Warren Buffett Says He Doesn't Fear Failing: 'I Got Turned Down By Harvard. It Was The Best Thing That Ever Happened'

During a 2017 conversation with students at Columbia University in New York, Warren Buffett shared insights into his personal and professional journey, highlighting the transformative power of facing setbacks with resilience. 

Addressing the topic of failure, Buffett recounted a pivotal moment in his early life, saying, “Don’t fear failure. I got turned down by Harvard. It was the best thing that ever happened. There are some good things that happened that didn’t seem good at the time.” 

This reflection underscores his optimistic outlook and illustrates the serendipitous nature of unexpected turns in life’s path.

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Buffett’s admission is a testament to the positive impact of embracing failure and moving forward without regret. He advised the audience: “Don’t worry about it. And don’t let it eat at you by looking back. Just keep going, because you’re going to have some things and forget them. Go forward.” 

Buffett encapsulated the essence of resilience and the forward momentum that is essential for achieving long-term success. 

This mindset aligns with research findings on the dynamics of failure and learning. Studies conducted by Northwestern University researchers have identified failure as a prerequisite for success. A University of Arizona study supports this notion, suggesting that experiencing failure about 15% of the time is optimal for learning. This balance allows people to challenge themselves without becoming overwhelmed, thereby creating a conducive environment for growth.

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Daniel Madigan, a professor of psychology at York St John University, elaborated on the intricate relationship between striving for perfection and its implications. He said that while aiming to excel and maintaining high standards are worthwhile pursuits, difficulties arise when these standards become the basis for a person's self-worth. Madigan’s insights emphasize the importance of viewing failure not as a detractor from a person's value but as a crucial aspect of the learning and development process.

Buffett’s experience with Harvard University’s rejection and his subsequent decision to attend Columbia University, where he encountered his mentor Benjamin Graham, illustrates how what may initially appear as setbacks can lead to unforeseen opportunities and successes. His journey, marked by a commitment to moving forward, exemplifies how adopting a constructive perspective on failure can pave the way for unparalleled achievements.

Today, Buffett’s achievements speak volumes — he has a net worth of $133.78 billion as of March, ranking him as the sixth-richest person in the world. He has steered Berkeshire Hathaway Inc. into becoming a behemoth in the business world, boasting a vast array of investments and subsidiaries. 

By treating setbacks as integral steps in the journey of learning and growth, people can harness their full potential, echoing the resilience and optimism that have characterized Buffett’s storied career.

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