#1. They acknowledge the setback and learn from it.
Successful people reflect on their failures because they offer the best learning opportunities. Thinking about why and how you went wrong makes you more aware of your strengths and weaknesses, and going forward, allows you to make sure you don’t make the same mistakes again. Oprah Winfrey was fired from her first TV job as a news anchor in Baltimore. After a period of reflection, she came to the conclusion that she needed to create her own TV channel, which paid off: today, she’s a household name and a self-made billionaire in the media industry.
#2. They don’t make the same mistakes twice.
Everyone makes mistakes, including successful people. But crucially, they never make the same mistake twice because of some irrational drive. When Richard Branson failed at making the Virgin Cola brand big, he quickly realized that it was because Coca Cola would always be king. He wasn’t stubborn when there was a clear and logical reason behind his failure. He accepted it and moved on.
#3. They stay optimistic.
Successful people are optimistic by nature and remain so even when faced with adversity. Steven Spielberg was rejected by the University of Southern California School of Cinematic Arts several times. But he didn’t let that ruin the mood. He went on to create the first summer blockbuster with “Jaws” in 1975, has won three Academy Awards, 4 Emmys, 7 Daytime Emmys, and his 27 movies have grossed more than $9 billion.
#4. They change their path when necessary.
Successful people think outside the box and know that there are many different paths to reach one’s goals. They know that adaptability is vital to succeed in life. When Jay Z couldn’t get a record label from anyone, his plan B was to create his own label, which eventually turned into the ultra successful Roc-A-Fella Records.
#5. They persist.
Successful people in the past and present all had one thing in common: they were persistent. We all know Thomas Edison succeeded in the invention of the light bulb, but not everyone knows that he failed many, many times before doing so. He wouldn’t have become America’s most renowned inventor were it not for his exemplary attitude toward failure, unwavering persistence, and willingness to recreate and try new ways to achieve his goals. He is famously quoted saying, “I have not failed; I have just found 10,000 ways that won’t work.”
#6. They know that some ideas can be recycled.
When you suffer a setback, it’s easy to throw out the baby with the bath water and start from scratch. And while ‘starting fresh’ may seem like a good idea, it is also time consuming to rethink and redo everything. Successful people are able to salvage the good bits out of a failed idea and run with them. In the 1970s, Bill Gates and his partner Paul Allen created Traf-O-Data which would create reports for traffic engineers. The company had only modest success but the experience was important in the creation of Microsoft a few years later.
#7. They take responsibility.
Successful people are mature and introspective. This means that when things go wrong, they take responsibility for their own mistakes and don’t try to lay the blame at someone else’s door. Explaining the failure of his record company, Simon Cowell said, “I’ve had many failures. The biggest were at times when I believed my own hype.”