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A moment of illumination; a chance to reexamine/reconsider one's approach. A necessary byproduct of risk. See also: opportunity.
Failure:

"No matter. Try again. Fail again. Fail better." -Samuel Beckett

Alfred Pennyworth: Took quite a fall, didn't we, Master Bruce?
Thomas Wayne: And why do we fall? So we can learn to pick ourselves up. -"Batman Begins"
failure by Dusty Cioffi May 6, 2008

Asian failure 

To receive less than 80% on an assignment for school. Usually applies to Asian students. Notably prevalent in the Agincourt borough of Toronto.
"Yo man, I failed that quiz."
"Holy shit, you failed?"
"No, 84%, I Aisan failed."
Asian failure by Ptaghn May 13, 2005

Failureteer 

Someone who fails in every aspect in life; one who never succeeds in anything they attempt
"I just got a 10 on the SAT!" "Wow, you really are one of the Failureteers."

"I was just inaugurated in the Hall of Failure for being homeless and jobless for the past 75 years, and am now an official Failureteer."

crotch failure 

The hole that develops over time in the crotch of one's pants due to leg friction and usage.
"I sat on the wooden bench and felt something cool between my legs - I looked down and realized my balls had slipped out due to crotch failure."
crotch failure by Feech Lo Sguardo February 3, 2009

EPIC FAILURE 

When one severely screws up a good thing in an effort to look cool. In essence making an ass out of one's self.
The recent change to the look and operational ease of the website FACEBOOK was an "EPIC FAILURE" by the NOOB responsible.
EPIC FAILURE by Chaynzaw March 19, 2009

failure to launch 

when a relationship stalls in the initial stages and you somehow end up being friends instead
me and natalya failed to launch...there just wasn't enough chemistry...you could say we had "failure to launch" because Urban Dictionary has a retarded need to have the exact wording of a definition present in the example.