How to create or add a Static Mesh Component Reference

In the Set Static Mesh function the “Target” needs to be a Static Mesh Component Reference, as opposed to a Static Mesh Reference in the “New Mesh” field.

I’m totally confused; what is the component and how do I get a mesh into that field?
Can I read up on this entire thing somewhere?

You can use Set Static Mesh function to dynamically set a mesh to your component in Blueprint. For example if you have a Static Mesh Component named “Sphere”, you can drag and drop it into you Blueprint graph, take a wire from created variable and choose Set Static Mesh function.

PS: If you want to add a static mesh dynamically to your BP, you should use Add Static Mesh Component instead.