08/02/2012 08:04 am ET

Olympic Medalist Nick Willis On His Fear Of Failure (VIDEO)

In 2008, New Zealand runner Nick Willis won Olympic silver in the 1500m. On August 3, 2012, he will compete in that same event at the 2012 London Olympics. While Willis appears to be riding high right now -- he's currently ranked number 5 in the world, and carried the flag for New Zealand in the opening ceremonies -- he had to cope with a major career setback last year.

"I won the medal in Beijing," he says. "That was such an incredible experience, I want that again. But last year at the world championships, I finished dead last in the final. And that was such an agonizing defeat. It was such a horrible, empty feeling that I don't ever want to experience again."

Watch the inspiring video to find out how he recovered from that defeat -- and what mental tools he used to bounce back.