What to consider when taking on a mentoring relationship:

1.  Consider the fit, value, and return on investment of the mentoring relationship.
Fit: Take the time to meet with the mentee and get to know them in order to see if your skills and experience can be of benefit.  If you are too similar in backgrounds, the mentee may gain little.  Conversely, be sure your skills and backgrounds are not too dissimilar.  If you are an analytical, Wall Street type, you may have little to offer a creative, non-profit executive. 
 
Value: Will the mentoring relationship add value to the organization?  Remember, the mentoring relationship is asking someone to grow and develop professionally.  It is not a friendship or doing a favor for a colleague's nephew.  You must be able to clearly demonstrate to your own satisfaction how the organization will benefit from the mentoring relationship as well.
 
Return on investment: Remember, a mentoring relationship is an investment in the mentee by the mentor.  The time and effort invested needs to produce a return greater than the other tasks normally requiring the mentor's time and energy.
 
If you and your potential mentee do not fit well, if this mentoring relationship does not add value or produce a return for you or your organization, do not pursue the relationship. 

2. After you have considered the issues of fit, value, and return on investment, keep in mind that you can say no to the mentee.
It is flattering to be asked to become a mentor, but keep in mind that this is a serious professional commitment which should be taken very seriously.  Never force a mentoring relationship.  If you decide it will not work out for you, be sure to explain why you are saying no. If appropriate, refer the mentee to someone who may be a better fit as a mentor and make the time to arrange an introduction. Remember, mentoring is reserved for someone who the organization values; it is not a replacement for poor management.  If you wish to pursue the mentoring relationship, limit your mentees to no-more than two at a time. 

3. Expect and demand structure. 
Mentoring is about work and developing people.  The mentee should arrive on-time with a detailed agenda of topics to be discussed and times allotted.
 
 
4.  Provide feedback. 
It is the mentor's job to respond to the questions, concerns, and inquiries from the mentee.  Be honest, communicate clearly, and act as a professional guide, sharing your experiences generously. 
 
 
5. Expect to be challenged. 
The mentor/mentee relationship has changed over the last 30 years.  The stereotype of the older executive lecturing to an silent underling is a thing of the past.  Today's mentee will push, question, and raise doubts.  This give-and-take characterizes the mentoring relationship and can provide a stimulating environment for professional development.

6. Expect to learn something. 
You don't know everything!  A good mentoring relationship is a two-way street.  The mentee brings their own experience, education, and point of view to the table.  Don't be surprised if you learn as much from your mentee as they did from you.