A personal legend is ultimately your reason for being, your purpose, your inner light, the answer to the question: "why am I here?"
The personal legend concept originates from Paulo Coelho's world renown, best selling book The Alchemist. Coelho considers the personal legend "your blessing, the path God has chosen for you here on Earth. Whenever a man does that which gives him enthusiam, he is following his legend. However, not everyone has the courage to face up to his own dreams."
According to Coelho, a person encounters four obstacles on the road to his personal legend including: discouragement from birth, love, the fear of defeat (including actual obstacles or failures that at first glimpse appear to be defeat), and, finally, the fear of realizing the dream you worked so hard for your entire life.
The path to a personal legend is not direct, simple, or obstacle free, as Coelho states: "When [a man] begins fighting for his dreams, man has no experience, and makes many mistakes. But the secret in life is to fall seven times, and rise up eight times...Each day, each hour, is part of the Good Combat. We begin to live with enthusiasm and pleasure. Very intense and unexpected suffering begins passing faster than apparently tolerable suffering: that drags on for years, eroding our soul without us noticing what is happening - until one day we can no longer free ourselves of the bitterness, and it accompanies us for the rest of our lives...This is the most dangerous of the obstacles, because it has a certain aura of scnctity about it: to renounce to joy and the conquest. But if the man is worthy of that which he has fought so hard for, he then becomes an instrument of God, aids the Soul of the World, and understands why he is there."
For more: Paulo Coehlo Blog