Failure is very negative term. Nobody like it but it also gives new opportunity to rise again.
Achievers appreciate fiasco as they feel that here is another chance to recover and work upon failure and come up with something different.
They see lesser competition now as many will run away and leave platform for those who will continue to try like bumblebee which in spite of being unfit to fly aerodynamically still flies with immense perseverance.
Non selection in admission is a rejection and not a failure for MBA aspirants. Rejection means that either others are better than you in competition or you lack certain facets of communication / attitude
That’s the reason it is said to try with multiple exams so that not only you get more options but failures if any can be worked also, so that you are successful.