Let's analyze each blank and the options provided to find the most suitable words:

**7. Life is full of (7) _______ and there is no point in trying to protect children from the disappointments that (8) _______ them.**

- **A. flies in the ointment**: This phrase means minor irritations or problems in an otherwise good situation. It doesn't fit well in the context of life being full of challenges.
- **B. obstacle courses**: This phrase is literal and doesn't fit the metaphorical tone of the passage.
- **C. spanners in the works**: This phrase means something that prevents a plan or activity from succeeding, but it doesn't fit well in the context of life being full of challenges.
- **D. stumbling blocks**: This phrase means obstacles or difficulties, which fits well in the context of life being full of challenges.

So, the best choice for (7) is **D. stumbling blocks**.

**8. Parents and educators shouldn’t be afraid of picking up on children’s mistakes, as long as they also praise them when they do well. After all, the heroes children try to (9) _______ the pop stars and footballers, have all reached the top (10) _______ruthless competition. Like them, children need to learn how to cope with failure and turn it to their advantage.**

- **A. put great store by**: This phrase means to value something highly, which doesn't fit the context.
- **B. lie in wait for**: This phrase means to be ready to attack or ambush, which fits the context of challenges waiting for children.
- **C. hold in store for**: This phrase means to have something planned or reserved, which also fits the context of challenges awaiting children.
- **D. wait up for**: This phrase means to stay awake and wait for someone, which doesn't fit the context.

So, the best choice for (8) is **B. lie in wait for**.

**9. After all, the heroes children try to (9) _______ the pop stars and footballers, have all reached the top (10) _______ruthless competition.**

- **A. duplicate**: This means to make an exact copy, which doesn't fit the context.
- **B. emulate**: This means to imitate or follow as an example, which fits well in the context of children trying to follow their heroes.
- **C. replicate**: This means to reproduce or make an exact copy, which doesn't fit the context.
- **D. stimulate**: This means to encourage or provoke, which doesn't fit the context.

So, the best choice for (9) is **B. emulate**.

**10. Like them, children need to learn how to cope with failure and turn it to their advantage.**

- **A. in the face of**: This means despite (problems, difficulties, etc.), which fits well in the context.
- **B. in the teeth of**: This means in spite of, which also fits well in the context.
- **C. irrespective of**: This means without considering, which doesn't fit the context as well as the other options.
- **D. without regard to**: This means without considering, which doesn't fit the context as well as the other options.

So, the best choice for (10) is **A. in the face of**.

Therefore, the completed passage is:

**Life is full of (7) stumbling blocks and there is no point in trying to protect children from the disappointments that (8) lie in wait for them. Parents and educators shouldn’t be afraid of picking up on children’s mistakes, as long as they also praise them when they do well. After all, the heroes children try to (9) emulate, the pop stars and footballers, have all reached the top (10) in the face of ruthless competition. Like them, children need to learn how to cope with failure and turn it to their advantage.**