The desire for a second chance perhaps stems from feelings of regret and remorse. We wish to be given another opportunity to do something when we feel that the outcome of our efforts could have been different. Or it can be that we have committed a grave mistake that has led us where we are now. Either way, it involves a general sense of dissatisfaction with the present moment.
This desire can pertain to important relationships, one's life choices, or even a single critical decision. Whatever it may be, dwelling in the past does not bring about any constructive outcomes, because time is irreversible. If we become preoccupied with second chances, there's a danger that we may begin to ruminate. Ideally speaking, our past errors can be a good teacher, so we know how we should act in the future.