Failure is defined as a lack of success or inability to meet expectations. While failure is commonly viewed negatively, it can provide valuable learning opportunities. The document outlines major causes of failure including lack of persistence, vision, discipline, and strategy. It also discusses the fear of failure and how to handle failure productively by maximizing learning, focusing on controllable factors, and redefining failure. Famous figures like Einstein, Disney, Edison, Jobs, Eminem, Oprah, and Lincoln are examples of people who experienced notable failures but ultimately achieved great success.