The paper analyses term Electronic Environment. After study and analysis of scientific literature and other resources authors came to conclusion that there are no clear definitions of this term. Besides, among professional opinions regarding this term differs and at some point are controversial. There are a lot of definitions and explanations to the term Cyberspace overlapping with the term Electronic Environment. In order to understand essential meaning of the Electronic Environment, for proper and correct application of the term for the needs of entrepreneurship authors conducted a lexicographical analysis examining interrelated concepts. As a result authors offer own vision and understanding of what is electronic environment and what is cyberspace. Often entrepreneurs, government and other agencies and professionals using these terms refer to completely different concepts. This leads to the distortion of information and difficulties with understanding of given tasks, problems, etc. Clear definition of these two terms, allowing standardized understanding of electronic environment concept by the business brings relevance to the proposed work.