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By SteveHa
26th Aug 2016 10:19

Being "Not competent or experienced" is not the same as "Not knowing". You can be very competent and experienced, with the knowledge to know where the answers are, and the means to understand those answers and apply to a real world situation.

The next time, there's less to research.

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paddle steamer
By DJKL
26th Aug 2016 11:43

Imho it tends to be more the soft skills/general experience in the area that needs to be considered (though not in all cases) rather than the technical skills to be acquired by reading.

As an example, negotiating with banks for funding re clients; one can have all the technical skills in the world, can produce cashflows/business plans etc , but at the end of the day it is a negotiation and experience is possibly needed to know if what a bank is asking re security is reasonable, what the rest of the market is offering, does your client have many alternatives, how hard can you push etc?

Gaining experience is usually via employment (apprenticeship and thereafter),working for others for a sustained period before striking out alone is imho near essential, but if lacking experience re certain areas post employment, shadowing experts/consultants can also be useful-I have spent the last 2.5 years working alongside a corporate reconstruction expert and notwithstanding dealing with banks nearly all my working life I learned vast amounts from him re understanding how a bank may think in a particular scenario.

So, acting in a support role (crunching the numbers etc) with someone else guiding the process can be an excellent way to move into an area where one lacks experience.

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