This research investigates the sensitivity of female business owners/managers to ethical challenges and the effect on their success as female entrepreneurs in Akwa Ibom State, Nigeria. The survey design was used with study population consisting of 1,678 female owners of registered small and medium scale enterprises (SMEs) operating in Akwa Ibom State, Nigeria. From the population, random sampling technique was utilized to select a sample of 400 female entrepreneurs for the study. Data were obtained through the Multidimensional Ethical Questionnaire and were analyzed using descriptive and inferential statistics. Result showed that except in conflict of interest, relationship between moral equity, contractual obligation, and entrepreneurial success was positive and significant. Participants were found to be aware of what constituted ethical issues, and tended to act accordingly to minimize ethical challenges in the process of doing business. We recommended sensitization on the consequences of unethical business decisions to business and the larger society.