The article examines the issues of modern trends in the development of small business in the Republic of Kalmykia. One of these trends is entrepreneurship, which actively uses ethnic, national components in its line of business. The purpose of the article is to study the ethno-economic aspects of modern entrepreneurship in Kalmykia. The main research method is an expert survey. A total of 12 experts were interviewed. The study was conducted in May-June 2020 in Elista. As experts, restaurateurs or owners of national cuisine cafes, ateliers, clothing manufacturers, representatives of the tourism business, manufacturers of souvenir products, owners of souvenir shops, manufacturers of ethnic furniture, etc. Experts note the popularity and demand for ethnic goods, handicrafts in the segment of ethnic fashion, ethnic design. And also services of ethno-tourism, ethno-restaurants, which testifies to the prospects of ethno-business and ethno-entrepreneurship in the republic. Active revival of Buddhism, restoration, development of national culture, natural resources make Kalmykia especially attractive for tourists. However, one of the problems in the development of ethnic entrepreneurship is the fact that there are very few masters of national instruments, masters of making complex souvenirs (leather, wood, metal). An expert survey has shown that the development of ethnic entrepreneurship is an important resource for economic development in Kalmykia.