Este documento tiene como primer objetivo mostrar los diferentes métodos de valoración de empresas estudiados en las últimas décadas. No obstante, el trabajo profundiza en la valoración de pequeñas empresas como tema central, debido a que hasta la actualidad no se las ha investigado con el mismo interés que a empresas corporativas, lo que pone en evidencia una falta de consenso. Así, el segundo objetivo es ofrecer al lector una fuente de información, a manera de compendio inicial, que motive a investigar el tema, realizar estudios específicos, servir de materia de tesis académicas, entre otras contribuciones. El primer capítulo de este trabajo aborda el tema partiendo de la definición del concepto de valor, y sustenta la diferencia entre valor y precio. Asimismo, en él se realiza una reseña de la evolución del estudio de valoración de empresas, se explica qué es una pequeña empresa en el marco nacional e internacional, y, finalmente, se aborda la valoración de pequeñas empresas en específico. Por su parte, el segundo capítulo describe los métodos de valoración de empresas más utilizados y aceptados, y presenta sus ecuaciones y guía detallada de uso. El tercer capítulo expone errores encontrados en valoración de empresas; el cuarto capítulo describe seis metodologías de valoración de pequeñas empresas, y presenta sus respectivas ecuaciones y los pasos a seguir para su uso. Finalmente, el quinto capítulo se enfoca en un tema de similar importancia, la estimación del costo de capital en pequeñas empresas, el cual genera, inclusive, mayor controversia. / The first objective of this document is to show the different Company valuation methods studied in the last decades. However, the work looks into the valuation of small business, as a central topic, because until now they have not been investigated with the same interest than the Corporative Companies, which evidences a lack of consensus. Thus, the second objective is to offer a source of information to the reader, as an initial summary, that motivates to investigate the topic, do specific studies, serve as a topic for Academic Thesis, among other contributions. The first chapter of this paper approaches the topic starting from the definition of the concept of the value and supports the difference between value and price. Moreover, there is an outline of the evolution of the study of valuation of Companies, it is explained what is a small business in the national and international framework and, finally, the valuation of specific small business is approached. On its part, the second chapter describes the most used and accepted companies’ valuation methods and presents its equations and detailed user guide. The third chapter shows mistakes found in companies’ valuation; the fourth chapter describes six methodologies of the valuation of small business and shows its respective equations and the steps to follow for its use. Finally, the last chapter focuses on a topic of similar importance, the estimation of the capital cost in small companies that generates, even, more controversy. / Trabajo de Suficiencia Profesional

Este documento tiene como primer objetivo mostrar los diferentes métodos de valoración de empresas estudiados en las últimas décadas. No obstante, el trabajo profundiza en la valoración de pequeñas empresas como tema central, debido a que hasta la actualidad no se las ha investigado con el mismo interés que a empresas corporativas, lo que pone en evidencia una falta de consenso. Así, el segundo objetivo es ofrecer al lector una fuente de información, a manera de compendio inicial, que motive a investigar el tema, realizar estudios específicos, servir de materia de tesis académicas, entre otras contribuciones. El primer capítulo de este trabajo aborda el tema partiendo de la definición del concepto de valor, y sustenta la diferencia entre valor y precio. Asimismo, en él se realiza una reseña de la evolución del estudio de valoración de empresas, se explica qué es una pequeña empresa en el marco nacional e internacional, y, finalmente, se aborda la valoración de pequeñas empresas en específico. Por su parte, el segundo capítulo describe los métodos de valoración de empresas más utilizados y aceptados, y presenta sus ecuaciones y guía detallada de uso. El tercer capítulo expone errores encontrados en valoración de empresas; el cuarto capítulo describe seis metodologías de valoración de pequeñas empresas, y presenta sus respectivas ecuaciones y los pasos a seguir para su uso. Finalmente, el quinto capítulo se enfoca en un tema de similar importancia, la estimación del costo de capital en pequeñas empresas, el cual genera, inclusive, mayor controversia. / The first objective of this document is to show the different Company valuation methods studied in the last decades. However, the work looks into the valuation of small business, as a central topic, because until now they have not been investigated with the same interest than the Corporative Companies, which evidences a lack of consensus. Thus, the second objective is to offer a source of information to the reader, as an initial summary, that motivates to investigate the topic, do specific studies, serve as a topic for Academic Thesis, among other contributions. The first chapter of this paper approaches the topic starting from the definition of the concept of the value and supports the difference between value and price. Moreover, there is an outline of the evolution of the study of valuation of Companies, it is explained what is a small business in the national and international framework and, finally, the valuation of specific small business is approached. On its part, the second chapter describes the most used and accepted companies’ valuation methods and presents its equations and detailed user guide. The third chapter shows mistakes found in companies’ valuation; the fourth chapter describes six methodologies of the valuation of small business and shows its respective equations and the steps to follow for its use. Finally, the last chapter focuses on a topic of similar importance, the estimation of the capital cost in small companies that generates, even, more controversy. / Trabajo de Suficiencia Profesional

