If your decision to join business school is a well thought out one you need not worry about sharing a weakness or a failure that could prove detrimental to your admission.
All of us fail regularly to equal our dreams of perfection and to perform as well as we feel we can. The big issue is not that we have weaknesses or we have failed; it's part of life. The point to make through the essays is that you have a system to manage these imperfections in a way that they do not dictate you. It's about showing setbacks and weaknesses as robust stepping stones that lead you to growth and maturity.
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Jonathan Schell, “The Village of Ben Suc” (1968), in The Real War: The Classic Reporting on the Vietnam War with a New Essay (New York: Da Capo Press, 2000) p. 188.