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Innovation and Entrepreneurship Flashcards

6 cards from real CMAT practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.

Read the first 6 Innovation and Entrepreneurship flashcards as text

  1. What is a 'business model canvas'?

    Answer: A one-page visual framework to describe a business model

    The Business Model Canvas, developed by Osterwalder, is a strategic management template that visualizes a company's value proposition, infrastructure, customers, and finances.

  2. What does 'MVP' stand for in the startup context?

    Answer: Minimum Viable Product

    An MVP (Minimum Viable Product) is the simplest version of a product that delivers value to early customers and enables testing of key assumptions.

  3. Who developed the 'Lean Startup' methodology?

    Answer: Eric Ries

    Eric Ries introduced the Lean Startup methodology in his 2011 book, emphasizing build-measure-learn cycles.

  4. What is 'disruptive innovation'?

    Answer: An innovation that creates new markets and displaces established competitors

    Disruptive innovation, a concept by Clayton Christensen, refers to innovations that initially target overlooked segments and eventually displace incumbents.

  5. In venture capital, what is a 'unicorn'?

    Answer: A privately held startup valued at $1 billion or more

    A 'unicorn' refers to a privately held startup company valued at over $1 billion, a term coined by venture capitalist Aileen Lee.

  6. What is 'bootstrapping' in entrepreneurship?

    Answer: Growing a business using only internal cash flows without external funding

    Bootstrapping means building a company from the ground up using personal savings and revenue without relying on external investment.

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  1. cdnbbsr.s3waas.gov.in — Test delivery, eligibility, fees, passing score, time limit · verified Oct 2026
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  3. cmat.nta.nic.in — Exam information · verified Nov 2026