In the story, Fear of Falling, Todd believes his fear is of falling, but it is actually a fear of failing that was burdening him. The author visually demonstrates the metaphor with Todd standing on a cliff. This symbolizes Todd has reached a peak in his career. With his play about to be on stage, Todd is figuratively at a "high point" in his career. It is human nature to expect the worst. Since he is at a high point, Todd figures his only option is to fall.
The Sandman: Fables and Reflections