This quote means that to be successful in life, it’s important to develop two qualities: a good sense of humor and the ability to stay positive even when embarrassing things happen. Having a sense of humor helps you to make light of difficult situations and enjoy life, while the ability to laugh at yourself when your ego gets hurt (i.e., when you make mistakes, or when people criticize or mock you) shows that you’re confident enough not to take these kinds of things too seriously. Both qualities help to make sure that you don’t take life too seriously and will help you to be resilient in the face of challenges.