Mentoring can be seen as relevant if not essential in the continuing professional development of entrepreneurs. In the present study, we seek to understand how to maximize the learning that occurs through the mentoring process. To achieve this, we consider various elements that the literature suggested are associated with successful mentoring and test a comprehensive model with the main parts of the mentoring process. Using a structural equation model on a sample of 360 Canadian-mentored entrepreneurs, the study demonstrates that mentor's career-related functions are the most effective factor in the development of learning, followed by psychological functions and the role model function. In order to foster these functions, trust and perceived similarity are needed to build a strong and high-quality relationship as is mentee self-disclosure. These results are of interest because they highlight the different elements that influence learning through mentoring and show the mediating role of trust, perceived similarity and mentor's functions between the mentee's self-disclosure and learning. (Contains 2 figures, 6 footnotes and 2 tables.)