This article by Sarah Thomas does an excellent job of distinguishing between coaching and mentoring, and outlining the benefits of each. She states:
Coaching and mentoring can be one of the most effectual programmes for management, and potential talent, development. It can also be one of the most cost-effective performance improvement tools, if managed properly. Four out of five CEOs have said that a mentor has proved a valuable source to their success in progressing their career.
Read the article to view the table comparing coaching and mentoring, but here’s the summary.
A good coach and mentor has to work in the best interest of the recipient, by giving their own time to support and develop the individual. Mutual trust and openness is also necessary, in order to establish a good relationship that will sustain through difficult or uncomfortable situations, and will achieve the desired objectives.
Where the Coach should be experienced in order to provide constructive feedback on the performance of a task or activities; a Mentor may not necessarily posses experience in a specific industry or specific role but has the wisdom to empower the Mentee to take charge of their own development and career progression.