Some people may say that failure is OK. I just give examples that failure is not OK. In another thread, people talk about how nice an axe kick is. Not many people want to talk about the risk that axe kick may involved.
The UT Austin computer science department graduate school requires 1,400 GRE score (double the math). If you can't make 700 in your GRE math (800 is the full score), you won't be accepted. The competition is hard and failure does change your life.
We also need to talk about the failure that can affect you for the rest of your life.
You are correct. This is a case where failure will change my life. It would be bad to fail at that test. So, since I don't want to fail, I just won't take the test. I can continue to have success working fast food, for minimum wage. This way, I don't have to worry about failure, I can only have success, and it does affect my life.
If I find a great school teaching Chinese Wrestling... I can go try it out. But with my years of Danzan Ryu Jujitsu... I will probably fail at doing the Chinese Wrestling techniques... Since failure is not ok... I won't go learn Chinese Wrestling, I would rather keep having success in Danzan Ryu.
In fact, if I get promoted in Danzan Ryu, I will get a new list of kata to learn. I am going to fail at those new kata, because I don't know them. If failure is not ok... I won't bother to test and progress any further... I will just be happy with my current state, always having successes at the things I already know.
When I graduated with my degree, I applied for a job in my field. I failed. That failure changed my life. I could not work at that company. But, I believe failure is ok. I learned from it. I learned what I did right and what I did wrong and what I forgot to do. I applied to the next company. Failed that interview too. Went through the process again, and kept applying. I failed a lot. But, I continued to improve. I applied at nearly 100 companies in my field, before landing my first job. All those failures, helped me get better at the applying / interviewing process. I have been layed off a few times... but each time, I have been able to use those skills, gained through those failures, to find a new job. In fact, every time I have been looking for a new job, I have had multiple companies trying to out bid each other. Yes, those failures changed my life.
You can let failure ruin your life, by being too afraid to fail... so you don't try. Or you can let it ruin your life by quitting when you fail. Or, you can use that failure to make you better, stronger and more skilled. Its your choice.
Note: I was not exaggerating, I really did apply to over 100 companies, upon graduation from college before landing my first job in my field.