The Millionaire Mentor?

Hi Scott,
 
I’ve only just turned 18, but my question is actually for my 16-year-old brother. Recently, he has become increasingly interested in building his own business and learning how to be successful. A couple of weeks ago he found a ‘mentor’ who is apparently successful and is helping him start his own business.
 
He was giving his advice for free to my brother, but has now decided there should be something in it for him (which is fair enough). However, what he wants is $1,200 for three months of mentoring, or $400 each month from my brother. This is a lot of money for a 16-year-old still at school, who in a year of working on his business has not gotten a single client yet.
 
My parents have talked to him about it but he is adamant about it being beneficial. It is not my place to do anything but I do not want him to get scammed or waste his money. What should I do?
 
Sarah
 
Hi Sarah,
 
First up, your little brother is blessed to have such a loving, protective big sister looking out for him.
 
So what do I think you should do?
 
Well, it sounds like your brother is young, hungry and impressionable … like most 16-year-old boys. So I’d help him get some perspective by asking him the following question:
 
How successful is this mentor if he has to resort to putting the hard word on a schoolkid?
 
Answer: not very.
 
I’d also point out that a successful businessman would set their price before they started a project, rather than retrospectively plucking a figure out of their backside months after, as he’s apparently done.
 
Your little brother is learning a lot from this mentor, but unfortunately it’s how not to behave in business.
 
So what do you do?
 
When I was your brother’s age I fell in love with books, because they were my mentors. I could escape into someone else’s world and learn from their mistakes, wins and wisdom.
 
So, what I’d do is to go to a bookshop and buy him these books:
 
How to Get Rich, by Felix Dennis (one of the UK’s richest self-made men).
 
Shoe Dog, by Phil Knight (the founder of Nike).
 
Oh, and I’d also throw in the classic How to Win Friends and Influence People by Dale Carnegie, and of course The Barefoot Investor!
 
Finally, let me just say this: when you’re young, the best mentors are older people who take the time and effort to see the potential that you don’t yet see in yourself. That sounds like you, big sister.

Scott.