In this article the author reflects on the application of ethical principles in the business environment, starting with the definition of business ethics and considering the approaches of various schools of thought to the presence of an ethical component in the entrepreneurial activity. The author provides a wide range of arguments against the view that the goals of business should be primarily growth and profit and that ethical principles of business are secondary or irrelevant. The article provides a historical overview of the development of philosophical and ethical thought in this regard and, in particular, briefly formulates the key views on this topic of the ancient Greek philosophers Plato and Aristotle, the medieval philosopher Thomas Aquinas, the mercantilists of the 17th century, Bernard Mandeville and Adam Smith in the 18th century, John Keynes in the first half of the 20th century, as well as some modern authors and figures. In conclusion, the author states a strong increase in the role of moral assessments and ethical formulations in business at the present time and formulates the idea that the ethical side of a company’s activities is beginning to approach the classical factors of production in importance. However, the author questions the sincerity of thinking about business ethics in modern society.