Many of our candidates get hired right after they graduate from college, before they've had a chance to get much work experience," notes Anita M., head of recruiting at a Fortune 500 financial company. " The reason I ask this question is that it's a tough question for everybody, and how a person answers is very revealing. It's important that people admit when they've made a mistake, rather than blame others. What I'm saying is that I expect candidates to be honest, and I look for signs that they've learned from the mistake." So, don't say you have never really made a mistake. Instead, try something along these lines: "One thing I did while I was working on a project in college was let down my team. I also explained to the professor it was my fault and asked for an extension. Then I made it up to my teammates by working all weekend to finish the project. It taught me how to manage my time and not leave things until the last minute."
Remember: Speak clearly and at a normal pace of conversation. Don't rush your words because you're nervous. Be calm and speak with confidence.