Rashmi, you are simply too good! This is exactly what I was going through during my (post)12th. It really took a lot of time and self-effort from my side to overcome the fact that 'I couldn't make through IITs/IIMs even after 1+ attempts.' My heart was not able to sink in the fact that 'its not the end of the world.' I chose to excel in what I like and do and today I don't regret a cent.
Its a lesson from my own life and definitely not a case of 'sour grapes.'