As a result of various changes in the entrepreneurship environment with the aim to create value and gain sustainable competitive advantage, businesses more often pay attention to soft skills within the management and to intangible assets. The purpose of this paper is to introduce the concept of Intellectual Capital and Diversity Management as a tool for business management and efficient use of Intellectual Capital within a business. After having done research within extant literature about both topics mentioned, there is a practical part of the research which uses two independent questionnaire surveys. One of the questionnaires focuses on the concept of Intellectual Capital and it is still being conducted. This questionnaire uses the first outcomes of the research; the second part deals with the topic of Diversity Management and it was already concluded in 2013. The practical part of the article compares the outcomes of the empiric research in the area of Diversity Management with the results of the research of Intellectual Capital concept. The main question is if the managers of the businesses located in the Czech Republic are aware of the Intellectual Capital concept and whether they understand the importance of its control in comparison to understanding the benefits of Diversity Management which is considered to be a factor with a certain influence on the efficiency of Intellectual Capital. Furthermore, the dependency between the size and sector of a business and its understanding of the Intellectual Capital concept and importance is examined. This is done by means of statistical tools. The results and outcomes of the research are discussed in the final part of the article.