Just like Otto said, be honest with an interviewer and you'll be okay. I failed 2 rides- Instrument and CFI initial, and was still hired. They just want to see that you take responsibility for the failure, and that you were proactive in becoming more proficient in whatever it was that you were failed on.

That said, I went to school with a guy who failed 4 checkrides over the span of his training and was still hired. Another yahoo I trained with failed his CMEL three times in a row, had to wait the mandadted time, and finally passed... he's now at some regional, forgot which though.

No worries on one failure though, just don't make a habit of it!