The role Small and Medium Enterprises (SMEs) play in an economy cannot be over emphasized in both developed and developing countries and so their existence and survival is a concern not only to the governments but to scholars as well. In Kenya SMEs constitute a very important sector of economy employing majority of citizens. Majority of SMEs started die the same year due to risks, they face among other factors. This study identified capital market, customer relations, operational-economic, global view, and branding risks among others while main risk mitigation strategies were diversification, collaboration, insurance, and use of credits scorecards whereby 66% of SMEs used at least one of these strategies.