New challenges of the present time make it necessary to search for alternative approaches to the theory of entrepreneurship development. However, the introduction of new concepts and terms into the scientific turnover requires scrupulous explanation of their meaning and linguistic structure. The article gives a comprehensive overview of the possibility and necessity of using the concept "psycho-economic" from the point of view of linguistics and philology. It is proposed to use this term for describing the psychology of economic behavior of an individual entrepreneur and of the entrepreneurship as a system.