Not only fro freshers this question is asked for everyone because this question is really asked for every one because just by asking this question interviewer want to know what actually you are
Here actually almost 70% candidates or employees especially freshers fail to answer this question and ultimate they will loose their dream job
So What actually we need to answer?
First basically we need to open up and tell our back logs,For example i am bit lazy so if you stop this answer here or by adding some more weak points,then you may be out of this job
Instead say your weakness and also say how you overcame it for example,I am lazy but i overcame that bad habbit or weakness by waking up early in the morning and going to gym,and making a plan where my total work and that particular day job will not be disturbed with my laziness
You can also explain How your weakness effected you
As said in the above example suppose laziness is your weakness,then you can say because of laziness i skipped one important chapter in my academics and lost almost 15 marks in aggregrate marks and then i realized
In the above way you can give clear explanation and complete this question succesfully