Hanyang University, Digital Business & Management Center.攀攀Most of studies on business ethics have dealt exclusively with ethics in large organizations. Although small business accounts for considerable proportion of businesses in Korea, they remain "the largely uncharted orea of ethics". This paper presents the cultural perspective of small business ethics through the case of Pulmuone Co., on the other hand the institutional perspective of large firms. Ethical dilemmas faced by Pulmuone Co. was classified into business strategy and management operations. This research explore how to influence ethical philosophy of business in Pulmuone Co. on ethical dilemmas in small firms. In addition, how to evaluate from the market consistent effort of Pulmoone based on the ethical philosophy.