The late 20th century was an era of social, economic, technological, and political change, resulting in significant shifts in the perception of enlightenment, knowledge, and education. The impact of these changes have become quite apparent in higher education where there is now mounting pressure for faculty to deliver high quality education to an internationally mobile cohort and where institutions are striving to attract funding, researchers, research grants, top students, and teaching staff. To cope with the many challenges, new business models are needed. Introducing change, however, is fraught with many problems; in particular, institutional barriers among disciplines, management commitment, socio-economic factors, and cultural issues. In this paper, we take a look at and discuss three European higher education institutions currently undergoing transformation--a British, a Finnish, and a Russian--to draw attention to some of the inherent factors that higher education institutions face when they seek to implement new business models to manage the competitive environment for higher education.