Mentoring is rapidly gaining in popularity as a customized way to assist and support the novice entrepreneur. However, we still do not know very much about the usefulness of this approach or the benefits perceived by the mentees. The purpose of this study is to share evaluation data associated with a formal mentoring program, with respect to those factors that are likely to influence mentees’ satisfaction with their mentoring experience. Data was collected from 142 entrepreneurs who participated in a formal mentoring program designed for novice entrepreneurs by the Fondation de l’Entrepreneurship in Quebec, Canada. Results show that it is very important for the mentee to feel that his/her mentor truly understands what he/she is going through. Trust is of utmost importance and both the mentor and his/her mentee have to respect the “moral contract” they established at the beginning of the relationship. Finally, the mentee expects the mentoring relationship to produce visible results in his/her firm.