How to admit you don't know

- A majority of this course so far was preparing you for the best outcome, whether it was for problem-solving, communicating your solution to stakeholders, or even using these strategic frameworks to nail a job interview, say, in management consulting. But as you and I know, that is not always the case, and sometimes you don't know the right answer. So, should you admit when you don't know? Let's be honest, admitting our ignorance can feel demoralizing, humiliating, and even uncomfortable. However, there are right and wrong ways to share that you do not know something. For example, you should never just respond by saying, "I don't know." Here are four more powerful responses you can use. "Good question, I'll find out." Or, "I don't currently have the data at hand, "but I can get it to you this week." Or, "Based on what I know today, my thoughts are X." Or, "I don't have enough information "to answer your question, "but I can look into it." Remember that you can craft your own unique responses as long as you avoid just saying, "I don't know." Furthermore, whenever you get stumped with a question, you can maintain your image and composure by first asking clarifying questions. If the question is confusing to you, don't hesitate to ask for more context or information. This also buys you more time to think of your answer. Second, taking some time to think. Before you are quick to respond, feel free to take a moment to breathe and think of the answer. You can say, "Great question" or repeat the question back to buy you some time. It's better to take longer to respond with the right answer than blurt out the wrong answer. Third, being explicit. It's better to be explicit if you're unsure of an answer than going off on a tangent and making up information. You can say the four powerful response examples I shared above if you're truly stumped on a question and don't know the answer. Fourth, following up. Most questions don't need to be answered immediately, so feel free to follow up with the person who asked the question at a later time. This allows you to ask others for help or research more information to find the right answer. Let's look at an example. You work on the finance team at your company and you've been trying to solve why the profit of your amusement park business unit has been falling. You work through all of the steps and strategic frameworks that we've discussed in this course, but as you are pitching your solution to stakeholders, your manager asks a tough question on if the rising costs are more variable or fixed cost. Your first urge is to simply respond with, "I don't know." But since you watch this video, you know that you have come too far to lose your credibility, hard work, and even integrity. You decide to use a combination of the four powerful responses outlined in this video and say, "Good question. "Based on what our team and I know today, "the majority of the rising costs are fixed costs "due to increase in minimum wage, "which is what we believe is leading "to our decreased profitability. "However, let me investigate further "and follow up with you this week "to get you the most accurate and detailed answer." Do you see how you enhance your credibility and foster trust and open communication by being transparent about your knowledge and capabilities? Saying something that's inaccurate can lead to mistakes, miscommunication, destroy the stakeholder relationships, and trust you took the time to build and negatively impact company performance in the long run. At the end of the day, it's not about knowing all of the answers, rather prioritizing the needs of the business so you can problem-solve, innovate, and flourish at the company.