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As a consequence of political changes, the process of transitioning a centrally controlled economy to a market economy has influenced the development processes of the states in which this transformation has occurred (Hlaváček & Bal-Domanska, 2016). It was expected that the entry of foreign investors would bring an inflow of capital, new investment, export potential, and technological transfer (Estrin et al., 2009; Rapacki & Prochniak, 2009). Foreign direct investment (FDI) is generally considered to be the contribution of holders of know-how, technology, new management methods and skills, initiators of innovation activities, strategic employers, and exporters. FDI can lead to economic growth, changes in the business or institutional environment, restructuring of the economy and, ideally, also to the increase of labour productivity in the host region and the improvement of macroeconomic indicators (Damborský, 2013). Moreover, for transition economies, FDI is the key indicator for evaluating their economic transformation (Starzyczná, 2010). FDI in the Czech Republic, and in transition economies in general, is regarded as a crucial criterion for a successful economic transformation (Hlaváček & Bal-Domanska, 2016).

In the contemporary business setting, the implementation of innovative management practices is recognized as a crucial factor (Damanpour, 2014) for strategic change, organizational renewal and achieving longterm competitive advantage (Walker, Chen, & Aravind, 2015). Still, it is surprising how little research is conducted on largescale surveys according to possible approaches to measure innovative management practice which will lead to organizational innovations (Armbruster, Bikfalvi, Kinkel, & Lay, 2008). The proportion of this research topic amounts to only 8% among the innovation research process, while only 3% of research studies analyze this subject (Mihalache, 2012, p. 2). In the paper, the basic research objective is reflected in the analysis of the degree of innovative management practice impact on organization’s performance, and the analysis of the relationship between implementation of innovative management practice and dynamic business environment.

The purpose of this research is to assess the impact of university education and business environment on entrepreneurial initiatives and to make comparisons of the results between students coming from Poland, the Czech Republic and Slovakia. These countries were selected for the analysis since these are three of the V4 countries with common targets regarding the development of business environment and with an important location advantage. The International Visegrad Fund promotes mutual cooperation within the region in various fields, including the development of economic relations (in tourism, education, scientific research, cross-border cooperation). This Fund also implements own projects in these fields. The importance of the research is justified by the identification of the factors that mostly affect entrepreneurial initiatives; these factors could be developed more in order to increase the number of successful businesses in each of these country. Moreover, some obstacles to entrepreneurial initiatives are identified and suitable recommendations are provided to minimize these obstacles.

In the push for more sustainable and greener progress, faster economic growth is no longer a priority. Is this true? There is a broad agreement that global society should strive for a higher standard of human wellbeing that is equitably shared and sustainable. Motivations for such plight are numerous; from economic (GDP measure is dangerously inadequate measure of quality of life since it counts what we produce and consume, but ignores social costs, environmental outcomes and income inequality), ecological (public is getting increasingly concerned with depleted natural resources and polluted environment, and other ecological issues), philosophical (human appetites and the population growth render non-market wellbeing measures to confront it with the society’s material standard of living), political (the concept of so-called green growth is generating diversity in positions, from enthusiastic to cautious, for it can be an opportunity, but also a risk that disfavours one country on international level) to even methodological questions (the lack of recognized methodological principles that would be the basis for reliable statistical data, thus an accurate accounting and valuation system of economic growth and development).

The importance of social media has risen significantly in recent years. The use of social media results in a competitive advantage for companies, thanks to which they can strengthen their relationship with customers (Vendemia 2017; Nacimento & Silveria, 2017; Eger, Mičík, & Řehoř, 2018). Social media can be defined as on-line applications that allow people to share information and learn from others (Wilson, 2010). Companies are very active on social media. They manage their profiles, invest in advertising and communicate with customers. However, only a small part of online communication about the company is in the hands of the particular company (Huete-Alcocer, 2017). A large percentage of online posts about companies is created directly by users and spread by electronic word of mouth – eWOM (Brown et al., 2007). Such content is referred to as usergenerated content.