The Power Of "I Don't Know"

How often do you answer important questions with "I don't know"?

Over at Red Eye VC Josh Kopelman, Managing Director of First Round Capital and the founder of the Half.com book selling franchise (which he sold to Ebay for $350,000,000), suggests that startups and entrepreneurs should recognize that they won't have the answer to every question and they certainly should not try to pretend they do.

Although Kopelman's point is more about establishing credibility than about the practical value of saying "I don't know", I think this approach should extend to many aspects business life whether you are in startup or large corporate environments.

I think we tend to learn the most when we are intellectually vulnerable - when we really don't know much about a topic and admit that to an "expert" with a plea to enlighten us. This attitude can be a challenge, especially at conferences or meetings where you are surrounded by bright and competitive people who may even want to "eat your lunch". However on balance I think openness and transparency lead to the best idea exchanges, and establish the personal and professional credibility that leads to quality business relationships.