I have a hard time understanding word 'embrace'. I checked many different definitions however the basic one means as far as I know to welcome somebody with a hug. So if you are hugging someone it means you are embracing him.
However what does it mean to:
1) embrace yourself
2) embrace the challenge
From my understanding it means
1) Understand yourself
2) Welcome the challenge and take it cheerfully?
Am I right? What other synonyms would you use to replace the embrace words in my examples?
BTW can embrace be used as a colloquial word?