Loser (4-3)
'loser' is the definition.
(I know that loser can be written as also-ran)
This is the entire clue.
(Other definitions for also-ran that I've seen before include "Of racing horse, not placed in first three" , "Not among the first three in race" , "Non-winner in race" , "One of the losers" , "A contestant who loses" .)
(Another definition for alsoran that I've seen is " failure?".)