In my experience as people development coach, most people are failures who have not yet failed… They quit when the stakes get high, thus avoiding failure. Each of us needs to fail properly at least once in life to avoid this fear. I was very lucky, I failed 4th form at High School.
I think the champion is not afraid to fail and is prepared to risk it all, but also has a sense of the most appropriate time or moment to go for it. There are plenty of failures that occur from never taking a risk, but there are also plenty of failures that occur from going all in at the worst possible moment.