Depends on how you want to apply it I guess.

In the business world, perfection usually revolves around Six Sigma level quality or 99.997% approval rate. If your department doesn't meet this level of quality, you're not perfect. From a personnel perspective, you will have to meet certain qualitative requirements as dictated by your HR policies; in some cases being able to demonstrate a percent savings to the company exceeding your salary or maybe enough sales beyond some percent of your salary.

In the social world, it usually means a comparison to some standard. Achieving a certain level in a game, physical comparisons to ideal standards or set income levels are common examples.

Your question seems to insinuate some internal goal for perfection. I would argue that our drive for meeting some standard is a reflection of the pressures put on us by social and business requirements. For example:

Business Case - I know I'm not perfect, but if I don't find some way to reduce the costs of installation of a new distillation tower, then I'll get fired. So I work extra hours to try to find a way to make it work. Therefore I lose time with my family. Eventually becoming a nervous wreck because I can't live up to business and family expectations.

Social Case - I can't be physically or mentally perfect, but everyone around me demands I am. I'm only level 42 in World of Warcraft, so I don't get invited to any PVP fights, I don't have good enough gear so I don't get invited to raids, etc. I can't get a date because I don't look like Matthew McConaughey or my penis isn't big enough. Maybe my wife is upset because I don't make enough money at my job. It doesn't matter how I feel about it.

Long story short, the idea that perfection is an internalized requirement isn't necessarily true. That's why us mucky-mucks have to toss down our broken sword and walk away, it's not that we don't try or don't want to try ... we just can't add up to the ever increasing requirements placed on us.