Recreation professionals entering the world of business confront value conflicts and ethical dilemmas. Ethical decision-making traditionally has been guided by philosophical principles briefly outlined in this article. Some professionals find the classical approaches too abstract for dealing with the very concrete-situations of the business world. Others accuse classical ethical theory of a utopian, even anticapitalistic, bias. A number of business situations with potential value conflicts are described, including competition, truth in advertising; relations with employees, and relation with clients/customers. An anticipatory ethical approach is recommended, with business administrators providing ethical leadership at the policy level, and the individual recreation entrepreneur recognizing the responsibility to develop a personal framework for resolving ethical dilemmas in a reasoned and consistent way