It's okay to let your kids fall, so they can learn how it feels to get back up on their own. Failure in middle school or high school has a much less drastic effect on their long-term success than failure in their first job, when you're not there to help them. If you never let your kids fail, then they won't know how to innovate and grow.
While we cannot make up for the experiences we lack, we can certainly draw from the knowledge of those who have lived before us. Regardless of your age or the stage you are in your life, I believe mentorship is an invaluable tool. There is a reason why maps were created. Imagine a road trip without the aid of a map?