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This study analyzes the reliability and validity of the psychological capital scale (PCS-24), the scale of positive and negative experience (SPANE), and the satisfaction with life (SWL) scale to measure psychological capital and subjective wellbeing. The paper follows a three-stage rigorous scale validation process: Item generation, measurement development and scale testing. Based on the primary data of 223 entrepreneurs in the northern part of India, reliability and validity (Cronbach's alpha, content validity, face validity, discriminant and convergent validity) analysis was performed. The results validate PCS-24, SPANE and SWL in entrepreneurial context. The scales exhibited adequate internal consistency, reliability and validity. The results also show a significant association between psychological capital (PsyCap) and subjective wellbeing (SWB) constructs. Testing the reliability and validity of PsyCap and SWB scales in a diverse cultural context like India, unlike previous tests in a mono-centered western cultural context, is the prime contribution of this study. [ABSTRACT FROM AUTHOR]