Clinton - now I know what I missed in the recent "What to tell to an 18 year old..." thread: "Life is fun - although it kind of sucks if you're dumb enough to do it yourself." :-D
(I was just considering to change that to "... if it happens to you", but - no...)
I think I also know something applicable: There is some "relation of uncertainty" here. If you can recognize your mistake before somebody else can see that you were wrong and you apologize before they can only recognize that they have to be hurt, and if you even explain them what was wrong before they understand it themselves their respect will only grow.
There is a rewind button, but it tries to escape you, you have to be fast to catch it. Unfortunately - if we always knew that we are wrong that quickly we wouldn't do it. But if it has happened, there is still a chance. So if you are sorry never hesitate to tell it. Remember that if you fail with it you might just have been too slow.
Joerg