Industrial estates are set up to promote the growth and development of small industries by providing various common facilities such as land, factory building, transport, water etc. In India, the Industrial Estate programme was adopted during the First Five Year Plan period. Small industrialists are facilitated to survive in the competition faced with large industries; setting up of industrial estates also enables small industrialist to have more contribution in the economy of the country. The paper is based on the study performed at Zuangtui industrial estate, Aizawl, the biggest estate in the state of Mizoram, which is one of the industrially backward states in India. The performance of these small and cottage industrial units are not up to the mark. They are lagged behind as compared to the performances of the industries in the industrialised states of the country. The paper tries to elaborate the problems faced relating to finance and accounting in the functioning of their business. It also tries to highlight the impacts of Covid 19 pandemic to the entrepreneurs.