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Acknowledging ones mistake in front of the subordinates should be swift and given less importance, in a way that the subordinate should consider it something petty and not worth a second thought. This is done so that the subordinate psychologically still gives importance to the leaders positives while giving less weight-age to the flaws of the leader.
However, what the leader can use as an opportunity is asking team members for help, by making this known fact that he is asking help from the subordinates, he can motivate them into thinking that the leader as "strong" as he is, requires the help of the subordinates because he trusts them. This can work in the favor of the leader by creating a sense of loyalty in the subordinates, where they feel their ideas are respected and wanted by the leader.
All the leader has to do is phrase it correctly. Positive terms such as "your apt experience", "your creative ideas" and "out of the box thinking of everyone in the team" should be used by the leader when asking for help so that the subordinates neglect the lack of the leaders knowledge because they are too flattered by the words of exoneration for them