Personally the story about Arachne taught me the value of humility but has nothing to do with the value of dealing with challenges because the only challenge that was mentioned in the story is when she challenged Athena to a weaving contest to know who between is better. The story does not talk much about overcoming challenges but instead it talked about being grateful and humble all at the same time. It taught me to be always thankful for the blessings and skills I acquire because they are all God-given.
