How to prepare for CMAT Innovation and Entrepreneurship (New Section)
Common Management Admission Test (CMAT) is a National Level Entrance Examination for admission to Management Programs in the country. The National Testing Agency (NTA) will be conducting the CMAT-2022 exam. The exam is a gateway to more than 1000 MBA colleges in India. The CMAT 2022 exam registration has started. In this article, we will look at some basic terminology to familiarise oneself with the Innovation and Entrepreneurship section of the exam, and some preparation tips.
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CMAT 2022 Exam Date:
The CMAT exam will be conducted in two shifts, as per the details mentioned below:
| Date of the Examination | Shift and Timing of Examination |
| Yet to be announced | Shift 1: 9:00 A.M. to 12 P.M.
Shift 2: 03:00 P.M. to 06:00 P.M. |
As we know, last year the AICTE has proposed a change in the examination pattern having an additional (optional) section for the Entrance Examination (to encourage candidates in Innovation and Entrepreneurship). So, the purpose of introducing this section in the exam is to encourage those students who wish to be Entrepreneurs after pursuing their management degree. Someone aspiring to be an Entrepreneur will also be interested in this section. This section consists of 20 questions of 4 marks each.
This article gives you a brief idea to familiarise yourself with the basic terminology of Innovation and Entrepreneurship. So, we will look at some of the terminologies associated with the same, and some preparation tips.
Tips to prepare for the CMAT Innovation and Entrepreneurship section:
- One must know what decision to take in a given situation and must be able to think if the decision will be beneficial or detrimental to the organisation. This can help in the decision-making type of questions. So, think like an Entrepreneur while answering such questions.
- Familiarise yourself with the basics of starting an organisation/start-up. It also helps to know some of the major organisational innovations across the country and the world, and about some of the best entrepreneurs, startups, recent mergers and acquisitions etc.
- Also, knowing about the various initiatives by the government to encourage entrepreneurship in India is beneficial (Initiatives like Start-up India initiative, Skill development mission, Venture Capital Assistance Scheme, MUDRA Banks, etc.)
Following are some of the basic concepts one can familiarise oneself with, for those who opted for this section.
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How to prepare for CMAT Innovation Topic:
What is innovation?
Innovation in an organisation refers to coming up with new ideas, the handling of all the activities needed to introduce something new, and implementing them. It’s all about developing an idea in NEW and ethical ways. Innovation also about approaching existing products or processes in new ways. There can be different types of innovation that an organisation might engage in (which are related to its business models, products, internal processes, workflows, etc.)
Innovation helps companies grow, it keeps organisations relevant and helps them differentiate themselves. Innovation also simply means applying one’s creativity and coming up with solutions to various problems. Entrepreneurs must also have an understanding of bringing that innovation to life. The reason behind the success of companies like Amazon, Microsoft, Apple, etc is constant innovation. Hence, it is critical for an organisation to innovate and reinvent itself.
Most Important Innovation Terms:
Following are some terms one must familiarise with to have a basic idea of innovation-
- What is innovation management?
- The key aspects of innovation management (Capabilities, Structures, Strategy etc)
- Types of Innovation
- Innovator’s dilemma
- The technology adoption lifecycle
- Risk in innovation management, Risk of not improving
- The lifecycle of an innovation, Idea management systems, Product portfolio etc.
- What does successful innovation management look like?
- Strategies/processes such as Push vs. pull, the phase-gate process, the lean startup etc.
- KPIs – How to measure innovation? (Input metrics, Output metrics, Types of innovation metrics, Choosing the right metrics etc)
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How to prepare for CMAT Entrepreneurship Topic:
What is Entrepreneurship?
The process of setting up a startup/organisation is known as entrepreneurship. It is a process of bringing an idea to life. An entrepreneur is an individual who creates and develops a new business idea, takes the risks, and implements the idea. He/She looks for opportunities for development and finds solutions to the problems, working for a better future for the people. The entrepreneur is commonly seen as an innovator, a source of new ideas, goods, services, procedures, etc.
Most Important Entrepreneurship Terms:
Following are some of the concepts that one can familiarise with-
- Definition of Entrepreneurship, and Who is an Entrepreneur?
- What is a Startup?
- State of Entrepreneurship in India.
- The legal structure for startups, Registration Process for entities. Business Licenses, Registrations and Agreements, Legal Contracts and agreements.
- Process of Entrepreneurship Development, business planning.
- Role of the Central and State Government in promoting Entrepreneurship.
- Role of Entrepreneur in the Indian economy.
- Entrepreneur Vs. Manager, Entrepreneur Vs. Intrapreneur.
- What do managers do and what managerial work includes.
- Environmental Analysis.
- Schemes offered by various financial institutions to encourage entrepreneurs.
- Venture Capital Funding
- Elements of future growth
- Private Limited Company, Limited Liability Partnership, One Person Company (OPC)
- General Partnership Company and Sole Proprietorship.
- What is Idea generation, What is Idea Validation? and Methods to validate Idea.
- PEST Analysis, Market Research Activity.
- What is customer segmentation? and Types of customer segmentation.
- Buyer Persona.
- What is a Minimum Viable Product?
- What is the Business Model Canvas?
- What is Marketing? Traditional Vs Digital Marketing.
- Blue Ocean Strategy.
- Guerrilla Marketing.
- What is Business Finance? and Types of Financial Statements.
- Funding and Pitching: What is Funding, Types of Funding, What is Elevator Pitch? and so on.
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