In this study we examine how formal mentorship facilitates learning for students engaged in experiential entrepreneurship education. Based on a diary-interview method we build a process model that depicts how formal mentorship relations are initiated and developed over time. Our analysis identifies critical conditions for generating a prosperous learning environment in this relation. The findings provide explanations for why certain mentorship relations are associated with different forms of learning outcomes depending on how the relations mature over time. The study shows that psychosocial support is important in the early stage, where openness, commitment and motivation create mutual trust within the mentoring dyad. In all, the study provides ample evidence in support of mentorship programs as a viable pedagogical method in experiential entrepreneurship education.