The only time you are truly defeated is when you refuse to learn from an event, be that event good or bad.
Take a look back at your entry with a critical eye. Ask yourself why you did what you did and be honest about how effective it was. Take a moment to consider how it could have been presented differently and be hyper-critical about event believability.
Now- Rewrite your entry with the new knowledge gained. Consider coming at it from a slightly different angle, however, don't change the overall theme of your work (at least not for a first round rewrite). Small changes at first: word choice, details, and grammar. If you change too much all at once then you run the risk of not actually learning anything from the mistakes you made in the first place.
Post up your rewrite here with the understanding that we are another tool in your arsenal.
I'll be honest with you, I actually thought it was not that good myself. I have done much better. I rushed it and blew it.
Good comments from you all. Of course I will learn from the whole experiance and yes, hopefully, it will make me a better writer.