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English Translation

lit.: a thousand tries leads to one success
fig.: even a fool occasionally hits on a good idea

Breaking it down

1. 千: thousand
2. 虑: to consider, to ponder
3. 一: one
4. 得: gain

Source: Google Image Search

Story in Chinese

春秋时期，齐国 相国晏婴为人正直为官清廉，生活非常俭朴。齐景公手下人亲眼目睹晏婴的贫困生活，就向齐景公汇报。齐景公多次派人送去千金给他接待宾客用，都被晏婴谢绝了。
景公对晏子说：“从前我们的先君桓公，把五百社的人口和土地封给管仲，管仲没有推辞，接受了。您为什么要推辞呢？”晏子说：“我听说过，圣人千虑，必有一失；愚人千虑，必有一得。我想管仲的千虑之失，就是我的千虑之得吧！所以我只能再次拜谢，但不敢接受您的赏赐。”

Source: baike.baidu.com

Story in English

During the Spring and Autmn Period, the prime minister of the state of Qi was Yan Ying, an upright and honest man who lived a simple life. When the subordinates of the king of Qi saw his frugal living, they reported to their sovereign. He then sent servants to bring Yan Ying some gold in order to receive guests, but Ying Yan alsways refused.
The king asked Yan Ying: "In the past our first king Huan Gong gave the land of 500 people to the politician Guan Zhong, and Guan Zhong did not refue. Then why do you decline the gifts?"
Yan Ying responded: "I heard that even the wisest will make mistakes, and even a fool can come up with a good idea. I think that Guan Zhong made a thousand-in-one mistake when accepting the gifts, whilst I am making a thousand-in-one wise decision in rejecting them. Hence, I thank you sincerely but do not dare to accept the rewards."

Translation by Celine Li

Usage

这个方案是千虑一得的成果。