Recent advances in Artificial Intelligence are nothing short of a revolution in computing technologies. They have become triggers of significant innovation opportunities that many entrepreneurs seek to explore and exploit for commercial success. At the same time, Artificial Intelligence poses enormous challenges regarding the ethical design of these innovations, both at the level of the individual and regarding their impact on society. In this chapter, we review the resulting calls for ethical AI and the challenges they pose for the entrepreneur. We take a closer look at AI principles that have been proposed to address the problem of ethical AI systems. While laudable, principles suffer from a lack of operational practicability. Instead, it is proposed to learn from the examples of other high-risk industry such as pharmaceutics, aeronautics, or medicine that successfully established practices of managing significant and residual risks. This should lead to developing a systematic and contextualised debate about ethical AI systems in prototypical situations adopting lessons from other fields.