The paper presents a European view on the challenges European managers of farms and agribusiness firms will encounter during the next 10 to 15 years. As Europe is a very diversified continent, the countries have been grouped into three regions: Region I: 15 countries of European Union (EU15), Region II: 10 Central European States (CES), and Region III: countries of former Soviet Union (FSU). The regions show distinct differences as to actual situation and forthcoming challenges: Managers in EU15 are challenged particularly by growing competition on internal and international markets and by increasing importance of ecological aspects. In striving for admission to EU the CES-managers have to prepare their farms and firms - under the conditions of the still uncompleted transformation process with unstable legal and unfavorable economic conditions - for tough competition in European and international markets. In summary, these countries show positive developments, in contrast to Russia. There the situation is characterized by a lagging transformation process, serious institutional deficits, and an uncertain political situation. Seven decades of Soviet regime adversely affected people’s mentality. The economic conditions are unfavorable. It will take the Russian government decades to provide the fundamental conditions on which managers can build well-functioning profitable enterprises.