Obama offers new grads advice on how to deal with foolish people and bad bosses

No matter what path you choose, your life will be full of setbacks - it's how you handle these setbacks that will make all the difference.

During his commencement speech at Rutgers University, President Barack Obama told new graduates they should expect to occasionally deal with foolish people, bad bosses, and not getting exactly what they want.

"So you have to stick with it. You have to be persistent," he said.

He explained that success, however small, is still success. "I always tell my daughters, you know, better is good. It may not be perfect, it may not be great, but it's good. That's how progress happens - in societies and in our own lives."

And he warned graduates not to lose hope in the face of naysayers and roadblocks.

"Certainly don't let resistance make you cynical," Obama warns. "Cynicism is so easy, and cynics don't accomplish much."

Read the full commencement speech transcript here.