From 1971 public music education in South Africa depended on government funding for instruments, buildings, salaries and equipment, but since 1994 this support has gradually faded. A case study shows that music centers are now being forced to become independent of financial support from either the government or the governing body of the school. Funding for operational costs needs to be self-generated. Theories about business management and entrepreneurial skills were the basis for this investigation. The aim of this research project was to investigate South African music centers as sustainable and profitable small business enterprises. The strengths, weaknesses, opportunities and threats of music centers were investigated. Data were collected to form a situation analysis of the expectations that parents and pupils have of music education and the circumstances of music teachers. A qualitative study from the interpretivist perspective was done over four years in order to gain understanding of the situation. Data were collected through questionnaires, interviews and participant observation. The total number of respondents was 143. Teachers, parents, pupils and principals were involved in the investigation, and a case study was undertaken with a music centre in North-West Province. Music education is not a sustainable and viable business opportunity. Music educators, who are mostly trained in classical music, should reconsider the subject matter and the didactical approach. Jazz and popular music are in demand from the majority of pupils. Teachers are responsible for teaching, administrative tasks and even cleaning and gardening. Almost half the teachers have access to computers and very few have telephones at work while nearly all the pupils have their own cell phones and Internet access. Most teachers are hired part time without benefits, usually without a fixed salary. Music education must be relevant and entertaining. Educators should adapt to the needs of the client and other sources of income should be investigated. Ways in which services could be expanded should be investigated further. The importance and value of music education should be promoted and marketed in the community, and the focus of music education training should be on ensemble playing, improvising, composing and song writing, as well as on entrepreneurship and business management. / Thesis (MMus)--North-West University, Potchefstroom Campus, 2012

From 1971 public music education in South Africa depended on government funding for instruments, buildings, salaries and equipment, but since 1994 this support has gradually faded. A case study shows that music centers are now being forced to become independent of financial support from either the government or the governing body of the school. Funding for operational costs needs to be self-generated. Theories about business management and entrepreneurial skills were the basis for this investigation. The aim of this research project was to investigate South African music centers as sustainable and profitable small business enterprises. The strengths, weaknesses, opportunities and threats of music centers were investigated. Data were collected to form a situation analysis of the expectations that parents and pupils have of music education and the circumstances of music teachers. A qualitative study from the interpretivist perspective was done over four years in order to gain understanding of the situation. Data were collected through questionnaires, interviews and participant observation. The total number of respondents was 143. Teachers, parents, pupils and principals were involved in the investigation, and a case study was undertaken with a music centre in North-West Province. Music education is not a sustainable and viable business opportunity. Music educators, who are mostly trained in classical music, should reconsider the subject matter and the didactical approach. Jazz and popular music are in demand from the majority of pupils. Teachers are responsible for teaching, administrative tasks and even cleaning and gardening. Almost half the teachers have access to computers and very few have telephones at work while nearly all the pupils have their own cell phones and Internet access. Most teachers are hired part time without benefits, usually without a fixed salary. Music education must be relevant and entertaining. Educators should adapt to the needs of the client and other sources of income should be investigated. Ways in which services could be expanded should be investigated further. The importance and value of music education should be promoted and marketed in the community, and the focus of music education training should be on ensemble playing, improvising, composing and song writing, as well as on entrepreneurship and business management. / Thesis (MMus)--North-West University, Potchefstroom Campus, 2012

