Used to describe the screwed up child of the family. Often results from parents not accepting their child for choices they make which causes a strained relationship between parents and child. Parents may reduce or cut contact from child and no longer assist them when they need help.
Person 1: She dropped out of school, left home and is now covered in tattoos. Her parents barely speak to her anymore.
Person 2: Sounds like she is the first pancake, you know, the screwed up one that you throw away.
An awkward or unsuccessful first experience, followed by better, highly successful subsequent experiences of the same kind. Like when you make a batch of pancakes: The first one turns out messed-up because you're out of practice or haven't made pancakes before. The second and following pancakes come out perfectly round and golden.
Girl 1: "My new boyfriend is so great, but when we had sex for the first time, it was awkward and terrible. I hope it gets better. I really like him and he likes me."
Girl 2: "Be patient. It's just like the first pancake. I'm sure it will get better."