Fear of failure is one of people's greatest fears and is closely related to fear of criticism and rejection. Successful people overcome this fear by viewing mistakes as feedback rather than failure, persisting despite setbacks, and learning from their experiences rather than taking failures personally. The document provides seven steps to overcome fear of failure, which include taking bold action, persisting through challenges, learning from mistakes without judgment, trying new approaches, being less hard on oneself, and seeing failures as opportunities for growth.