Small and Medium Enterprises (SMEs) play an important role in the national economy of any country. In their business activities these companies are confronted with number of business risks. Aim of this article is to define and compare current trends within business risks of SMEs in selected regions of the Czech Republic and Slovakia in the context of entrepreneurial optimism. In 2013, in the research on entrepreneurs? opinions in Zlin region (Czech Republic) and Trencin region (Slovakia) have been investigated. These regions have similar economic parameters and are separated by just a few miles away. According to our research, it can be stated that during the period of financial crisis, situation in the SME business deteriorated significantly with declining performance and profitability of Czech and Slovak SMEs. The most important business risk is still market risk than financial and at last the personnel risk.