Can middle class still rely on jobs? Mukherjea's 10 rules for entrepreneurs

Arguing that stable, salaried employment—both in the public and private sectors—is increasingly a thing of the past, PMS fund manager Saurabh Mukherjea has said that the core of India’s middle class needs an attitudinal shift to capitalise on opportunities in the country’s vast, underdeveloped free-market economy.

In a recent LinkedIn note, Mukherjea outlines how building businesses in India differs significantly from the Western model and proposes a set of principles—The Ten Commandments of Indian Entrepreneurship—that reflect the unique realities of Indian enterprise.

Unlike in the United States—where large, professionally managed public corporations dominate—the Indian business landscape is still characterised by family-run enterprises, community-based networks, and a conservative approach to risk.

While ESOPs (Employee Stock Ownership Plans) are common in the West, they remain rare in Indian businesses, which typically rely on profit-based bonuses instead. Additionally, capital costs are much higher in India (over 12%) compared to the U.S. (under 6%), which influences how Indian entrepreneurs approach scaling and investment.

Despite these challenges, entrepreneurship in India continues to grow—driven by a large domestic market, digitalisation, and a new generation of younger business leaders. To thrive in this environment, Mukherjea proposes a framework grounded in Indian realities:

1) Take risks
Focus on expected value (EV)-positive bets. Start small, build conviction, and scale up without risking your existence.

2) Simplify your life
Design your daily routine with systems that enable deep work, creativity, and long-term productivity.

3) Be patient
Treat entrepreneurship as an infinite game. Wealth creation is often back-ended—longevity matters more than speed.

4) Embrace failure
Failure is not a detour but part of the journey. Learn from it, adapt, and move forward without excessive emotional reaction.

5) Be happy standing out
Going against the grain invites criticism. Stay focused on your goals and ignore external judgments.

6) Be caring
Respect and nurture relationships—with colleagues, suppliers, customers, and distributors. Build an organisation rooted in learning and process.

7) Be curious; keep learning; ignore credentialing
Prioritise real skills and your ‘inner scorecard’. Continuous learning should outweigh formal qualifications.

8) Relax and refresh (don’t reflect)
Take time to disconnect and reset. Avoid excessive brooding over the past or anxiety about the future.

9) Build trust outside your comfort zone
Extend your network beyond your community or background. Cross-regional and cross-cultural ties build resilience.

10) Nurture the next generation
Create continuity. Train younger leaders who combine fresh perspectives with a deep understanding of capital and time.