Yes, in terms of- there's always the prospect of failure when we try something.
Still, you can still feel like you have failed your own potential if you don't even try. Say, you want to become a professional in whatever subject you're good at. You show potential and your teachers think you could go far. But, for whatever reason, you don't do it and end up working a wage slave job- just to get by. Then, there's that 'what if' thought- would I be happier if I had pursued what I was good at? (And possibly enjoyed more.) So- that leads to regretting not even trying sometimes. Depends who you are, what you care about, what quality of life you can lead without having to bother.
The better approach- in my view would be if we weren't so crushed by failure. Making mistakes is how we learn. It shouldn't actually be something we feel ashamed of.