✓ Accepted answer
FindFirstChild requires a string. This string is the name of the child you're looking for.
local part = workspace:FindFirstChild("Part")
If FindFirstChild doesn't find anything it will return nil. So if part doesn't exist in the above example, part will equal nil.
WaitForChild works about the same way, but it stops the script until it finds the child.
local part = workspace:WaitForChild("Part")
Now part will never equal nil, but if part doesn't exist the script will stop running. WaitForChild is normally used at the beginning of scripts, and used to wait for things that might not have loaded yet.
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2 comments
Why?
Well if you don't know how to use FindFirstChild: