Solskjaer named a star-studded line-up that included Jadon Sancho and Cristiano Ronaldo at the King Power Stadium, yet the return of Harry Maguire from injury did not resolve issues around United's leaky defence.
Late goals from Jamie Vardy and substitute Patson Daka condemned United to a first away league defeat since January 2020, with Solskjaer accepting he will be under the microscope as his side slumped to a fourth defeat in seven matches.
"When you look at the game after the four goals we conceded are all very poor," said Solskjaer. "We deserved to lose. The performance was not good enough.
"It was end to end but they created more chances. Two goals from set pieces is disappointing and then seconds after equalising that should not happen (for Jamie Vardy's goal).
"I pick the team and Harry (Maguire) has showed no reaction, so I hold my hands up if that doesn’t work out and I probably made a couple of bad decisions. I'm the manager, so blame me for that.
"You need to have legs, defensive mindset to break their play and then attack yourself. We just could not win enough balls and that has been one of our strengths.
"Lately we have not been in great form and lost too many points. Something may have to change. Do we need more legs in there? What do we need? It is one that we have to really analyse.
"I’ve got many good players and every game is a different game. I am not going to put excuses up for the team I put out because it is full of top footballers and that was not good enough.
"Every time you lose, the pressure builds of course, but we are used to living with that pressure. We are Man Utd; set backs have happened before, worse performances, and we've got to bounce back on Wednesday. I'm going to do the job as well as I can; I believe in this team."
United midfielder Paul Pogba was critical of United's collective effort as he insisted something needed to change quickly.
"We have been having this kind of game for a long time and we need to find out what the problem is," Pogba told Sky Sports.
"To concede easy goals, we could say stupid goals... we know these are the games you need to win if you want to challenge for the title.
"We need to be more mature, to play with a bit of arrogance. Now we have to find what is the key because I think we deserve to lose this game.
"All of us need to find something, we need to change something. It is frustrating because we don't understand why this happens.
"We have to fight. They came in with the right mentality and the right tactics to win the game, but we have to stick together and find a way to solve the problem."