There always comes a time when we have to admit we were wrong, and it never seems to get any easier. No one likes to lose creditability, and sometimes even the smallest mistake can cause humiliation. What we have to remember is that mistakes are a great learning experience, and admitting you are wrong, a great practice in humility.
Step 1
Once you realize you are wrong, it may sting your ego or make you feel bad. Take five deep breaths to let this feeling pass.
As soon as you have your emotions in check, repeat to yourself that everyone makes mistakes.
If you need more convincing, think about a time when you were right and remember the pride you felt when you made the right call.
Approach the person you've wronged as soon as possible. Get right to the point. Beating around the bush will only make you admission more painful.
Apologize for being wrong. Be sincere. Shake hands, hug, or simply say I'M SORRY and THEN end the conversation.