Research has demonstrated that mentors can help novice entrepreneurs in the identification of business opportunities (Ozgen & Baron, 2007). However, the process by which mentoring enables a mentee to identify new opportunities is not well understood. This is the purpose of this research. One of the major benefits of a mentoring relationship is the learning that ensues from discussions with the mentor (Wanberg, Welsh, & Hezlett, 2003). Therefore, the knowledge that is acquired through a mentoring relationship could stimulate the novice entrepreneur’s ability to recognize new opportunities. At the same time, learning goal orientation (LGO) is a fairly stable psychological disposition that individuals bring to their relationship with others. LGO stimulates behavior and influences the interpretation of, and reaction to, certain outcomes (Dweck, 1986).