In 2013, 35% of the workforce was not engaged, which results in lack of productivity and loss of profitability for small business enterprises (SBEs). The purpose of this qualitative case study was to explore successful strategies that frontline leaders in a 4 generation, family-owned excavating business used to engage their frontline employees. The excavating business was started in 1947 by the father of the current business owners. William Kahn's employee engagement theory was the conceptual framework for this study. Data were collected through a focus group and direct observations of engagement during meetings and frontline areas from a population of 8 frontline leaders from construction work at an excavating business in Stephens City, Virginia. Data from the focus group and direct observations were thematically analyzed and then triangulated to ensure the trustworthiness of the interpretations. The 5 themes that emerged included: investing in sustainability, leading by example, providing clear and open communication, implementing a system of measurement, and developing a professional image. These themes could provide the basis for the area frontline leaders to improve the employee engagement level of their frontline employees. These findings could prompt what has been a missing dialogue of communication that could bridge the employee engagement gap between the area employees and employers. Social change implications of these findings could lead to productivity improvement that could contribute to the survival of SBEs and to the employment status of the community.

Following the enactment of the Affordable Care Act (ACA) in 2010, politicians, media, and lobbyists rendered a number of conflicting and confusing interpretations of its merits and demerits. Such interpretations intensified the skepticism and concerns of small business enterprise (SBE) owners. The purpose of this study was to develop a representative, prioritized list of SBE owners' concerns or resistance factors. The goal was to create a useful guide for SBE owners who are seeking ways to reducing the adverse financial impact of the law. With social choice theory as the theoretical framework, 50 randomly selected SBE owners across 5 distinct industry groups from Richmond, Virginia, participated in an online, cross-sectional, pairwise comparison survey. The overall results of an analytic hierarchy process indicated that the top-ranked resistance factor of SBE owners was insurance premiums, followed by quality of care and the tax burden. However, these rankings were not uniform among industry groups. With a focus on these crucial concerns, SBE owners could benefit by seeking approaches to reduce the business costs of health care. The implications for positive social change include the potential for business organizations, researchers, and policymakers to channel SBE owners' voice for a socioeconomic growth by addressing their concerns in seeking improvements from the ACA.

The purpose of the thesis work is to map, explain, propose and follow up on solutions to quality problems in a small growing IT company in an attempt to reduce or completely eliminate costs of poor quality. The report includes theory of change management, process and quality management, process maturity, agile methods, characteristic features for IT companies, DMAIC project tool and challenges for growing companies. It is a case study that is based predominantly on qualitative primary data. Data has been collected using a customer survey, as well as observations and interviews with employees and management. The result shows that the organization is struggling with quality problems. The problems look slightly different depending on which department is being reviewed. In the development department, which works with large projects over a long period of time, the main problem is lack of complete customer requirement specifications. At the Operations Department the main problem is that they are unable to test according to needs. Cunclusions to be drawn is that there are quality deficiencies related to testing and requirements specification within the IT company. Part of the reasons behind the problems is the lack of structure and follow-up. Three action plans have been drawn up to address the problems. A follow-up plan has also been created, which includes both follow-up of statistical data and feedback from employees and customers. / Syftet med examensarbetet är att kartlägga, förklara, föreslå och följa upp lösningar på kvalitetsproblem inom ett litet växande It-företag, i ett försök att få kvalitetsbristkostnader att minska eller helt försvinna. I rapporten innefattas teori om förändringsledning, process- och kvalitetsledning, processmognad, agila arbetssätt, karaktäristiska drag för It-företag, projektverktyget DMAIC samt utmaningar för växande företag. Rapporten är en fallstudie som till övervägande del består av kvalitativa primära data. Data samlas in med hjälp av en kundenkät, samt observationer och intervjuer med medarbetare och ledning. Resultatet visar att organisationen brottas med kvalitetsproblem, som innebär att värdefull tid läggs på att arbeta med saker som inte hade behövts om de gjort rätt från början. Problemen ser något annorlunda ut beroende på vilken avdelning som granskas. På utvecklingsavdelningen, som arbetar med stora projekt över lång tid är det framför allt bristande kravspecifikationer från kunderna som är bekymret. På driftsavdelningen är den främsta problematiken att de inte hinner med att testa så som de hade önskat. Slutsatser som kan dras är att det inom det studerade It-företaget finns kvalitetsbristkostnader relaterade till testning och kravspecificering. En del av orsakerna som ligger bakom problemen är bristen på struktur och uppföljning. Tre handlingsplaner har upprättats för att komma till rätta med problemen. En uppföljningsplan är också skapad, som innefattar både uppföljning av statistisk och återkoppling från medarbetare och kunder.