A Bit of Fry & Laurie , hit and miss (7)
I believe the answer is:
'miss' is the definition.
'a bit of fry laurie hit' is the wordplay.
'a bit of' suggests taking the first letters.
'hit' indicates an anagram.
The initial letter of 'fry' is 'f'.
'laurie' is an anagram of 'ailure'.
'and' acts as a link.
(Other definitions for failure that I've seen before include "Breakdown; flop" , "Defeat" , "Collapse; disaster" , "miss" , "[OPPOSITE OF] success" .)