You have seen in this chapter that there are different types of investors and there can be different levels of investment. These investors come into the business facing potentially different types of risk and return.

1. Think about and discuss the ethical obligations you have to early-stage investors versus later-stage investors. Do you promise more returns to someone that shows faith in you at an earlier stage?

2. What are the ethical obligations if some investors are family members and some are not? Do family members deserve different investor treatment?