Chris Webber Reflects On Timeout Blunder During Final Four Team Pump-Up Speech

Chris Webber has some sound advice for all the young athletes suiting up for the Final Four ... telling TMZ Sports one mistake -- like, say, calling a timeout when your team doesn't have one -- won't ruin their lives!!

We ran into the former NBA star and Michigan Wolverine before Houston, Duke, Florida and Auburn take the court during the NCAA tournament's semifinals this weekend ... and he reflected on his own career before dishing out some words of wisdom.

"I wouldn't trade one moment that I had at the Final Four," Webber said. "I wouldn't trade any of the stats. I wouldn't take the timeout."

Webber famously called a timeout with 11 seconds left in the 1993 NCAA championship game with Michigan down 73-71 against North Carolina.

Only problem is -- the Wolverines had none left ... resulting in a technical foul. The Tar Heels ultimately won the game.

Despite the mistake and title loss, Webber was the No. 1 overall pick in the NBA draft one month later ... and became a five-time All-Star during his 15 seasons in the league.

"I think we need to start telling people, you can have big mistakes and still come out the man, especially when you give it your all," the 52-year-old said.

"When you don't give it your all and you play it safe and we can see that in games as scouts, as presidents and teams and things like that, it's worse than a mistake when you were trying your best."

Webber also gave his insight on the women's NCAA tourney, stating if JuJu Watkins hadn't gotten injured, the USC Trojans would have won the title.