Yeah , knowing things and also knowing how to apply them in real life to avoid failures is important than just knowing knowledge. But failure can still be there because of our fortune as well , during that time , we should never give up and try to learn from our mistakes and make it success the next time.I don't believe that failure is the best teacher in life or in business but rather knowledge should be the best teacher as the knowledge of something will prevent people from failure. I am not just talking about you having the knowledge or something but you having the knowledge of something and being able to implement and knowledge and the right way will definitely avoid you from failing.