Australia markets closed

    -9.10 (-0.12%)

    -0.0026 (-0.37%)
  • ASX 200

    -12.10 (-0.16%)
  • OIL

    -0.68 (-0.85%)
  • GOLD

    +0.20 (+0.01%)

    +394.67 (+1.20%)
  • CMC Crypto 200

    +18.61 (+3.60%)

3 ways a mentor can turn you into a millionaire

Adult man instructor or mentor with stopwatch encouraging swimmer during training
Mentors can turn young entrepreneurs into millionaires. (Source: Getty)

As a 22-year-old entrepreneur, figuring out the path forward can sometimes be tense. Roadblock by roadblock you chisel away at problems eventually dragging yourself up the metaphorical mountain of business.

I’m at the stage in my life and my career where cutting down the learning curve is imperative to having short-term success as problems can take months if not years to solve.

Probably like most young entrepreneurs, until recently I’ve never deeply understood the value gained from having a mentor. All I saw was social media glorifying the hustler's mindset and using ‘mentor’ as a hot buzz-word.

Having relationships with experts in your field who have already been through the pain and hardship can show you how to solve the problems they’ve already experienced. This can help you skip entire runs on the business ladder.

Here are three reasons mentors can turn young entrepreneurs into millionaires.

1. Mentors open the right doors

A mentor should be able to provide practical advice and support to help mentees achieve their goals.

Some of the most important resources could be as simple as introductions to key industry contacts, helping the budding entrepreneur develop a business plan, and offering pragmatic advice on how to raise capital.

Having someone that can broker relationships is one of the most underrated business and personal growth tactics.

Invaluable relationships generally take years to build, so one of my golden rules to avoid getting burnt often in my profession is that I only get people I trust to introduce me to other great connections, because put simply, good people generally are friends with other good people.

2. Mentors help to bounce around ideas

Another important role that a mentor can play is that of a brick wall to bounce ideas off. Entrepreneurship can be a lonely game, and having thoughts and ideas rattle around can be difficult to thoroughly process.

Having someone you can talk to that can provide an objective perspective and help you to think through important decisions and challenges will make your life easier. This can be especially valuable for a young entrepreneur who may not have a strong support network or who may feel secluded in their pursuit of financial freedom.

3. Mentors help to develop the monk mindset

In addition to providing practical support, a mentor can also help a young entrepreneur develop the necessary skills and mindset to become a millionaire.

This really focuses on teaching entrepreneurs how to think strategically, how to manage their time effectively, and how to most importantly handle the challenges and setbacks that inevitably arise in corporate environments.

Millionaires just think differently to younger, inexperienced professionals. What they would consider a problem is very different to what normal people would. This can be a fantastic character trait to learn early on in your profession as it will allow you in difficult situations to stay calm and therefore effective.

Follow Yahoo Finance on Facebook, LinkedIn, Instagram and Twitter, and subscribe to the free daily newsletter.