Much has been written in recent years on the subject of mentoring and many universities, organizations, and individuals have rushed to embrace the concept without thinking through what it means for the university, organization, mentor, and, most importantly, the mentee. This article is an examination of the various factors involved in the mentoring process. Knowledge gained, collaboration, situational learning, and social networking are discussed as key components of the mentoring process. As information was collected for this article, some of these comments were derived from extensive experience over several decades and more recently, comments from a recent professional business person who has just acquired a doctorate. For the seasoned academic professor, it was a time to reflect on the major issues of mentoring and to organize the discussion for this most important aspect of education, particularly focused on higher education. In the latter case, the purpose of gaining the terminal degree was to enter into academe, start a new career, and bring a wealth of business acumen and experience to the classroom for the ultimate benefit of students.