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The article presents the author’s justification for the need for professional entrepreneurial education. It is revealed that the legitimacy of entrepreneurship as a science and education requires terminology adequate to this area. It is proven that entrepreneurship is a professional activity based on special knowledge, skills and abilities that can be formed in the learning process. Specific entrepreneurial functions are defined, in which managerial functions, contrary to popular belief, are far from being the main ones. Based on the analysis of theoretical approaches to identifying entrepreneurial functions, controversial aspects of their formulation are identified and the author’s entrepreneurial cycle, including the functions and competencies of an entrepreneur, is substantiated. The opinions of scientists studying professional entrepreneurial education are given. The formulation of the functions and competencies of entrepreneurs in the interpretation of various authors is studied. The author’s formulation of entrepreneurial functions and competencies is substantiated. The work has theoretical significance, since it contributes to the theory of entrepreneurship. Practical significance is based on the possibility of using the author’s entrepreneurial cycle in the construction of educational programs for training entrepreneurs.