one's frame of mind; how one looks at things
A set phrase meaning that one's attitude or mindset determines how a situation is perceived or experienced.
Even the same event can make you happy or unhappy depending on your frame of mind.
How you take failure is a matter of your mindset.
A phrase composed of 気 (mind/spirit), の (possessive particle), 持ち (holding), and よう (way/manner), literally 'the way of holding one's mind'.