Mentors vs Sponsors 101 (hopefully a guide one day)

I have met many people I would consider mentors in a broad range of situations. Some of my closest mentors were people at the PE shops Ive worked at, and they are the initial counsel I seek when I feel I need a perspective from someone outside my friend group.

The two more interesting mentors I've come across include someone I met through WSO (not trolling) and at my tiny local gym. Both people were MDs or principals in PE, and the odds of them taking me under their wing were very slim. In the WSO situation, someone seemed willing to offer most people advice, so I shot them a PM and explained my relevant experience, and said that if they didn't mind, I would love to hop on the phone with them for advice ONLY. This person ended up giving me some of the most honest advice, and was someone I think very highly of. They walked me through my options in terms of internships for the fall, spring, and summer of the upcoming year, and helped me weigh the pros and cons of each opportunity. Without asking, they mentioned numerous alumni from my school (we went to different universities) and put me in touch with some people I never would have access to. I did not ask for anything more than advice, and this individual was kind enough to go out on a limb for me. There are more people within the IB/PE/HF industry willing to help out motivated candidates, and I've found that the people in their early 30s do not have kids, and have the time and resources to offer counsel.

In the gym scenario, I was working out headphones in and this guy commented on my T-shirt (from a well known college bar in the midwest). I was annoyed as he kept pushing the conversation, and started to ask me about my career goals. I mentioned finance vaguely, and as I saw him perk up, began explaining I was about to start at a small PE shop. At this point he told me he had run multiple PE shops and HF's and said that he thought I was on a good path. At one point I thought my PE offer might be rescinded (I did not do anything wrong, the company was about to take a certain turn, and suddenly their need for interns was no more). Panicking and without many connections to people in the industry, I called up the guy I met at the gym, and explained my situation. He calmly told me not to worry and that he would reach out to a friend at a MM IB who was the CEO and founder. I was beyond shocked, and couldn't believe it. Long story short, things worked out with the PE fund, and the MM IB was already staffed on interns, but his willingness to help someone he just met is one thing I will never forget.

I guess the point of that long tangent is that one should always be friendly and willing to speak with anyone who works in the industry and seems approachable. Mentors come in all shapes and sizes, and honestly, quite often out of the blue, so acting appropriately in public at all times is important.

When I reach out to anyone, for networking, guidance, to learn about a bank/fund, I put all emphasis on asking for strictly advice. People within the industry are smart, and will help further if they can, and if they think you are worthwhile. By simply asking for advice I go in with minimal expectations and do not change the tone of the conversation from casual to serious by asking for favors (e.g. push my resume, what pull do you have at your firm, can you put me in touch with someone else at firm XYZ).

More than anything else, I consider myself lucky to have been in those situations at the right time, and to have met people who truly wanted to help me put together a strong plan for my career.