CMAT 2024 Slot 1 Question Paper

Option c) (A) - (II), (B) - (III), (C) - (I), (D) - (IV). is the correct answer.

Intrapreneur → Risk-taking in an organisational role (II):  An intrapreneur is an individual within an organization who takes initiative and risks to innovate or implement ideas within the company.

Entrepreneur → Calculated Risk-taking (III): Entrepreneurs are individuals who take calculated risks to start and run businesses, aiming for profit and growth.

Distributor → Value Addition (I): Distributors play a crucial role in adding value by bridging the gap between manufacturers and consumers, ensuring products reach the market.

Customer → Utility Maximisation (IV) : Customers aim to maximise their utility or satisfaction by choosing products or services that best meet their needs and preferences.

The correct answer here is Option D: (A) - (III), (B) - (IV), (C) - (II), (D) - (I).

(A) - (III): Availability of raw materials, machinery, etc., falls under technical feasibility, as it ensures that the required inputs and resources for production are technically viable.

(B) - (IV): Demand and customer preferences are related to market feasibility, as they determine the product’s market acceptance.

(C) - (II): Profit projections relate to financial feasibility, as they evaluate whether the business can sustain itself financially.

(D) - (I): A business plan integrates market, technical, and financial feasibility, summarizing the overall strategy for the business.

The entrepreneur is best described by both (1) and (2) because:

• Option A: Entrepreneurs are indeed catalysts for change. They identify gaps in the market, challenge the status quo, and drive innovation, often creating significant shifts in how industries operate. Their aggressive pursuit of improvement and solutions marks them as transformative forces.
• Option B: Entrepreneurs are independent thinkers who take calculated risks and dare to stand out. They pursue unconventional paths and ideas that differentiate them from the crowd, often pioneering new trends and practices.
• Option C: While entrepreneurs create businesses, reducing their role to mere creators is an oversimplification. Their impact extends beyond the creation stage, influencing industries, economies, and society.

Entrepreneurs do more than just create businesses. They embody the spirit of innovation (A) and individuality (B), which are essential in navigating dynamic and competitive business environments. Together, these traits highlight their multifaceted role.

Therefore, the correct answer is option D.

Speculative risk  business refers to the type of risk that involves the possibility of either a gain or a loss. Unlike pure risk, which only involves the potential for loss (such as property damage or injury), speculative risk allows for the possibility of both positive and negative outcomes.

According to the question,  A special promotion fails to increase the sales  is an example of a speculative risk business because there is a possibility of either gaining or losing (in this case, the company might not achieve the desired sales increase). Speculative risks involve outcomes that can result in both profits and losses, which is the nature of this situation.

An intrapreneur is a corporate manager or employee who takes the initiative within an organization to create a new business unit, product, or service. They act like entrepreneurs but work within the structure and resources of an existing organization. Intrapreneurs bring innovative ideas to life while leveraging the company's support.

Ecopreneur: Focuses on environmental sustainability and creates businesses that contribute to ecological well-being.

Technopreneur: An entrepreneur who specializes in technology-based ventures.

Businessman/Businesswoman: Refers to individuals engaged in traditional business operations, typically outside the scope of intrapreneurship.

Hence, answer is Option C lntrapreneur

Joseph Schumpeter, an economist, is well-known for his theory on entrepreneurship, where he emphasized the role of innovation as the primary function of an entrepreneur. He introduced the concept of "creative destruction," where new innovations disrupt existing markets and drive economic growth. Schumpeter highlighted that entrepreneurs are key agents of innovation in the economy.

The Pradhan Mantri MUDRA Yojana (PMMY) provides loans to micro and small enterprises under three categories:

1. Shishu (Up to ₹50,000): This category is for very small businesses or startups looking for small loans.
2. Kishore (₹50,001 to ₹5 lakh): This category is for businesses that are slightly larger or need more working capital.
3. Tarun (₹5,00,001 to ₹10 lakh): This category is for more established businesses that require larger amounts of funding for expansion.

Hence, the answer is (A), (B) and (D) only

The stages of Entrepreneurship Creativity are logically sequenced as follows:

1. Knowledge accumulation (A): This is the initial stage where the entrepreneur gathers information, insights, and expertise relevant to the problem or opportunity.
2. Incubation (B): In this stage, the gathered knowledge is subconsciously processed, allowing ideas to develop and mature over time.
3. Idea experience (D): Here, the entrepreneur experiences a "eureka moment" or breakthrough idea based on the incubation process.
4. Evaluation (E): The generated idea is critically assessed for feasibility, practicality, and potential impact.
5. Implementation (C): The final stage involves putting the evaluated idea into action, turning creativity into tangible outcomes.

Thus, the correct sequence is (A), (B), (D), (E), (C).

Let's consider each statement 

(A) Hiring and retaining talent is one of the most crucial things a business needs to do when scaling up. When scaling, an organisation can not afford to lose its top employees and needs to hire good talent to handle the additional responsibilities that would come with expansion. 

(B) Also becomes essential, scaling up often requires resources, for which investors are looked for. The investor must share the same goal for the organisation; otherwise, it would lead to problems in the functioning and decision-making of the business down the line. 

(C) Scalin up requires a change in the structure of the organisation and responsibilities for a majority of the workforce; managing how the employees spend their time and what work they are assigned becomes a crucial aspect in times of expansion. 

(D) It is also crucial to consider the market position before expanding a business; hence, this must be considered. 

(E) Although this is a valid point to consider during the early stages of a company, how the business idea is planned out is done when the organization is in its initial phases, whether it is a smaller company or a start-up. Although checking the feasibility of scaling is also relevant from an expansion perspective, the "idea experience" is more about how the business actually would work. 
Further, no option includes all five statements, and of the given statements, E is the least relevant from a scaling perspective. 

Thereofre Optoin C is the correct answer. 

Option b) (A), (B), (C) and (E) only is the correct answer.

The design thinking process typically involves the following key stages:

1. Empathise: Understanding the user's needs and experiences.
2. Define: Clearly defining the problem or challenge.
3. Ideate: Brainstorming and generating creative ideas.
4. Prototype: Developing low-fidelity versions of the solution to test ideas.
5. Test: Testing the prototypes to gather feedback and refine the solution.
   
   D) Modelling is not a part of the design thinking process.