William C. Frederick proposes a naturalistic business ethics. Many commentators focus on the issues of naturalistic fallacy, deprivation of freedom of the will, and possibility of important and universal moral values in business ethics. I argue that an ethics being naturalistic is not a worry. The issue of deprivation of free will is irrelevant. Yet there are urgent questions regarding the possibility of important and universal moral values, which may prevent Frederick’s view from getting off the ground.