The study is primarily focused on identifying the different impacts that experience and education can have on new venture performance due to the different dimensions exists within those factors. The primary data of this study was gathered by distributing 91 survey questionnaires to Small and Medium Enterprise owners in Matara District, Sri Lanka. Spearman Rank Order Correlation and Multiple Linear Regression Analysis were utilized as data analysis tools. Previous management experience, previous non-management experience in a related industry, previous management experience in a non-related industry, previous business experience, industry specific education gained before starting up the business and general business education gained after starting up the business was proven to have a positive relationship with the venture performance. Hence it was concluded that potential entrepreneurs who promote new venture development should focus on gaining experience and education specially the categories which proven to improve performance when starting up a business.