What's your "I'm wrong" recovery time?

An article I read recently explored what they felt was the key determinant of successful people in business. After a lot of research and digging, they came to the simple conclusion that successful people seem to recover incredibly fast when they fail or get rejected; they bounce back immediately, move on, and go after the next opportunity.

Unsuccessful people tend to retreat, go quiet, lick their wounds. Their activity comes to a halt and they become gun shy. Over time they emotionally work through 'things' and pluck up the courage to go at it again.

This also applies to how people deal with their thinking. Productive, efficient and effective thinking changes quickly. It evolves, adapts and is dynamic and responsive. It helps a business move quickly, tackle problems, and capture opportunities. Thinking that's the opposite, slows the business down and becomes out of tune with the fast-paced changes happening in the world.

A critical aspect to productive and dynamic thinking is the ability of people within a business to quickly admit when they are wrong and move on in the same breath. Most of the time it's the opposite, slowing the business down.

Which leads me to my challenge. Next time you realise you're wrong (and there will be a next time), be cognisant of how long it took to accept it, and how long it takes you to recover?