In his book Fueled by Failure, entrepreneur and philanthropist Jeremy Bloom shows readers how rebound and reprogram themselves after defeat and how to use the lessons from those failures to achieve winning results. In this edited excerpt, the author explains why acknowledging and accepting your failures can make you a stronger and more successful business owner.

Webster’s dictionary defines failure as “the nonperformance of an assigned or expected action” or “a falling short of one’s goals.” I consider the first definition to apply to the short-term failures we all experience often when trying to do something, such as missing a sales quota for the quarter. The second definition, however, has far greater impact on us since our goals can be very closely tied to who we are as individuals.