I have been mentoring young business owners now for almost 6 years and at the same time always continuing to learn more myself. I find it a bit strange that the more I learn myself the less qualified I fell to mentor others.
The startup industry is complex and developing at a very fast pace, there is no way for anybody to keep track of everything that is going on, let alone know how everything works. I have realized that and I have realized the importance of finding the right people to work with as that is the only way make up for our own limitations.
Even though my knowledge is limited in many areas I will still continue mentoring and helping out other entrepreneurs because I feel it is important to help out others even though they might just be a bit earlier in the process then you yourself.
Nobody can be an expert in startups, but all of us have some knowledge or experiences that might help others.