This is an excellent question. There are many things that failure can do to create success when it comes to wise people. Let me name a few of them.
First, learning to fail well is a valuable lesson. This enables a person to take risks. Too often people do not take risks, because they do not want to fail. Failure is a part of life and what separate great people from others is learning to deal with failure and moving on from there.
Second, failure is not really failure, if a person learns something in the process. In fact, some of the most valuable things can be learned, because in failure a person is gaining invaluable experience in a field. These insights and experiences can be what a person needs to excel in the future.
Third, a valiant failure can also lead to success, because in the process, a person is able to make new contacts that he or she can use in the future. So, there is gain in the respect.
Finally, in failure a person might be able to experiment a little more. From this creative solutions can emerge, which can be applied to later solutions.
In light of all of these points, wise people and great entrepreneurs learn from failure.