Open Question: Is it better to admit failure or put a “best case” spin on it?

Just looking for opinions here, you're a very diverse group and I actually get good, helpful answers on here.. :) My attempt at starting a business last year failed, I lost a lot of money, (not as much as some people do, but it was a lot to me)...but learned some lessons and did take away some good things from it. When other industry people ask me what happened, what's the best way to go with my answer? Brutal honesty, total BS, or somewhere in the middle?

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