My son told me yesterday that he didn't make it to the honors list for the first time (since kindergarten). It was heartbreaking to see his sullen face. But he and I saw it coming - it was a result of his lack of focus on his studies. Instead of reprimanding him, we had a heart-to-heart talk and went to the mall, grabbed a movie and ate at his favorite fast food restaurant.
Just like success, I choose to celebrate "failure" because it is that point in time when new and wonderful things start to happen. Failure is a reminder that we have to do our best to NOT feel the negative emotions that come with failing.