The purpose of the present study is to explore the mindset of successful and underachieving EFL learners at a school of foreign languages in a state university through stakeholders' perceptions. The study adopted a phenomenological design. Data were collected through interviews conducted with 16 participants, comprising four successful students, four underachieving students, four instructors and four administrators. The semi-structured interviews explored the participants' views and experiences regarding the phenomenon of success in a preparatory year foreign language programme. The findings obtained from the study provide insights into the characteristics attributed to the mindset of successful and underachieving learners in the Turkish context. Self-study habits, motivation, regular study habits, perseverance, and student engagement were the common characteristics shared by teachers, instructors and administrators. Whilst most factors attributed to success were shared by all the stakeholders, factors attributed to underachievement demonstrated differences between the groups. The results are believed to have the potential to contribute to the understanding of the phenomenon of success and the design of guidance practices in an SFL.