Billionaire Kumar Mangalam Birla's advice to aspiring entrepreneurs: 'Think of payoffs...'

Padma Bhushan awardee and Aditya Birla Group chairman Kumar Mangalam Birla

Padma Bhushan awardee Kumar Mangalam Birla recently shared a piece of advice for aspiring entrepreneurs -- keep a long-term view in mind. The billionaire industrialist shared his insights with the students of BITS Pilani earlier this week.

"Take the long view. Think of payoffs longitudinally over a period of time. I know that as ambitious, driven youngsters, that is not always easy in the moment. But trust me, it helps. Great leaders understand that pioneering breakthroughs take time and require patience," he said.

The 55-year-old, who is also the chancellor of the institution, advised the students to always plan ahead of time. He also highlighted the importance of having a support system along the way. "No pioneer succeeds alone. Whether during the long days when your path seems unclear, or during the times when you need to find bursts of inspiration, you will look to those around you," Kumar Mangalam Birla was quoted by Economic Times as saying. "Your co-travellers are not just professional colleagues but people whom you implicitly trust and are rooting for your success."

Last month, the Aditya Birla Group chairman received the Padma Bhushan -- India’s third-highest civilian award -- from President Droupadi Murmu at Rashtrapati Bhavan, for his contribution to the field of trade and industry.

He was the fourth recipient of the Padma award in the Birla family. His mother Rajshree Birla was awarded the Padma Bhushan award, grandfather Basant Kumar Birla was awarded the Padma Bhushan award, and his great-grandfather Ghanshyam Das Birla was awarded the Padma Vibhushan award.

Watch: Padma Awards 2023: Industrialist Kumar Mangalam Birla receives Padma Bhushan.