10thHuman.com: On the value of ‘I don’t know’

image from pixabay
image from pixabay

One of my favorite quotes is ‘a wise man knows that he knows nothing.’

We could launch into an existential discussion of repeated observation being the basis of what we ‘think’ we know but for the purpose of this blog post, I’ll stick to a business aspect.

What possible positive business benefit could there be in admitting you don’t know something?

I can think of several:

  1. It’s authentic.
  2. It can (should) be part of your framework. The ability to learn faster than the competition is the only sustainable competitive advantage.
  3. It’s thermodynamic. Remember that the strategy that got you to the top will not keep you there. Your business requires a steady stream of new input and effort. Admitting you don’t know and questioning what you think you know will help keep you on top of your field.
  4. It “shifts your focus to process over outcome.” (Ritholtz, 2013)

I want to highlight #4, in particular.

What does this mean? This ‘process over outcome’?

I talk a lot about frameworks. Admitting you don’t know and incorporating the sustainable competitive advantage of continual learning into your framework will help position your business for sustained success.