Orson Welles liked to say that anyone could learn anything in less than 24 hours. He claimed to learn everything about filmmaking in just one day and then made his very first film, the masterpiece Citizen Kane. We’re not sure this idea would work with everyone and in all cases, so we like the advice of Chris Mercer (Mercer Capital), who gave a keynote address at a recent conference.
It takes time: Mercer recommends a technique inspired by Earl Nightingale, a noted motivational speaker. That is, spend an hour a day, five days a week focusing on the specialty. That’s 250 hours a year, and, after four years, it adds up to 1,000 hours. “I promise you that if you spend 1,000 hours on something, you will become a specialist,” he says. Of course, this education must be done after a foundation of knowledge that includes schooling and earning BV credentials. He feels that specialization will help to rejuvenate the business valuation profession.
Mercer made his remarks during his keynote address, Vision 2020 The Future of Our Profession and Your Role in It, at the NACVA and the CTI’s Business Valuation and Financial Litigation Super Conference (June 15 to 19 and August 3 to 7).