The paper deals with a comparison of the business environment in 2004 and 2010. The aim of this paper is to compare opinions of managers of small and medium – sized enterprises on opportunities and threats of external environment and on strengths and weaknesses of internal environment a er the integration of the Czech Republic into the European Union, in 2004 and now in 2010. The basic sources of information were 70 SWOT analyses of small and medium – sized enterprises which have been made in 2004 by students of combined form of study, who work in management functions on medium or basic managerial levels and 228 SWOT analyses of small and medium – sized enterprises which have been made in 2010. 77 % of managers from analyzed enterprises identifi ed the integration of the Czech Republic into the EU as an opportunity in 2004 and only 33 % of managers from analyzed enterprises in 2010. The competition as the most important threat was reported in both groups of respondents. Namely 64 % of managers in 2004 and even 82 % of managers in 2010. The paper is a part of solution of the research plan of the FBE MUAF in Brno, MSM 6215648904.