Budžetiranje kapitala za mala poduzeća na primjeru start-up poduzeća Skybox d.o.o.

master's thesis

• Title (english): Capital budgeting for small firms utilising Skybox d.o.o. as an example
• Author: Helena Slišković
• Mentor: Denis Dolinar (mentor)
• Committee member: Ena Pecina (član povjerenstva)
• Committee member: Ana Ježovita (član povjerenstva)
• Granter: University of Zagreb; Faculty of Economics and Business; (Department of Managerial Economics); Zagreb
• Defense date and country: 2025-02-28, Croatia
• Scientific / art field, discipline and subdiscipline: SOCIAL SCIENCES; Economics; Economics of Entrepreneurship

Abstract

Budžetiranje kapitala predstavlja ključni proces financijskog planiranja koji omogućava poduzećima donošenje odluka o dugoročnim investicijama. U malim poduzećima, a posebno u start-upovima, ovaj proces suočava se s nizom izazova, uključujući ograničene financijske resurse, nestabilne novčane tokove te ograničen pristup izvorima financiranja. Ovaj rad analizira specifičnosti budžetiranja kapitala u malim poduzećima s naglaskom na investicijske odluke i procjenu isplativosti projekata, koristeći primjer start-up poduzeća SkyBox d.o.o. Teorijski okvir rada obuhvaća metode budžetiranja kapitala, uključujući čistu sadašnju vrijednost (NPV), internu stopu profitabilnosti (IRR), razdoblje povrata te indeks profitabilnosti. Posebna pažnja posvećena je razlikama u financijskom upravljanju između malih i velikih poduzeća te prilagodbama koje su potrebne kako bi mala poduzeća mogla donositi ispravne investicijske odluke. Nadalje, istražuju se tradicionalni i alternativni izvori financiranja dostupni malim poduzećima, poput bankovnih kredita, fondova rizičnog kapitala, poslovnih anđela i državnih potpora. Praktični dio rada temelji se na analizi investicijskog projekta širenja na novo tržište poduzeća SkyBox d.o.o. Korištenjem metoda budžetiranja kapitala procijenjena je financijska isplativost projekta, uzimajući u obzir očekivane novčane tokove i trošak kapitala. Analiza je pokazala da pravilno strukturirano budžetiranje kapitala može značajno smanjiti rizike i povećati vjerojatnost uspješnog ulaganja. Zaključci rada ističu važnost prilagođenog pristupa budžetiranju kapitala u malim poduzećima. Unatoč izazovima s kojima se mala poduzeća suočavaju, adekvatna primjena financijskih metoda i strategija može im omogućiti stabilan rast i dugoročnu održivost.

Abstract (english)

Capital budgeting is a crucial financial planning process that enables companies to make informed decisions about long-term investments. In small businesses, particularly startups, this process faces numerous challenges, including limited financial resources, unstable cash flows, and restricted access to funding sources. This thesis analyzes the specifics of capital budgeting in small enterprises, with a focus on investment decision-making and project feasibility assessment, using the example of the startup company SkyBox d.o.o. The theoretical framework of the thesis covers capital budgeting methods, including Net Present Value (NPV), Internal Rate of Return (IRR), Payback Period, and Profitability Index. Special attention is given to the differences in financial management between small and large enterprises, as well as the necessary adjustments that small businesses must make to ensure proper investment decisions. Furthermore, the study explores both traditional and alternative financing sources available to small businesses, such as bank loans, venture capital funds, angel investors, and government subsidies. The practical part of the thesis is based on an analysis of an investment project aimed at expanding SkyBox d.o.o. into a new market. By applying capital budgeting methods, the financial feasibility of the project was assessed, considering expected cash flows and the cost of capital. The analysis demonstrated that a well-structured capital budgeting process can significantly reduce risks and increase the likelihood of a successful investment. The findings of this research emphasize the importance of a tailored approach to capital budgeting in small businesses. Despite the challenges faced by small enterprises, the proper application of financial methods and strategies can facilitate stable growth and long-term sustainability.

• Keywords: budžetiranje kapitala; mala poduzeća; start-up; investicijski projekt; SkyBox d.o.o.; financijsko upravljanje; procjena isplativosti ulaganja
• Keywords (english): capital budgeting; small businesses; start-ups; investment project; SkyBox d.o.o.; financial management; investment feasibility assessment
• Language: croatian
• URN:NBN: urn:nbn:hr:148:933711
• Study programme: Title: Business economics; Study programme type: university; Study level: integrated undergraduate and graduate; Academic / professional title: sveučilišni magistar ekonomije/sveučilišna magistra ekonomije (sveučilišni magistar ekonomije/sveučilišna magistra ekonomije)
• Type of resource: Text
• File origin: Born digital
• Access conditions: Access restricted to students and staff of home institution
• Created on: 2025-03-06 11:37:22