The subject of Entrepreneurship and SME management has moved from the periphery to the center of management thinking and education. As we enter the new millennium, an entrepreneurial approach is no longer seen as an option but as the only option for owners and managers seeking to enhance the performance of their organization. The Pakistan government also recognizes that economic growth in a modern economy depends on development of the entrepreneurial and SME’s culture. In line with this movement it is necessary to give students an understanding of the nature of Small business and issues they might encounter in planning, starting, growing and harvesting their business