and administrative focuses which of the following is true:
  • a) Entrepreneurs focus on slow steady growth but managers focus on rapid growth
  • b) Entrepreneurs rent or sporadically use resources; managers like to own resources
  • c) Entrepreneurs are driven by controlled resources and managers by opportunity
  • d) Entrepreneurs tend to use a hierarchical management structure while managers use a more fluid, flat approach
    • 16) Answer (B).
• Question 17: __________ applied the word entrepreneur to business for the first time:
  • a) Robert Owen
  • b) Joseph Schumpeter
  • c) Max Weber
  • d) Richard Cantillon
    • 17) Answer (C).
• Question 18: Innovate or Evaporate was a slogan given by:
  • a) Robert Owen
  • b) Joseph Schumpeter
  • c) Phillip Kotler
  • d) Richard Cantillon
    • 18) Answer (C).
• Question 19: What kind of economy allows the government to determine what, how, and for whom to produce products and services for?
  • a) Command
  • b) Market
  • c) Open
  • d) Strict
    • 19) Answer (A).
• Question 20: The process of gathering information about market or socio-economic trends is called:
  • a) Tenacity
  • b) Environmental Scanning
  • c) Need for achievement
  • d) Neuroticism
    • 20) Answer (B).

Also Read: 7 Tips to Beat CMAT 2024 With A Bang!

CMAT Innovation and Entrepreneurship Syllabus 2024

The CMAT Innovation and Entrepreneurship Syllabus is the most important part of the preparation process for this section. Candidates need to thoroughly understand the topics and concepts that will be assessed under this section to prepare for the same. Candidates must do their research and check all types of sources like the CMAT syllabus, CMAT sample papers, and CMAT previous year question papers to understand what type of questions are asked in the Innovation and Entrepreneurship section of CMAT. Once aspirants are aware of all the topics they must cover to prepare for the CMAT Innovation and Entrepreneurship section, they must only use the best books to learn those concepts and topics. Take a look at the CMAT Innovation and Entrepreneurship Syllabus 2024 mentioned below:

Preparation Tips for CMAT Innovation and Entrepreneurship 2024

Aspirants don't have to spend hours getting ready for the CMAT 2024 Innovation & Entrepreneurship section. The key preparation steps that candidates must take are identifying the important subjects and learning all the necessary information by heart. Candidates can take a look at the preparation tips for CMAT 2024 Innovation & Entrepreneurship below:

• Identify the Important Topics: Given that Innovation & Entrepreneurship is a knowledge-based area, you are expected to be familiar with every subject and topic covered in this section. Start your preparation by familiarising yourself with concepts like innovation and business, start-ups and entrepreneurship, entrepreneurial development, entrepreneurship and government policies, etc.

• Learn More About Famous Entrepreneurs: Numerous questions concerning entrepreneurs and their innovations are included in the Innovation and Entrepreneurship section of CMAT. You must ensure they have read about well-known inventors and entrepreneurs who, by thinking beyond the box, generated global excitement.

• Understand the Basics of Running an Enterprise: One of the key areas that are tested in this section is the ability of a candidate to manage an entrepreneurial venture. Thus, you must be aware of the basic concepts and skills that are required for running a business venture.

• Regularly Attempt Mock Tests, Sample Papers & Previous Year Questions: Practicing whatever you have learned is crucial at every stage of the CMAT preparation process. Thus, it is essential that you attempt CMAT mock tests and practice CMAT sample papers, and CMAT previous year question papers regularly.

• Always Stay Updated on the Latest Entrepreneurship-related News: Since the business and entrepreneurship industry is always evolving, you must be updated with all the latest information and news about the industry. Read newspapers and business magazines regularly to stay updated.

Hopefully, the article above was helpful to candidates regarding the CMAT 2024 Innovation & Entrepreneurship. We wish you all the best for CMAT 2024!

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